CCBA Feature
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Alternative Payment Methods:
5 Benefits for Law Firms
T
he days of paying by cash or check are quickly disappearing. Thanks to innovations in digital technology, today’s consumers can pay for goods and services using a wide variety of payment methods, including credit cards, digital wallets, contactless methods, and more. However, many law firms today are slow to adapt to modern payment trends and are still only accepting some of the oldest and most traditional payment types. Here, we highlight a few important reasons why your firm should accept multiple payment methods. Meet your clients’ modern billing expectations It's becoming increasingly rare to find a business that does not accept modern online payment options. And when today’s consumers encounter a professional service provider that doesn’t offer these options, they will often take their business elsewhere. Therefore, it’s essential to offer the most modern payment options to your clients if you don’t wish to lose them to one of your competitors. Gain a competitive advantage Conversely, if most of your competitors are still clinging to traditional forms of payment, you can make your firm far more appealing by offering alternative payment methods. Adopt the latest and most popular payment options and make it well known your firm accepts them for your services. Then, when clients in your area are searching for a law firm to take their case, yours will be in a much better position to be the first they reach out to. Foster more trust in your clients Offering more payment options shows your commitment to providing an exceptional client experience. When clients notice they have numerous choices available to them, they will see your firm as professional and accommodating. Should one payment method not work for any reason, they’ll always have another to fall back on. You can reinforce this notion by maintaining PCI compliance every year and making it clear you take every precaution to keep their payment data safe.
34 | New Matter
Boost your cash flow Many traditional payment methods are slow-moving, often taking several days to be deposited and settled. If your firm is only relying on one or two methods of getting paid, you run the risk of significantly kneecapping the speed of your cash flow. However, if your firm has more payment options, you can process transactions and receive deposits at a much faster rate—without preventing your clients from paying with more traditional methods if they prefer to. Plus, the best online payment solutions will be able to track different payment options, so you’ll always know the status of your cash flow. Increase your chances of getting paid When you allow clients to choose from multiple payment methods, it helps ensure your bills are paid on time (or even paid at all). If clients can pay your bill the way they want to, there’s a good chance they’ll pay in the first place. You can even take advantage of automated payment options that all but guarantee on-time payments. Ultimately, firms that can offer alternative payment methods position themselves as much more client-centric by keeping the needs of their clients top of mind from the beginning of the case to the end. The more you can be mindful of your clients’ needs, the more likely they are to become repeat clients (and recommend your services to others). To learn more about LawPay and our commitment to supporting your firm’s success, visit lawpay.com/chescobar.
