Payment Processing Is Key to Legal Industry’s Future Success
The legal industry is naturally based on human judgment where decisions are made without the help of technology. But that doesn’t mean that the processes that accompany this decision-making industry shouldn’t involve ways that embrace the digital age.
Problems That Plague the Industry
Consumers expect a frictionless payment experience regardless of how or to whom they are making the payment. Much of the legal industry is still operating in the past and have not met the needs of the consumers in today’s digital age. For example, if someone receives a minor misdemeanor like a speeding ticket, they must appear in court to make that payment. Or if a consumer must pay a lawyer for services rendered, they typically write a check and mail it into the law office. Both processes are more traditional, and law firms can adopt technologies that will help solve the countless problems that haunt the entire industry.
Embracing Payment Technology
The legal industry is beginning to investigate technology that will improve access to more affordable legal solutions and provide customer service with a personal touch. Lawyers need technology that will allow them to engage with their prospects and provide better customer service to their existing book of business. Law firms are especially looking for payment technology that will improve their overall business and add more funds to their bottom line.
Here are three tips that can help improve a law firm’s payment processing system:
1. Ability to Accept All Forms of Payment
The first way to keep up with the fast-paced payment world, is to ensure that your billing system can process credit and debit card transactions. This system needs to be able to accept, manage, and track all forms of payment as well as process ACH payments.
According to the National Automated Clearing House Association, ACH payments are transactions that are transmitted electronically. By being able to process ACH payments, a law firm gives clients the ability to pay directly from their personal checking accounts. No need to wait for a paper check in the mail anymore, which allows for better cash flow management and tracking for your firm.
Your payment processor can help find solutions customized to meet your firm’s specific business needs – like allowing your firm to send secure payment links to clients or adding a “Pay Now” button on your website.
2. Align Your Firm’s Back Office
Law firms need to be able to separate trusts from operating accounts in their billing system. They want the staff to have the ability to “click-to-switch” between these two types of accounts easily, so they can make deposits to the appropriate account. This allows your firm to track all transactions via an online dashboard – which also helps with making sure your law firm is following the appropriate rules and regulations.
3. Personalize Your Online Payment Form
Most law firms need customized accounts receivable systems. Your firm can customize your billing system especially when it comes to processing payments online. Make sure your clients can provide detailed information about their case at the time of payment, so your staff can easily apply payment to open invoices and cases. Also, customize fields in your online forms based on what information your law firm wants to collect.
Capturing more information through your platform will help streamline your firm’s AR system while cutting down on the time that your staff wastes on chasing down payments. Check with your processor to find out how you can customize your online form.
Does Your Law Firm Need a Customized Payment Solution?
Contact us online or call 1-800-621-8931.
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