I set up both a bank merchant account and Clio payments so I could describe the differences. I’ll be cancelling the merchant account.
The Clio Payments setup was easy. I already had my bank accounts configured in Clio Manage. The Settings, Payments page redirected me to the menu, and there wasn’t much to do. You will need to enter your EIN. It was active in a few minutes.
My clients were able to follow the links on their invoices and pay them online without additional effort from me. One older client said it took a minute, but he figured it out. Another was happy that all types of cards were accepted, even Discover.
When I set up the merchant account it took a week. I got instructions on how to enter the payment information on a web page, and a caution about handling the credit card numbers to comply with the privacy regulations. I could get a device to accept cards in person but chose not to bother. The extra work to process the payment and the risk of handling the card number make the merchant account a poor option.
This was far from my first experience with PCI standards and online purchases. In 1999 I implemented the Netscape merchant system, the only shopping cart software available at the time, and have kept up with the regulations and implemented other online payment systems since then.
Clio Payments processes the charge without allowing the firm to see the card number in order to protect them from liability. It’s integration with billing from Clio Manage makes it easy to match the payment to the invoice and deposit the money to the correct bank account. The card processing fees are similar to other vendors. Overall, it’s a great choice.
To learn more, make an appointment at Todd Marsh Law PLLC.