When using these steps to determine monthly effective rate to consider switching to Clio Payments, please calculate this rate for a 3-6 month time frame so that you so you can have a clearer picture of the average rate over time.
Within LawPay, click Reports from the left menu
Next, select MonthlySummary and select the account and date desired.
After clicking View the statement is generated.
The fourth section of the statement contains a list of all transactions processed for the month. You should find a total of sales at the bottom of this section. Make note of the total sales for the month.
The final section is labeled fees and shows transaction fees, monthly fees, and/or speciality card fees. Make note of the total fees withdrawn for that month. (This is marked as 'total amount deducted' in the fees section of the report)
Divide the total amount deducted/total $ sales of transactions to determine your effective processing fee rate for that month.