Growth in payments technology in these years have given businesses and consumers more opportunities than ever when it comes to making and accepting payments. For many customers, this also depicts a change in the payment options they’ve been hoping from the businesses they adapt to work within today’s ecosystem, customers are used to having comforts at their fingertips, including how they handle their financial transactions! Today’s customers expect an absolutely continuous payment experience, irrespective of how or where they’re doing their payment – in-store, online, or while on-the-go.
Whether it is digital payment platforms or real-time transaction syncing in the cloud, businesses that have embraced a smooth and simple payment flow for their consumers are deriving the benefits of these improvements across all fields of their businesses, from the back end office to their bottom line. For organizations like law firms, where there are definite industry disciplines and regulations around the receiving of payments, looking out for a payment technology partner that allows firms to function within these regulations while also helping to enhance capability can be a challenge. There are 4 things to consider when appraising payment technologies for your law firm.
Especially for law firms, part of the challenge in creating capabilities in the payment collection procedure is the capability to deliver a simplified collection procedure that permits you to separate funds among trust and operating accounts, whereas still allowing your back office staff to easily manage cash flow within a single unified legal billing system.
The optimal account setup for legal professionals promises that there is no intermingling of funds between trust and operating accounts – while comfortably allowing staff members to shift among accounts with just a click to allow deposits to be made to the right account. Allowing an online platform with a simple click-to-switch process ensures that your team is comfortably able to link to the applicable account based on the security type, and you can see a full digital pathway and accounting of transactions from a consistently growing online dashboard to help assure your team is abiding by the appropriate disciplines and regulations!
Besides ensuring the loyalty towards the trust and operating account regulations, another approach to help streamline the collection process is to enable the right mix of payment methods and collection processes for your clientele.
With more than 56% of all bill payments made online, online bill payment has become commonplace for many consumers, and firms that seek to be ahead of the curve should take note! By allowing clients to make a payment online, your office team is better able to manage day-to-day operations and save countless hours by no longer manually entering (and correcting) payments taken over the phone.
Organizations that have already applied online bill payment systems regularly find that they are compensated within 10 days of a sent invoice by just granting clients to pay online, in comparison to an average of 27 days for all other methods. But, for the legal industry, in particular, there is more to that than just assisting your clients to pay online – and as you may have already figured out, billing systems aren’t one size fits all!
Customization in a legal billing system is key; especially all over the payment collection procedure. The capability to assure your clients are providing you with deep analytical information about their case at the moment of payment that provides a smooth conversion for your team, ensuring them to imply payment to initiate invoices and cases with comfort. Establishing custom fields into your online payment forms assure that you are able to assemble your forms centric on your firm’s specific requirement. Additionally, with the right platform and partner, you can prepare the fields of your own choice needed with just a click, and all other fields are accessible and explorable in your payment platform, making it easy for your team to find consumers, case figures, and more with comfort. With more related details apprehended at the time of payment, your team is better capable to channelize their burden of work, meaning minimal time mining information, and more amount of time to spend on assisting to grow the practice!
Although credit and debit cards are generally received through most major legal billing systems, it’s necessary to note the attention of also being capable to easily receive, manage, and record all kinds of payments through your payments platform, including ACH.
ACH payments, or electronic scans or ePayments, allow your clients to relocate funds directly from their confirming accounts to your firm. Instead of having to wait for paper checks to transfer via mail, or concerned about chargebacks that can generally occur with credit cards, firms are able to better manage cash flow expectations. Whether your firm opts to use ACH payments on a case-by-case manner, or your client just prefers the comfort of submitting their payment online over mailing a check, accepting ACH payments from your desired payment technology platform can help bring peace of mind for both you and your client.
The exclusive payment requirements of the legal industry are well-accepted; however, it’s also necessary to give attention to the features needed by your firm in order to easily receive payments and help assign and brutalize the workload for your team. To advice you arrange a short list of payment technology solutions, we’ve put together this quick checklist to help you ensure you’re getting what you need to be able to run your business most effectively.