The practice management platforms Tabs3 and CosmoLex, both of which share a common owner, have each launched their own payment processing services to allow their customers to accept credit card and electronic check payments, Tabs3Pay and CosmoLexPay.
Both companies already offered credit-card processing through third-party providers — Tabs3 through LawPay and ProPay and CosmoLex through LawPay — but these new services support electronic payments natively within each platform.
Customers of either platform pay no additional subscription or licensing cost for the new services, but they do pay credit card processing fees, as they would with any such service.
Tabs3 says its new service offers simple pricing and a low fixed rate for all credit card types. There is no up-front cost to sign up.
TAbs3Pay allows credit cards and checking or savings accounts to be used for payments and clients funds deposits. It allows firms to:
- Include a payment link when emailing statements.
- Authorize electronic payments in Tabs3 Billing.
- Authorize electronic client funds deposits in Tabs3 Billing.
- Authorize electronic deposits in Trust.
- Credit or void electronic transactions entered in Tabs3 Billing and Trust.
As I recently reported, Tabs3 and CosmoLex were acquired in March by ProfitSolv, the company formed last year by the private equity firm Lightyear Capital LLC.
ProfitSolv also owns practice management platforms Rocket Matter and TimeSolv, and in acquiring Rocket Matter, ProfitSolv also got the payment processing company LexCharge, which Rocket Matter had acquired in 2020.
When Tabs3 and CosmoLex came under the same ownership roof, they were able to use the LexCharge service to create their own payment solutions.