Today’s consumer expects a completely frictionless payment experience. Regardless of how or where they’re making a payment – in-person, online, or on-the-go – it should be simple. Businesses that have adopted a seamless and simple payment flow reap the benefits. They see improvements across all areas of their businesses, from customer satisfaction to revenue.
For law firms, finding a payment technology provider can be challenging. There are specific industry regulations around payments, and you must ensure they are compliant. Meanwhile, as with any business, improving operating efficiency is a priority.
When choosing a payment processor for your law firm, there are four core features you need:
- The ability to streamline trust and operating accounts while adhering to regulations
- Multiple payment options, including online recurring invoices
- Customization to make invoicing and reconciling easy
- The ability to accept ACH payments to save on processing fees
Streamline Your Back Office
Make it easy to manage trust and operating accounts while maintaining compliance.
For law firms, part of the challenge in payments is the need for separate trust and operating accounts. You need a provider that offers separate accounts plus an efficient processing solution. The back office needs updated tools to make accounting simple.
The ideal setup for law firms allows you to toggle between trust and operating accounts. Staff can switch between accounts with a click to deposit to the correct account. This allows you to adhere to the appropriate rules and regulations while providing the tools you need.
Accept Online Payments
Offer online payments to make bill collection simple and seamless.
Another way to streamline payments is to offer the best payment methods for your clients. Credit card acceptance is the norm for most firms; however, does your current legal billing software allow your clients to pay online? With the right technology partner, you can easily send clients a secure payment link over email or text. Or, add a payment button to your website, allowing your clients to make a payment at their convenience.
With more than 56% of all bill payments made online, online bill payment has become the norm for many consumers. Make legal bills as easy to pay as an everyday utility bill. Plus, online billing reduces the amount of payments your staff takes over the phone. This also eliminates human error and automates the process of sending payment receipts.
For an added edge, allow clients to set up recurring payments for retainers. You won’t need to manually send invoices and you’re more likely to get paid on time. Plus, your clients will love the convenience.
Tailor to Your Firm
Customize invoices to make it easy to get paid.
Companies that offer online bill payments get paid within 10 days, compared to an average of 27 days for other methods. Yet, legal professionals may be hesitant to switch as they know online bill pay is not one size fits all.
That’s why customization in a legal billing system is key. Customizing your invoices to add case numbers and service details helps both clients and staff. Clients will know what their invoice means, and staff can easily reconcile or search for cases. Building custom fields into your online payment forms means that you’re able to tailor payments based on your firm’s specific needs.
With more relevant details captured at the time of payment, your team is better able to streamline their workload. That means less time hunting down information, and more time to spend on helping to grow the practice!
Accept All Payment Methods
Save money and get paid reliably by accepting ACH payments.
Credit and debit cards are commonly accepted through most major legal billing systems. But have you added on ACH processing? This is a payments type that you want to enable in your payments platform.
ACH allows your clients to transfer funds from their checking accounts to your firm. Also known as electronic checks or ePayments, ACH is a secure and cost-saving option for businesses. While credit card processing can cost you 3-5% of a charge, ACH costs less than $1 per transaction. For charges in the hundreds and thousands, legal practices can incur impressive savings. Additionally, you won’t be waiting for paper checks to come via mail or worrying about credit card chargebacks.
The Right Technology For Your Firm
Both payments and the legal industry are subject to strict regulations. Your law firm needs a payment technology solution that understands your unique needs. When comparing payment processors for your law firm, ask the following questions:
- Can you toggle between trust and operating accounts in a single platform?
- Does the solution allow you to accept online payments from your clients?
- How can the solution help my firm manage payments more efficiently?
- Does the solution offer ACH payments as an option?
To learn more about Fattmerchant for law firms, call us at 1-855-550-3288 or set up your personalized payment consultation.