Time is the most precious resource for lawyers/firms. Chasing unpaid invoices can be a very costly expense when time is your most valuable resource. It can quickly chip away your billable hours. Unpaid invoices are a reality for many lawyers and firms. So what’s the solution?
Well, simply setting recurring payments is the best way to avoid unpaid invoices and save more time. If you are looking for an alternative payment method for your law firm that can save you from unpaid invoices, then recurring payment is the best option. This blog is a complete guide to recurring payments. If you are interested in knowing how your firm can dodge unpaid invoices, save time and billable hours. Continue reading further.
What are Recurring Payments?
Recurring payments are also known as automatic payments. This is a payment method that doesn’t require your clients to make payments manually again and again. They can simply set up recurring charges that are pre-authorized and a set amount will be deducted from on a specific date each month. Recurring payments are a one-time setup where the frequency of transactions is decided before the end by both parties involved. Credit cards, debit cards, and ACH payments are the most common methods of payment for recurring payments. Recurring payments can be very beneficial. If done correctly, they can improve the cash flow of the firm.
Benefits of Accepting Recurring Payment Plans
For law firms and lawyers, having a recurring billing payment system can be really effective. A recurring payment system makes it more flexible and improves the cash flow of the firm. Additionally, it also reduces the chances of missed payments. Here are some of the benefits of accepting recurring payments.
After you set up the initial subscription payments for your firm billing cycle, it will become a hands-free approach. As a result, it will allow your firm to accept payments faster from your clients. The clients don’t have to worry about entering payment information for each transaction. Your law firm can have a regular influx of income directly from your client’s bank account.
When you are accepting online payments from your clients, it is important to have a proper security measure in place. If not, you might end up becoming the prey of online fraud activity. You should meet the needs of the Payment Card Industry Data Security Standard for online payments. By setting recurring payments, your clients need not fill in their information again and again and they become less prone to all these cyber attacks.
Recurring payments help in budgeting for your firm in advance. By calculating your expenses on the basis of recurring payments with clients, you can plan your expenses on the basis of that. Managing day-to-day expenses becomes much easier when you know about your revenue in advance.
Setting Up Recurring Payments in CaseFox
Setting recurring/automatic billing is an easy task with CaseFox. This will save you from the hassle of payment collection every month. Here is the step-by-step guide to set up recurring payments:
First, go to settings on the dashboard. You can navigate to settings through the top bar.
Now tap on the invoices from the side column and you will see this interface. From here, you can choose automatic billing.
Once you choose automatic billing, you will see this interface and from here you should click on add billing.
By clicking on the add billing button, you will see this box will appear and from the drop down you will have to choose the client for whom you want to set up the recurring payments.
After you have decided for which client you want to set up recurring payments for. Another box like this will appear. Here you can add information like cases, recurring payment frequency, staff name, notes, etc.
That’s it save and your recurring payments will be set up. Now you don’t have to worry about accepting payments from your clients every month. It will be automatically deducted from their bank account.
Consider Using Recurring Payments Today!
If you are a lawyer or a firm, you should consider using recurring payments. They are beneficial in various different ways and can help you manage a strong financial position in the long run. By offering recurring payments to clients, you can give them the flexibility to pay in installments. They don’t have to worry about lump sum payments. Recurring payment might not be the best option for all clients and law firms, but offering them as an alternative payment option is the best idea. They are easy to set up and make the process stress-free.
If you are a lawyer/firm looking for a way to set up recurring payments, you can try CaseFox legal billing software. It makes managing legal billing easier and you can set up automatic payments effectively.