Presented in partnership with LawPay Accepting credit cards is a great way to accelerate client payments and improve your cash flow. However, invoice and retainer payments by credit cards present real challenges for law office accounting. We’ll show you how to handle credit card payments the right way. To learn more, visit www.cosmolex.com

1. Legal Accounting Webinar Series
Session II:
Credit Card Accounting

2. slide 2
Presenting Today
Erica Birstler
Manager of Client Services
CosmoLex Cloud, LLC
Janelle Benefield
Product Development
LawPay

3. Warning: Deep Waters
▪ We will be taking a deep dive into Challenges of Credit Card
Accounting. Not for the faint of heart!
slide 3

4. 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

5. Three Points of Money Interaction
▪ Initial Trust Retainers
▪ Fee Prepayments (Operating Retainers)
▪ Ongoing Invoice Payments
slide 5

6. So What Is the Problem?
slide 6

7. Those Caused by Merchant Service Providers
&
Those Caused By Internal Setup
slide 7
Credit Card Accounting Challenges

8. 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.

9. 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.

10. slide 10

11. slide 11

12. slide 12

13. slide 13

14. slide 14

15. slide 15

16. 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

17. slide 17
Internal Setup -
Classic Gap In Legal Billing & Accounting

18. 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

19. 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

20. Voids/chargebacks?
▪ Voids - Correction for mistakes.
▪ Chargebacks - Automatic withdrawal of money if client
disputes..
slide 20

21. 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

22. Right Way of Credit Card Acceptance
End-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

23. www.cosmolex.com
October 27th - Session III: Business Accounting
Register At:
slide 23
Legal Accounting Webinar Series
www.cosmolex.com/resources/webinars

24. slide 24
Erica Birstler
Manager of Client Services,
CosmoLex
ebirstler@cosmolex.com
Thank you for Joining us!
Janelle Benefield
Product Development,
LawPay
jbenefield@affinipay.com