A law firm needs to operate like a well-oiled machine, and billing is no exception. Whether you bill a client based on flat fees, contingent fees, or blended rates, cash flow is king. Big or small, getting clients to pay and getting paid can be an uphill battle for all firms. But thanks to integrated technology, it’s getting easier to stay on top of client payments.
New Technology, New Ways to Pay
Instead of sending a bill in the mail and waiting for your client to write a check and mail it back, online payments make it easy to get paid. Create customized web pages for clients where they can submit either a credit card or ACH payment any time of day. And with advanced customization, you can add your firm’s logo and color scheme for a streamlined look.
Using a virtual terminal, you can create and send an invoice with a link attached for a client to pay. You can even choose if clients can pay only using ACH, credit card, or both. They’ll be directed to your payment page where they can submit payment. Afterward, they’ll receive an emailed receipt of their transaction. And you can track all of your invoices from your virtual terminal to stay on top of outstanding payments.
Virtual terminals also allow you to set up recurring charges so that for clients with retainers, you’ll be able to automatically charge them each month. This is easier for your clients and gives them one less task to do each month.
What This Means For Your Firm
Billable hours are on the decline. More firms are choosing systems of fees, rates, or other approaches to billing. These new approaches to billing clients impact cash flow. Every hour spent advancing a client’s case could mean running over budget expectations. But by approaching billing with a flat-rate or percentage-based structure, clients can better predict their bill even after you discuss it with them.
The same goes for processing payments, too. Traditional credit card processors might charge a percentage per card you accept. This stacks up and eats into your bottom line the more transactions you process. Using a flat-rate processor saves you money while providing you with cutting-edge technology for invoicing and billing. You won’t have to pay a percentage and a markup on top of every transaction. Plus, with integrated payment technology, you can track your deposits and payments from one platform.
Read more about how integrated technology helps law firms, or learn more about our payment processing for professional services companies.