New Conflict Checking, Interest Fees, and Convenience Charges in Rocket Matter’s Office 365 Release
Rocket Matter’s announcement yesterday of their Office 365 Integration overshadowed some other, powerful new tools the practice management software rolled out.
Yes, two-way calendar and contact sync from Macs, PCs, and Smartphones is wonderful. And yes, saving documents directly from Word, PowerPoint, and Excel to Rocket Matter makes the lives of lawyers a whole lot easier. Same for uploading emails and document versioning.
However, the other features have feelings, too, and they were very sad they didn’t get coverage. Today, we promised them we would cover them as well. Here’s what those other features have to offer:
Rocket Matter’s Conflict Checking is the most powerful one of its kind on the market—we added it as it was often requested by our larger firms. Type in a term, and see if it shows up across your matters, contacts clients, custom fields, or any of your activities (i.e. tasks, calendar events, and other things of that nature).
You get a nice digest of what the system will find as shown in this picture(click to enlarge):
Interests and Discounts
Rocket Matter’s Interest and Discount features carry forward one of the company’s main goals of 2017: Helping law firms collect more of the work they earn.
Earlier this year, the legal software company unveiled their automated recurring billing and payment plan features. Now, law firms can charge interest for late payments and set the number of days at which the additional charges kick in. Interest can be compounded if you desire. Law firms are able to set up multiple interest rules for different matters.
So if charging interest is the stick to get client to pay on time, dangling a discount is the carrot. Rocket Matter released the ability for law firms to provide discounts to firms if they pay early. As with the interest feature, discounts are completely configurable.
Some law firms no longer charge individually for copies, mileage, faxes, or other costs. Instead, they charge a blanket percentage (usually 2-4%) to cover such incidentals. To cover this use case, Rocket Matter launched the ability to add Convenience Fees to an invoice.
Another use case for convenience fees is to recoup any fees related to payment processing. Rocket Matter, for instance, provides firms the ability to collect credit card payments online. Since credit card fees absorb 2-3% of the transaction, charging a convenience fee replaces that lost revenue.
Be careful though: While they are allowed in more than 40 states, convenience fees aren’t permitted in every single one. So make sure you know the policy in your state before you charge convenience fees for payment processing.