There’s no doubt about it: COVID-19 has upended nearly every aspect of normal life. For the first time ever, each state has simultaneously declared a state of emergency. Also unemployment rates are at their highest since the Great Depression. Many “non-essential” businesses have been forced to close, resulting in pay cuts and layoffs.
The legal industry has been hit especially hard. As quoted in a March Thomson Reuters article, industry consultants said, “Law firm revenue will take a hit and layoffs are likely on the horizon, as demand for certain legal work drops and clients take longer to pay bills as a result of the Coronavirus pandemic.”
There have been some states (such as Illinois and Indiana) that labeled lawyers as “essential workers.” There has also been a surge in demand for certain types of legal services involving lost jobs, evictions, insurance claims, estate planning, and obtaining government benefits.
For firms that have continued to work through this pandemic, and even for those who have decided to start their own firms during this economic downturn, here’s a key to keeping your business afloat: Start accepting online payments. Not only will it make your clients happier, but it also ensures that you get paid faster.
Let’s take a closer look at why online payment processing is an absolute necessity for your law firm in these uncertain times:
Paper is DIRTY.
It seems like there is so much we don’t know about the coronavirus. Research has shown how long it lives on surfaces like copper, plastic, and cardboard. But what about paper? It’s fairly common knowledge that cash is dirty enough as it is. Some stores that have remained open are even flat-out refusing to accept cash as a form of payment. No one wants to be handling physical payments right now, not even in the form of a mailed check. Think about it: How many people handle your money and your mail before you touch it? Limit your risk of exposure. Go paperless.
You’ll Save Time and Get Paid Faster.
Just think about all the time it takes to print, stuff, stamp, and mail invoices to your clients. Not to mention all the time it could possibly take for your clients to mail back their payments (if at all!) Integrated payment processing combines all this work into an effortless click of a button. Your clients receive an invoice via email and can pay instantly via credit card or eCheck. What once took hours now takes minutes.
Also, clients will pay their invoices sooner if they are given the option to pay online since it’s safer and more secure than traditional payment methods such as mailing a check and hoping it arrives. Plus, if you’re using an integrated payment processor like Rocket Matter Payments, the funds will hit your account in as few as 12 hours.
You Can Offer Payment Plans and Recurring Billing.
With the status of today’s economic climate, it comes as no surprise that many legal clients may find themselves unable to pay their invoices in full or in a timely manner. Give your clients peace of mind by offering them alternative fee arrangements such as regular payment plans. Set-it-and-forget-it-type recurring billing can also help collect payments because it automatically deducts from your client’s credit card or bank account. And the best part? With legal payment processors such as Rocket Matter Payments, setting up these plans is as easy as clicking a few buttons. What’s not to love?
If you’re curious about implementing payment processing in your law firm or if you want to know if you’re getting the best deal, our payment processing experts can analyze your current statements for free and see where you can start saving money! Click here to learn more.