Say hello to ClientCredit, the first legal services BNPL solution from LawPay
Offering clients a “Buy Now, Pay Later” (BNPL) option can be a game-changer for your firm, and adding it as one of your accepted payment methods is about to get even easier with ClientCredit, a new offering from LawPay.
What is ClientCredit?
ClientCredit is the first BNPL solution for legal clients on the market and is exclusively available through LawPay. With ClientCredit, your clients have the ability to pay for legal services in installments while your firm still receives 100 percent of the invoiced amount upfront.
ClientCredit is the next generation of payment solutions for the legal industry and was developed in response to the growing demand for BNPL options.
Statistics show, when given a choice, consumers are increasingly opting for BNPL plans. Between July 2020 and March 2021, the use of online payment plans grew by nearly 50 percent. Younger adults in particular are frequently choosing online payment plans even when they have the funds to cover the total cost of a purchase.
ClientCredit enables you to accommodate evolving payment preferences and provide a flexible, client-focused payment experience.
How Your Firm Benefits from ClientCredit
Lawyers often hesitate to let clients pay over time because traditional payment plans can have a higher incidence of late and non-payments. The advantage of ClientCredit is it helps mitigate the risk of both. Your firm receives the full requested amount upfront, and clients still have the opportunity to split an invoice into multiple payments.
The other major benefit of ClientCredit is it increases how quickly you collect your full fees. When it comes to traditional payment plans, giving clients the option to make multiple smaller payments over time means, by definition, you receive smaller deposits. Allowing clients to use ClientCredit, on the other hand, means you can secure your total invoiced amount at the start of the engagement.
What ClientCredit Means for Your Clients
Rather than being put in the challenging position of having to find a way to pay one large lump sum, ClientCredit enables your clients to secure legal representation and still allocate funds for other expenses. For example, ClientCredit is a great option for a solo business owner who is in need of legal services but also has to keep money in reserves for unexpected costs.
ClientCredit also opens up access to legal representation to people who want an alternative to credit cards. These individuals may not currently have a credit card and would prefer not to apply for one. Additionally, ClientCredit is an attractive option for prospective clients who do have a credit card but would rather not charge a large amount.
ClientCredit will reach LawPay’s legal audience in the coming months and availability will increase throughout early 2022 as part of a phased rollout of the product.
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To get started with LawPay and ClientCredit, visit lawpay.com/aba. If you sign up by November 30, you’ll pay no monthly program fee for 12 months plus an additional 3 months as your ABA member benefit.
Sources: The Ascent, Cardify
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