With the constant advancements in payment technology, business owners and their customers have way more options than they are capable of assessing without overwhelming themselves. This leads to wrong decision making and later on, the business owners or the customers often have a lot to regret.
It is very critical that law firms start to embrace payment technologies in their sector.
However, by remembering these 4 things, law firms can easily choose payment technologies which will be compatible with their business structure and strategy.
Ensure the collection process is easy
For law firms, it is important that the collection process is easy and simplified to separate the funds between operating accounts and trust. One single integrated billing system should be enough to ensure easy management of funds and the staff members should be able to switch between operating funds and trust.
Along with ensuring the adherence to operating account and trust regulation, there are other things that can help make your collection processes easier, for example, integrating different payment methods in one place. With the mixture of different popular payment methods in one place, law firms can make their collection easier for both the staffs and the clients.
Keep room for customization
Since online payment processing has been introduced, people are leaning towards it and the payday has come a lot closer. With the traditional payment system, business owners had to wait 27 days on average after sending the invoice for payment. But with the option of online payment, the gap between invoice delivery and payment has decreased to 10 days on average.
But still, there are a lot of things that you can do to bring down the number even lower and potentially making the whole process convenient for your client. Customization will play a vital role in this.
Apart from separating the funds, it is also important that the payment technology you choose have customizable blank fields which you can use for any special case or situation.
Providing your clients with all the details for smooth transaction
I know that businesses send invoices to their clients with full details. However, this is not enough. When your client is paying you, they should see the details for the transactions he/she is about to make. This is a psychological thing where showing the details on the payment page indicates your transparency to your client. That’s why you should ensure the solution you are considering can provide your clients with the details regarding the payment while preparing for the transaction.
Accepting all the major payment methods
Yes, I have talked about it earlier but this point deserves more attention.
It is important that along with standard credit card and debit card acceptance, your payment solution should include ACH payment. I’m talking about electronic payment methods that allow your clients to send funds from their checking account to directly in your account. Also, make sure the terms you agree with the payment options are easier for your clients to understand an oblige.