Credit Card Mythbusting: 4 Reasons Law Firms Still Resist Online Payments
Credit cards have officially become the preferred way to pay, with people able to make purchases practically wherever they are thanks to smartphones and laptops. While this has been great news for most industries, some lawyers and other professionals are still hesitant to jump on the bandwagon for a variety of reasons. In this post, we’ll dispel four common misconceptions about accepting credit cards online as payment for legal services.
“Online payments will only make my practice more complicated.”
You might think adding another way for your firm to get paid will come with a learning curve. The truth is, however, a good online payment solution will actually make running your practice easier than before! By accepting online payments, you’ll be able to quickly send your bills via email and your clients will be able to pay you instantly—no more waiting for checks to arrive in the mail.
“My clients have no desire to pay me with their credit cards.”
Think about the world we live in today. More and more customers are shopping online for everything from clothes to paper towels to cars. Ecommerce giants like Amazon and Ebay have completely changed how people prefer to shop and, more importantly, how they prefer to pay. You won’t find a “Mail check” option on their websites. In fact, a recent study showed that as much as 75 percent of customers prefer to pay with a credit or debit card. Studies have also shown that 74 percent of households are now paying all of their bills online, and over half of consumers today don’t carry checkbooks (or rarely do).
The bottom line? Your clients would love the opportunity to pay for your services with their credit cards. Allowing them to make payments online with a few clicks of a button will make it easier for them to pay you, which leads to fewer late payments and more satisfied clients overall. It’s a win-win for both of you!
“I don’t know enough about computers to accept online payments.”
Despite the numerous benefits of online payment options, you may feel you’re not tech savvy enough to implement an online payment system.
Don’t fret! If you know how to send an email, then you can use online payments. Additionally, if there’s anything you’re unfamiliar with, the best online payment solutions have dedicated and responsive support teams that can answer all of your questions. They’ll even walk you through the steps of setting up a payment page on your website, so your clients can easily pay your bill online at their convenience.
“I can’t accept credit cards and maintain IOLTA compliance.”
We hear you. You’re concerned about how credit card payments would work in light of the ABA Model Rules of Professional Conduct.
This is how an online payment solution designed specifically for legal professionals can make credit card payments both easy and ethical. For example, when payments are made through LawPay, your earned and unearned fees are always separated and deposited into their proper accounts. You can also rest easy knowing that LawPay will never allow any third-party debiting to occur from your IOLTA account.
These days, accepting online credit card payments is an essential part of running a modern law firm. Thankfully, it’s not only easier than ever to offer this option, but the benefits are overwhelming—simpler workflows, increased cash flow, better productivity in your firm, and best of all, happier clients who pay on-time and more frequently. What more could a lawyer ask for?
This content is advertising.
