Law firms accept payments that need to be deposited into different bank accounts, depending on the purpose, such as general account and trust account. Does this mean you need two separate merchant accounts, and therefore incur the costs for two accounts? Yes.
The main objective is to get the deposits into the correct bank accounts. This requires two merchant accounts which results in two completely different merchant statements, and their associated fees etc. What if you don’t want merchant fees to be deducted from the trust account? This can create issues for your trust account balances. This can be especially difficult for Paypal users which deducts funds from each transaction immediately, creating reconcilation challenges.
With CenPOS, our hosted payment platfom solution, and a compatible processor, you can set up to 5 different bank accounts per merchant account (MID)*. Your bank accounts will reflect exactly the correct balances you require.
Funding (credits) can be set to one bank account.
Debits (fees) to another bank account.
Disbursement of Debits (Fees, retrievals/chargebacks etc) can also be set per bank account within that one MID.
* Currently compatible with certain Paymentech and First Data merchant accounts.
Do you want to see revenue reports by attorney? Typical merchant account reports have no connection to that, however, our platform lets you set up a heirarchy so you can dynamically generate real-time reports globally across multiple merchant accounts. You can also drill down, much like an organization flow chart, to segments of the top level.
CenPOS is compatible with swipe devices if your clients usually meet you in the office, or you can use the virtual terminal if you collect payments over the phone.