Why is Online Legal Payment Processing a Must for Your Law Firm
Online payment processing options can streamline your firm’s billing, help you collect payments faster (and more consistently), and keep your clients happy—but lots of law firms are still avoiding accepting online payments or payment by card.
There used to be good reasons for that. Attorneys were respectable, professional, and polished, and getting your law practice mixed up in the uncharted online world seemed like something your questionable nephew would urge you to do.
To be fair, there were also plenty of other valid questions and concerns.
Would online payments be safe?
What about dealing with processing fees?
If payment by check still works, why reinvent the wheel?
Thankfully, law firms now have tools at their disposal to make online payment processing safe, simple, and efficient.
And as for professionalism? That’s a blog for another day . . .
But the main point is this: your clients want to pay online or by card (if not by Bitcoin)—or at least they want the option to. And while in the past, checks were a badge of legal professionalism, lots of your clients would rather avoid the hassle.
Not quite convinced online payment processing is what your law firm needs? Allow us to present the following evidence.
Reason #1: Your clients want and expect to have the option
Twenty years ago, it was totally reasonable to expect your clients to pay by check. Most of them would have been happy to do so (or at least, as happy as anyone can be when parting with their hard-earned money).
But today? A whopping 82% of Americans now make payments online, up from 72% just five years ago—and a growing number of Americans now see the option to pay by debit or credit card as a “must-have.”
Like it or not, digital payments have become the norm, and your clients expect to be able to pay their invoices conveniently online and by card.
Reason #2: Streamline your practice’s billing
There’s no real way around it: When using traditional methods, invoicing and billing are a hassle. From printing, stamping, and mailing invoices to waiting for those payments to return to you in the mail (assuming they actually do return at all), physically billing by mail is a huge time sink.
An integrated payment processor lets you do all of this work conveniently and quickly—without leaving your desk. (Or your couch if you’re working from home.) You can send invoices via email and let your clients pay instantly through credit card or eCheck.
And voila—a process that used to take hours can be completed in just a few minutes.
Using a practice management software with integrated payment processing also makes it easier to keep your firm’s invoicing and billing transparent and organized.
Whereas bills paid by check or cash need to be carefully—some might even say tediously—entered into your firm’s accounting books and filing systems, a payment processing system that’s integrated with your practice management software leaves a clear record of the status of each invoice and payment (a paperless paper trail, if you will).
Reason #3: Get your money faster
Let’s see if this sounds familiar:
- Your practice mails an invoice for a recent consultation.
- A couple of months go by—still no sign of your payment.
- Since you sent it by mail, it’s hard to know exactly what happened. Did your client receive the invoice? Did their check get lost in the mail? Did their toddler turn it into confetti when they were unattended for 30 seconds?
- You send a follow-up invoice. Surely they aren’t just ignoring you, right?
- Still no sign of your payment. Will your law firm ever get paid? Tune in next week for another exciting installment of Outdated Billing Practices!
Thankfully, it doesn’t have to be this way. Online billing and payment processing not only makes it easier to bill (and less likely for your invoices to get lost for weeks on end), it also helps your law firm collect payments faster.
In fact, surveys have found that law firms who accept online credit card payments receive their payments 39% faster on average. Your attorneys have already put in the work with their billable hours.
It’s time to quit playing the waiting game and get paid for that work on time.
Reason #4: Give your clients flexibility with recurring billing
We may as well admit that legal representation can be expensive, even if you work hard to offer fair rates to your clients. Obtaining professional legal services is a major investment for many clients, and it’s no surprise that some may struggle to pay their invoices in full or on time.
A robust, integrated online payment processor allows you to easily implement alternative fee arrangements—for example, you can offer clients the option to make automated recurring payments as part of a regular payment plan.
And with an online legal payment solution like Rocket Matter, this doesn’t need to be a hassle. You can set up recurring payments from a stored account or credit card in only a few simple clicks.
Offering online recurring payments can keep your clients happier by making paying their invoices less challenging and stressful. And since your clients won’t need to break the bank to get their bills paid on time, you’re more likely to receive their payments in a timely, predictable manner.
Bring your law firm’s billing up to speed with Rocket Matter
In 2022, online legal payment processing is more than a “nice-to-have”—it’s an essential tool to help your firm collect more payments more quickly and a vital way to give your clients the flexibility they want.
Rocket Matter’s robust practice management software includes all of the payment processing tools your firm needs to implement effortless payments, including simple online invoicing, lightning-fast payment processing, and recurring billing options.
And best of all? Our system is designed to help you stay compliant with trust accounting rules, so you’ll never need to worry about processing fees coming out of a trust account.
If you’re ready to take flight with Rocket Matter’s online payment processing, get in touch and schedule a demo!