19 Aug Money, Money, MonNAY – Credit Cards Are Good for a Law Firm’s Accounts Receivables – The LeXFactor
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In this episode of The LeXFactor, a lawfully good podcast, Lexicon Brand Manager Lauren Hoffman and CIO Brad Paubel welcome Dave S. Christensen, Partner and Co-Chair of the Mechanical Practice at Cantor Colburn LLP, establishing the right credit card acceptance function can have a very positive impact on a law firm’s AR process.
Christensen sheds a bright light on how it’s not clear how the credit card industry really operates – meaning, there’s more to it than just contacting MasterCard or Visa and signing up. Dave poses another important question such as: law firms have well established relationships with their banks so why wouldn’t they just contact them? And just as important, what should a law firm look for in an ISO (independent sales organization), whether it be their bank or another company?
Finally, he details for Lauren and Brad what risks law firms should address in its credit card program as well as highlighting what best practices should taken into consideration and implemented – download and tune-in now!