Bruce Policky, Product Manager for Tabs3 and PracticeMaster, discusses the benefits of accepting credit cards in the law office and shows how to accept credit cards using Tabs3 Billing Software.
Welcome & IntroductionsHello, I am Bruce Policky, Product Manager for Tabs3 & PracticeMasterWelcome to today’s webinar – Accepting Credit CardsToday’s session is being provided “Presentation Style”Which means incoming audio is muted.I am joined today by Marcia Nordmeyer who will be monitoring the Chat logYou can use the Chat feature to post questions through-out the sessionMarcia will answer some questions real-timeOther questions will be answered at the end of the sessionWe may directly contact you after the webinar to answer questions specific to your firm
What we’ll talk about today Accepted Methods of PaymentsWhy your firm should accept credit cardsHow credit card processing works in Tabs3Trust Accounting considerationsTSYS Merchant Solutions- Payment Processor for Tabs3 and Tabs3 Trust AccountingI will turn the presentation over to Ben Wallace from TSYS Merchant Solutions at that time.Questions/Answers
Accepted Methods of Payment - Through history, money has taken many different forms. Bartering was the first form of PaymentBartering – Not Efficient or Convenient
Gold - Society evolved to Gold and other Precious metals
Cash – Then to Paper money and coins - Reliable but still not convenient
Checks became an extension of our Paper money and the most popular method of payment
Credit Card - Today, the majority of money exchanged takes no physical form. Studies show that credit card payments will overtake cash and check payments within the next few years.
Why accept credit cards?Times have changed This Webinar is a great example of how society has evolved.Like Credit Cards, a Webinar is more cost effective and convenient How we communicate is changing and so is how we pay our bills.Clients WANT to pay by Credit Card. A recent national poll indicates that over 80% of Americans believe credit cards are essential*. I admit, I am a Credit Card User!We use them to buy groceries, buy office furniture, take clients to lunch, even to pay the dentist. It only makes sense that this method of payment be available from their attorney too. Credit Cards give customers more flexibility to manage their cash flow.Customers often get benefits for paying with credit cards (i.e., frequent flier miles or other affinity points. Improve Cash Flow Get paid fasterLaw firms that accept credit card payments are more likely to:Get paid right awayGet paid in fullYou may find clients willing to pay with a credit card on their way out of your office Conveniently receive credit card payments over the phoneImmediate payment – don’t have to wonder if “the checks in the mail”Increase RevenueTurn A/R into ReceiptsCollect on outstanding Invoices Reduce write offsTake on clients not otherwise immediately able to hire an attorneyShift the RiskIf you are in doubt as to whether the client can pay; orIf the client has poor payment history – more reasons to accept credit cardsHave a plan for getting paid before having to write-off balancesYou are your clients lawyer; Don’t be your client’s Banker too Save TimeEnter credit card transactions directly in Tabs3Include a credit card remittance form with your statements Spend less time making collections calls & more time on Billable workLet the credit card companies do the collections workEasy and AffordableIntegrated Credit Card Processing electronically processes authorized credit card payments directly within Tabs3 and deposits within Tabs3 Trust Accounting. No additional equipment requiredReceive special negotiated rates
How credit card processing works in Tabs3Tabs3 works with TSYS Merchant Solutions to provide merchant accounts for use in Tabs3 and Tabs3 Trust Accounting Software. Secure, fully compliant credit card processing Tabs3 Credit Card Authorization Module has been reviewed and accepted by the Payment Card Industry Security Standards Council (PCI SSC) <<Switch to Tabs3 >>Tabs3 Customization | Merchant Services “What is a merchant account?”A pass through account that enables your firm to receive cash from credit card transactions. The ability to authorize Credit Card transactions is provided with Tabs3 at no charge, but the TSYS merchant account does incur processing fees. The types of credit cards accepted can be defined for each merchant account and include Visa®, MasterCard®, Discover®, American Express®, and Diners Club®.Payfuse – is the portal used by FNMS to handle the credit card transaction<<Switch to Tabs3 Payment Editor>> When a credit card payment is entered into Tabs3, the transaction information is sent to FNMS for processing. Tabs3 encrypts and transmits cardholder data to FNMS; however, Tabs3 does not store sensitive cardholder information. Firms can have these payments from their FNMS merchant account deposited directly into their existing bank accountsThere is no need to change your existing overall banking relationships. <<Enter a Credit Card Payment>>For ease of use, Tabs3 credit card authorization supports integration with Magtek® Magstripe Mini Swipe (USB) credit card readers. Using a card reader may also reduce the fees for a credit card transaction.Credit Card Receipt - when authorized as well as at a later time.Credit Card Authorization List - print a list of authorized credit card transactionsYou can include charges, voids, credits, or any combination thereof. This report can be used to balance with your Settlement Reports on the PayFuse Web site.Tabs3 Credit Card Authorization also supports Crediting/Voiding and/or Payment Adjustments
Trust Accounting considerationsTabs3 Trust Accounting System Version 15.3 allows credit card depositsTalk to your state bar about rules for accepting credit card payments for trust accounts - rules differ by state.Tabs3 Trust Accounting Software lets you assign merchant accounts to each bank account. TSYS Merchant Solutions allows you to designate a separate bank account (such as your operating account) for debiting processing fees, thus providing the ability to properly handle trust funds.<<Enter a deposit in Trust>>When using Tabs3 and Trust you will have 2 different merchant accounts (I am using the same for demo purposes today) Processing fees are debited from the designated account once a month instead of for each transaction for easy reconciliation. When you enter a $100.00 deposit, the full $100.00 is deposited into your bank accountMuch easier to reconcile than dealing with a per transaction fee<<Switch to TSYS Merchant Solutions>>TSYS Merchant Solutions (FNMS)Turn over to Ben Wallace
We chose to work with TSYS Merchant Solutions because they are a top 10 payment processor in the United States, with over 50 years of credit card experience. Our relationship with TSYS Merchant Solutions ensures that all transaction information, for both firm and client, remains safe and secure. Like Tabs3, TSYS Merchant Solutions has an outstanding local support team (not outsourced), so you can call them with any questions you may have about your merchant account.