One of the most compelling reasons to accept online payments is that your clients have come to expect it and appreciate that convenience.
According to a recent study conducted by Fiserv, a global financial technology company, “Speed and security of payment options are key factors that drive consumer decision-making and satisfaction is a key outcome of having these needs met.”¹
If your firm only offers clients the option to pay by cash or check, you run the risk of losing business to firms that offer more flexible payment options. Consumers are so – convenience focused that swiping a credit card in your office may still put you behind the times. Consumers are accustomed to having the option of paying over the phone, online, and on-the-go Your clients will appreciate the ability to make a payment on your law firm’s website. Allowing them to avoid the inconvenience of paying in person or by calling or mailing a payment in.
In addition to convenience, offering your clients a variety of payment options provides them with other advantages:
Speed of Processing:
Being able to process payments efficiently and quickly is rapidly becoming the golden standard for all modern business practices. Short on time, clients who may already be making sacrifices to find your legal service shouldn’t have to deal with the extra headaches of stringent, antiquated payment practices.
Check payments take additional time to be processed. They are typically mailed in, accounted for by accounts receivable, must be deposited, and finally, they clear, making the funds available to you. The time it takes for a check to be processed not only frustrates the payee, but it also hinders the payor who is awaiting the check to clear their account.
The inability to process payments efficiently is off-putting and provides a poor customer experience. Clients who may otherwise want to work with you may find themselves looking elsewhere if they perceive your service as a commodity. What’s worse is that they may take out their frustration by posting a review, telling friends or coworkers, or even by blasting something out on social media.
Today’s consumers feel confident in paying for products or services online. A recent U.S. News and World Report survey on credit card satisfaction revealed that of those surveyed, “Nearly three-quarters said they are satisfied with their card’s privacy and fraud prevention efforts.”(2). Combined with secure software or hardware and PCI compliance offered by many payment processing companies, both you and your clients may use all forms of credit card transactions with confidence. Another benefit of online payments is sending invoices and payment requests via a secure client portal. Clients can then use a credit card to make a secure online payment from any device, including their smartphone, for a fast, safe, seamless experience.
Accepting online payments not only brings your law firm into the 21st Century; it also offers several advantages to your firm. You’ll get paid faster. Instead of waiting for weeks, some processing companies offer deposits into your account within 48 hours, improving your cash flow. You’ll also enjoy streamlining your accounts receivable, freeing-up your employees from times staking bookkeeping so they can help your clients and your firm.
Not all credit card processing companies are designed to meet the demands of the legal industry. There are rules and regulations that govern how the legal profession can accept credit card payments. Law firms require the ability to operate a trust account and bank account that is connected with their merchant processor. Law firms need to find a payment solution that will meet your specific needs while maintaining compliance.
While there are many payment processing companies available, you might want to look into LexActum, a reliable credit card processing company designed specifically for the legal industry. They have the features law firms need with a convenient, simple flat-rate structure. With LexActum, set up time is quick and easy. Merchant account applications are processed immediately, and your law practice is ready to process credit card sales within 24 to 48 hours. For a free statement audit, or to get started, Call LexActum at 321-972-9838.