legal accounting webinar series - session ii credit card accounting
TRANSCRIPT
Legal Accounting Webinar Series Session II:
Credit Card Accounting
slide 2
Presenting Today
Erica BirstlerManager of Client Services
CosmoLex Cloud, LLC
Janelle BenefieldProduct Development
LawPay
Warning: Deep Waters
▪ We will be taking a deep dive into Challenges of Credit Card Accounting. Not for the faint of heart!
slide 3
slide 4
Credit Card Payments - Benefits
▪ 30-40% Improved Cash Flow▪ Ease of Use
▪ Client pays invoice online▪ Staff ability to charge client
authorized card▪ Prefered Method of Payments
Three Points of Money Interaction
▪ Initial Trust Retainers
▪ Fee Prepayments (Operating Retainers)
▪ Ongoing Invoice Payments
slide 5
So What Is the Problem?
slide 6
Those Caused by Merchant Service Providers
&
Those Caused By Internal Setup
slide 7
Credit Card Accounting Challenges
slide 8
BENEFITS OF LAWPAYBENEFITS OF LAWPAY
✓ Based in Austin, Texas✓ Founded in 2005✓ Over 10 years experience ✓ Process payments for 30,000 total
professional organizations✓ Proprietary technology developed for
professional payments✓ Level 1 PCI Compliant
The payment solution for legal professionals.
slide 9
✓ Ability for law firms to correctly separate earned and unearned fees
✓ Recommended by 42 state and 50 metro bar associations
✓ Recognized through the ABA Advantage Program
The preferred payment partner for over 30,000 attorneys.
slide 10
slide 11
slide 12
slide 13
slide 14
slide 15
slide 16
Live SupportProper handling of trust account deposits and associated fees
Modern Payment Tools
Direct integration with practice management, billing, and
accounting software
Benefits of LawPay
slide 17
Internal Setup - Classic Gap In Legal Billing & Accounting
Accounting Challenges
1. How will your accounting system know whose invoice is paid?
2. How will you manage credit card “batching”?3. How will you handle voids/chargebacks?
slide 18
Credit card “Batching”
Credit Cards In Billing System
▪ Client A - Pd by Amex $200
▪ Client B - Pd by MC $300
▪ Client C - Pd by MC $400
▪ Client D - Pd by Visa $500
slide 19
Funds In the Bank:
▪ From Amex: $200
▪ From MC/Visa: $1200
Voids/chargebacks?
▪ Voids - Correction for mistakes.
▪ Chargebacks - Automatic withdrawal of money if client
disputes..
slide 20
So What Actually Happens?▪ Last Resort Use of Credit Cards…
▪ Extraordinary Bookkeeping Efforts…OR
▪ Hope Everything is Alright!
You Can Do Better Than That!
slide 21
Right Way of Credit Card AcceptanceEnd-to-End Automated Solution
▪ Setup & Enabling LawPay within CosmoLex
▪ Trust Retainer Payments - In Office or Online
▪ Invoice Payments - In Office or Online
▪ Refund Processing
▪ Credit Card Daily Batching
▪ Bank Reconciliation
slide 22
www.cosmolex.com
October 27th - Session III: Business Accounting
Register At:
slide 23
Legal Accounting Webinar Series
www.cosmolex.com/resources/webinars
slide 24
Erica BirstlerManager of Client Services,
Thank you for Joining us!
Janelle BenefieldProduct Development,