Legal Management, the national magazine of the Association of Legal Administrators, published an article by MSP Consulting’s Pat O’Boyle and Steve Beene that provides law firms with tips and strategies for significantly cutting the costs associated with accepting client payments by credit card.
Titled “Understanding Credit Card Processing Can Help Maximize Your Firm’s Profitability,” the article is featured in the February 2017 edition’s Tips and Trends section and offers key steps that law firms can take to manage down the cost associated with accepting credit card payments.
“Law ﬁrms understand there is a cost for accepting credit cards, but few really understand exactly what they are paying and why,” O’Boyle and Beene wrote. “Therefore, ﬁrms can underestimate the true impact that accepting credit cards has on their business’s proﬁtability. The good news is that a basic understanding of the credit card processing business — how it works, the types of fees and who is making money on your credit card sales — can go a long way in curbing the effect on your bottom line. In fact, informed law ﬁrms can reduce fees by up to 40 percent.”
To read the full Legal Management article, please click here.
As an ALA Business Partner, MSP Consulting offers all ALA members a no-cost, expert analysis of their existing credit card processing systems in aim of identifying ways they may be able to reduce the fees associated with accepting credit card payments.
If your firm would like to receive a no cost analysis or more information on ways to decrease the cost of accepting client payments, please contact MSP Consulting at: firstname.lastname@example.org or 855.890.4900.