Whether it be a solo practitioner or a big law firm, payment mechanisms are common. Whether an attorney, lawyer, or professional, everyone is giving services to clients and in return deserves to get reasonable payments. A good online payment process not only generates quick payments in your law firm but also helps in accelerating your goodwill overall.
It’s been more than a year since the pandemic changed the overall structure of the economy. At first, many problems were faced by law firms in getting used to technology, such as using different legal billing software.
One of the major concerns was how payments would be received hassle-free. With the pandemic, the cash flow was drastically affected, so proper case management software was required to note down every single transaction and update to make law firms survive. When we look at how transactions are processed normally by people around us, we notice the use of credit cards in a common way. Not always do people have the cash paying capacity, so offering a flexible payment method like credit cards can help your law firm attract more clients.
Coming to legal offices just to pay clients is not safe for the clients, as well as for the lawyers. It involves a huge amount of risk while paying physically. The security aspect offered in online payments is what makes many clients move towards this technological advancement. The automatic sending and receiving of payments make it more user-friendly to operate. Your law firm no longer needs to think about consequences such as cheques bouncing and many more. Now, instant payment is received in microseconds. You can directly send payment links to your clients securely with the help of online channels like email or text, and can offer a high convenience facility to your clients when it comes to making payments.
This blog is designed in the form to assist you in knowing what exactly e-payments mean, and how they exactly affect the overall work environment of law firms. It helps you in knowing some well-proven strategies that can help you in setting a perfect base for online payments in your workspace.
Why Does Faster Payment Matter in Law Firms?
What if you are not able to deliver timely invoices to your clients?
You may end up getting late payments or even no payments sometimes. The payment crisis can lead to overall law firm profits decline. If you are not able to regulate a proper cash flow in your law firm, then your law firm may even face a cash flow shortage.
Cash flow management is one of the most crucial components of a law firm’s business. Smartly managing finances is really important in today’s competitive world. Get paid at a quicker rate, and narrow down your payment troubles with the CaseFox clients portal feature. Allow your clients to pay quickly by directly accessing the links of PayPal, and help both parties in getting everything they need at the right time.
Electronic Payments result in higher chances of getting quicker payments. It helps attorneys and lawyers to continue their law practice stress-free, as online payments eliminate the chances of financial risk. No extra research money is wasted in knowing how many clients have made the payment and how many are on the pending list. You get an exact report about when and by whom you have received the payment.
What Are E-Payments?
ePayment is a system that allows your clients to pay with the help of debit or credit cards or by eCheck. It’s a mechanism that allows the law firm’s payment process to be faster and flexible. More clients today rely on online mediums to pay their lawyers. Time has changed from when clients used to visit law firms and pay cash to their lawyers at a particular point of given time. Now with online payments, clients want to pay from anywhere and at any time. With the emergence of online payments, our effective partnership with LawPay has ensured that the payment processes are much more efficient and advanced.
A great change of mindset is required in law firms that today also rely on cash payments. The need to shift towards a smarter approach and accept online payments by offering exact billable hours with the help of legal billing software to your clients is the new demand and need of the time.
A move towards cashless transactions is being observed in the legal sector. A law firm not having electronic payment methods may find its goodwill go down in front of its market, due to traditional approaches in the workplace.
Strategies To Boost Payment Mechanism
As a lawyer, are you managing your client’s finances?
If yes, then you may be overburdened with loads of work. From managing your client case with a load of even managing time-to-time payment entry and preparing invoices may result in a huge time investment.
You may not be able to focus on what needs to be done with the main case. You may be more engaged in making hourly entries. Streamline your payment method by allowing other professionals to manage the financial area of your clients.
Let another person manage every single detail, and never let anything get missed with proper smart delegation.
Small firms and new firms always struggle while receiving payments from clients, mainly because of improper management systems.
Improper sending of invoice reports to clients often results in client and lawyer conflicts. These conflicts hinder cash flow from both sides, thereby hampering law firms’ overall growth.
Design a process through which the payment process will work-
- Prepare monthly invoices without any delay. Let your client know about payment stats in a timely manner.
- Update clients regarding due dates through sources like email and text.
- Make your client know of late payments.
- Let your clients know once payment is received through email.
- Terminate clients’ accounts if there is a huge delay in payments and if no response is achieved from clients regarding the same.
Is your firm relying on only one payment method?
If yes, then you are making a big step towards letting your client feel stressed while making payment faster.
More than 75% of clients prefer to make payments online. With such a great number engaged in paying virtually, why resist your law firm with traditional payment approaches?
With advancements in technology, legal firms can go smoothly with online payment systems. It can allow lawyers to easily remove payment roadblocks and allow clients to make payments from anywhere. CaseFox offers you a well-working payment system, which allows your clients to pay through both credit and debit cards. It also gives you the exact report of billable hours from legal billing software, so that your clients are fully satisfied while making payments.
Consistent Invoicing
Problems regarding payment collection often arise with solo practitioners. With the unavailability of the staff members, the professionals many times end up having an inappropriate payment report. Clients often end up having disputes with their lawyers and which overall degrades the goodwill of the professional.
The need to bill consistently is important to keep track of all the billable hours and payments. Let your client know every month regarding how much payment is to be made with a proper billing report. Enable consistent cash flow without any obstacles with proper time-to-time invoicing. Getting paid for your work should not take much of your routine time, rather it should be quicker and professional.
Benefits That Motivate Clients To Make Quick Payments
Law firms today are generating quick payments with just a click. By not just saving time, legal firms are saving a lot of overhead, too. The importance of using standard approaches is many, they can be used separately, and can be used in total too. By taking care of what your client wants and implementing correct strategies, will help you and your clients will have stress-less communication.
Provide the correct protection, guidance, care, support, and security to your clients by implementing the right strategies in your workspace. Clients are ready to pay the exact amount for the things that are provided to them in a timely manner. The online payment method induces clients to pay quickly without much confusion and miscommunication. When lawyers make things easy for clients, in both paying and reviewing work with just a click, it makes the client feel satisfied and flexible.