Boost Cash Flow With Electronic Payment Solutions
As the economy shifts online, law firms must adapt to clients’ evolving payment preferences, including accepting electronic payments (or e-payments). Why are e-payments beneficial for clients and law firms? This article highlights the most common advantages of electronic payments.
Advantages of Electronic Payments for Law Firms
1. Provide a Positive Client Experience
Clients increasingly prefer e-payment solutions, with 75% planning to switch to electronic payments and 87% of millennials favoring this change. Fiserv’s survey shows credit and debit cards are top choices, with younger consumers preferring debit cards (95%), payment apps (83%), and mobile wallets (82%).
Electronic payments attract new clients and serve existing ones, as 60% of consumers use digital payments, and 44% set up automated payments. Embracing e-payments ensures your firm remains competitive and responsive to client expectations in a cashless society.
2. Get Paid More and Faster
Electronic payments benefit law firms by enhancing efficiency and speeding up transactions. According to the LawPay and MyCase 2024 Legal Industry report, firms using LawPay collected 33% more from clients, with bills paid nearly four times faster than cash or check payments. Solutions like LawPay’s Next Day Payments enable receiving payments in as little as one business day. Additionally, e-payments simplify tracking payments, sending reminders, and eliminating lost invoices or checks, ensuring more revenue is collected.
3. Optimize Law Firm Workflows
Because online payment solutions allow for automated invoicing or recurring payments, electronic payments prove incredibly useful when you have client work on retainer or over repeated transactions.
Many electronic payment solutions on the market also offer integrations with other software solutions that lawyers may use for their practice, such as case or practice management, timekeeping, and accounting/bookkeeping software. This prevents law firm managers from jumping between multiple tools or reconciling data from different programs.
4. Increase Data Security
Imagine you didn’t have to worry so much about the security of client financial information. With electronic payment solutions, that dream can be a reality.
Having an online solution means that your firm doesn’t have to store bank account details or credit card numbers on your own servers. As long as you select an established payment processor with high-grade security, your firm shouldn’t have to worry about your clients’ financial information safety.
Scale Your Firm Today With LawPay Online Payments
With LawPay, you’ll have access to the best, user-friendly billing and payment features that can make your business more profitable and productive—while delighting clients.
Payment features include:
● Next Day Payments: Enjoy faster access to your money—just one business day after the payment is initially received.
● Online Payment Options: Provide debit, credit, and eCheck options for faster payments and payment scheduling for convenience.
● Pay Later: Increase your revenue with legal fee financing loans—ensuring 100% payment upfront while clients pay in installments over time.
● Card Vault: Easily charge and collect payments using your client’s preferred payment method—stored in a secure, industry-compliant system.
When you’re ready to see how LawPay can benefit your firm firsthand, schedule a LawPay demo.
Adrian Aguilera is the Senior Content Strategist for LawPay, the #1-rated legal payment processing solution. He is based in Colorado Springs, Colorado.
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