CheckAlt Protects Legal Professionals Using IOLTA Trust Accounts While Saving Time and Money
LOS ANGELES, Aug. 16 /PRNewswire/ -- CheckAlt, the electronic payment processing solution, helps to streamline law practices that use IOLTA trust accounts. CheckAlt allows offices to manage accounts remotely, enabling practices to improve time management as well as decrease costs normally afforded to administration of the accounts. In addition, CheckAlt helps safe-guard law firms against Ethics Rules violations through detailed reporting and a fully automated hands-off approach. Through state-of-the-art technology, CheckAlt guides client deposits into the firm's IOLTA trust account, physically preventing these funds from being deposited into another account. By eliminating the possibility of funds being deposited into wrong accounts, CheckAlt helps law firms avoid accidental co-mingling of funds.
CheckAlt's service allows clients to pay law firm retainers directly from their bank accounts into trusts or virtually any other type of account. Lawyers are able to supervise each client's payment status in one system, allowing for a simplified banking experience. Since money never physically changes hands while using CheckAlt, the possibility of human error is eliminated. Each transaction is impeccably documented by CheckAlt's advanced reporting system, which can be exported for the client.
"In an effort to cut costs and monitor business growth, Check Alt provides an invaluable fast and low-cost system," says Omid Moezzi, Esq., of Loom Legal, A P.C. "As a solo-practitioner this gives me the ability to cut costs such as printing, mailing and paper communication while monitoring deposits efficiently electronically. This is helpful for both business and client-trust accounts where payment reliability is extremely important."
Payments are cleared in as little as two banking days via CheckAlt, plus professionals experience lower processing fees through CheckAlt as compared to those through traditional wire transfers. All information is organized and archived in a detailed summary report by CheckAlt, allowing law offices to stay up-to-date with clients and eliminating the need to photocopy individual deposits. The quickly growing company continues to implement new features to further streamline practices.
"When running a busy law practice it can be difficult to keep accounts in order," says Shai Stern, Co-Chairman of CheckAlt. "Gaining new clients, managing existing clients and accounts at times seems like a juggling act. IOLTA accounts, which are the responsibility of the individual practice, can be simplified with CheckAlt. Banking becomes a breeze by providing a one stop system for both the lawyer and the clients."
CheckAlt seamlessly integrates with law practice software and affords lawyers the ability to issue invoices directly to clients via email, they can even attach itemized invoicing from existing accounting software. No longer are legal professionals burdened with a separate deposit for each client, as banking is executed in only a few simple clicks.
In an effort to help legal professionals even more, CheckAlt will be hosting a free webinar on August 18, 2010 at 1 P.M. EDT to further highlight the benefits of the service. The webinar will provide firms with a detailed perspective on how CheckAlt can greatly simplify the firm's entire cash flow cycle, saving them money and resources, not to mention a higher level of functionality. Reservations can be made at https://www2.gotomeeting.com/register/392201507.
CheckAlt is fast, convenient, and completely secure. It allows law offices to spend less time accounting, which ultimately accounts for a better, more productive firm.
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