It’s no longer a novelty for law firms to accept credit cards and ACH payments but a standard expectation from clients.
But does it have to be so difficult and so expensive? No, and no.
Accepting credit cards accelerates payments and reduces write-offs, but the process can be improved. The experience for both firm and client leaves a lot be desired, and the combination of consolidation and addressing the specific needs of law firms has made it more expensive than necessary.
Typical Payment Process
Client Experience: Clients typically receive an email with a payment link. However, they often must re-enter extensive contact and payment information, including matter ID and bill number.
Firm Experience: Firms then wait about three days for the payment to clear, after which they must decipher the client’s information to apply it correctly.
Optimal Payment Process
Client Experience: A click on the bill link in the email displays their outstanding bills, allowing easy selection and payment. Their payment information is automatically recalled, making the experience swift and efficient. Autopay options for future bills are an added convenience.
Firm Experience: Payments clear within a day and are automatically recorded and applied in the firm’s financial management system.
Law firms have unique credit card processing requirements, especially regarding trust accounting and IOLTA. You also want to work with a company that understands law firms and their billing practices to avoid holds or even denials on payments.
Understanding these nuances is crucial, yet firms should no longer pay above-market fees for these services.
Case Studies: Law Firms Embracing Change
Sandra Haislet from Practus, LLP, reports that BillingQ’s integrated electronic payment solution outperforms traditional methods, providing secure and adaptable payment options.
Gina Martin from Nelson Hardiman highlights the transition to 80% electronic payment intake, significantly enhancing efficiency and client convenience.
This approach not only simplifies the payment process for clients but also streamlines financial management for law firms.
Learn more about BillingQ Payments.