Are you a lawyer or in the legal industry? If so, and your business only accepts cash or checks, you’re falling behind the curve. With the world increasingly becoming digital, organizations that can’t keep up with the pack are left behind. The pandemic has turned the contact-free movement into something that’s now to be expected, with John Q. Public demanding convenience and quick payments through apps, on their smartphones or, at the very least, with debit or credit cards through the internet.
Major Fortune 500 companies, like Mastercard, are even starting to accept Bitcoin and other forms of cryptocurrency. Even if you’re not ready to take that step yet, it’s crucial to keep up with the demand for contact-free options and convenience in this digital day and age. The best way to stay relevant and continue to expand your firm in new markets is by accepting ePayments in addition to all the conventional payment methods. In fact, accepting ePayments for law offices has started to increase in popularity, with many firms all over the U.S. accepting online payments, making it very efficient and convenient to receive compensation from clients.
How do ePayments Work, Exactly?
Though you may think that ePayments sound confusing, the process is actually quite simple. With the right portal, you can send your clients a secure payment link through text or email. Or, you can add a payment button on your website, which allows customers to enter their payment information securely even when the office is not open.
It’s an excellent way to streamline your business, which increases profits and client satisfaction, too, since your clients will have a convenient way to pay their bills. Credit card acceptance is normal, but finding a secure online portal for your clients to easily pay their retainer is paramount to your firms’ continued success in this digital age.
Customize Your ePayment Process
Studies have shown that companies offering online bill payment typically get paid within 10 days, compared to 27 days for other cash or check methods. However, a one-size-fits-all platform is not ideal for every firm. Therefore, it’s crucial to customize your payment platform so it works for your business style and makes your record-keeping simple and straightforward.
A simple way to accomplish this is setting up your invoice process to give your clients detailed information, including their case number, a breakdown of the monthly costs, and what services you rendered. By customizing your ePayment system, you can get a tailor-made payment process that’s perfectly suited for your needs.
Benefits of Accepting ePayments
If your law firm is only accepting cash and checks, there’s a good chance you’re missing out on payments from clients. More and more clients expect to pay their retainers with a debit or credit card online. If they have to get in the car and drive all the way across town to hand you cash, your chances of getting paid on time drop considerably.
An ePayment platform gives your firm another way to send or receive money entirely online and contact-free. In fact, 56% of all bill payments are made online, making it something that most consumers not only appreciate but expect when it comes to paying their bills. You can even offer your clients an auto-pay feature, which will automatically deduct their monthly retainer, making it much more likely for you to get paid on time.
Safe and Secure Payment Options for Your Firm and Your Clients
Another excellent benefit is that clients won’t have to share their banking or card info with you over the phone. This also frees up time for your receptionists to spend on other, more important tasks and reduces the amount of human error involved with taking payments. The ePayments provide a secure way for your business to receive money and for your clients to pay their bills. As we move into 2021, your law office needs to adapt and evolve your methods to stay relevant and expand into new markets, giving you a broader client base to work with.
Offers Your firm Mobility and Versatility
Another great benefit to accepting ePayments in the legal industry is that it offers your firm and your client’s excellent mobility and versatility. They can access their account and pay their bills 24/7, which gives you the added benefit of convenience and greater customer satisfaction levels. Everything you need to manage your client’s bills and invoices is right there at your fingertips and your client’s fingertips, too.
If you don’t already accept credit card and debit card payments, it might be because you didn’t want to splurge on the extra equipment required to process those payment methods. Actually, ePayments don’t need any additional equipment, just a computer or smartphone and a Wi-Fi connection. If you’re worried about not being able to obtain signatures on credit card receipts, don’t worry—it’s possible to add a virtual signature requirement on all eReceipts paid by credit card.
Integrates with Your Existing Payment System
Maybe you’re thinking that adding a new payment method to your existing system will cause disruption and make it more difficult for you and your clients. However, this couldn’t be further from the truth. An ePayment system platform integrates seamlessly with your existing payment methods, streamlining the entire process and making it very simple and straightforward for your clients to pay their bills.
If Your Law Firm Doesn’t Accept ePayments, You’re Losing Out on Money
There’s no doubt about it: if your law firm doesn’t accept ePayments, you’re losing out on money every day. With the pandemic fueling the digital movement and with contact-free everything becoming the norm, it’s essential to keep up with the market trends or risk getting left behind in the dust. By accepting ePayments, you give your clients a convenient, secure, and contact-free option to pay their bills online that can be accessed 24/7. You can even set up an auto-pay feature so you can automatically bill your clients every month.
Online credit card and debit card ePayments are secure, safe, and offer your law firm greater mobility and versatility, increasing customer satisfaction. By adapting and evolving your business, you stay relevant while expanding your customer base and becoming more flexible as you can accept more payment methods. Switch to an ePayments platform today to seamlessly integrate your existing payment options and start getting the money you’ve been missing.