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1993-1994 Solo [i] (1993-1994)

handle is hein.journals/sololoi1 and id is 1 raw text is: USIENG CREDIT CARDS TO ENHANCE FEE COLLECTION Solo or Sole Practice? page 2 Sanctions Checklist page 3 Technology Update page 4 Notebook Questions page 5 Faxes Without a Machine page 6 Marketing Tips page 6 by Linda J. Ravdin Credit cards can be an important weapon in the solo/small firm lawyer's arsenal. Almost everyone has one or more. Someone who does not have credit cards or who has used up all his or her available credit lines may be someone you do not want as a client. By giving the client the option of paying by credit card, you eliminate some possible sources of excuses for nonpayment. You also make it easy for clients who cannot find the time to write a check and drop it in the mail but who can find time to pull out a Mastercard and read the number to your secre- tary over the phone to authorize a phone charge. Our firm has been accepting payment by credit card for two years and we have had excellent results. Most clients still prefer to pay by check, but a significant minority do use credit cards. Often the credit card users have sizable bills. This means that people who in earlier years would have called and asked to pay $500 per month on an out- standing bill are now paying the $2,000 bill in full and paying $500 per month to Visa. Some state bars now offer credit card services to members who want to offer credit card payment to their clients. However, the state bar may not have the best deal. Shop around. Look for several features: 0 What percentage of the amount charged will the bank take? It should be between 2.5 and 3.5 percent. These charges in my view are too high for the type of charging being done here-it should not cost $60 to process a $2,000 charge ticket-but it's still a small price to pay to get faster payment of our bills. The percentage you pay can be reduced by between .5 and 1.0 percent if you purchase a ter- minal box, which allows you to obtain approval of the charge without making a phone call. Ask the credit card company representative to obtain a used terminal box for you if one is available. They are considerably cheaper than the new ones. E Is there a monthly minimum'? If (continued inside) Linda J. Ravdin is the principal in the Law Offices of Linda J. Ravdin, P.C., a two-lawyer firrn that concentrates on donestic relations, estate planling and administration, and lawyer ethics and discipline. The finn's lawyers are licensed in D.C., Maryland, and Virginia. I~~ 0-N'FIEIFRAINFRSL NA- II RCIINR

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