Alternative Payment Methods: 7 Benefits for Law Firms
The 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 seven 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 business 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.
Attract a wider range of new clients
No two clients are the same. Each client you take on will often have unique needs that require a particular approach and strategy to achieve the best outcome possible. The same can easily be said for their payment preferences.
While some clients may still want to pay by check, others would rather pay with digital options. By offering an array of different online payment methods, your firm will be able to take on more clients as you’ll be equipped to accept any payment type a potential client prefers to use.
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.
Create a billing backup plan
Accepting alternative payment methods also prevents your payments from coming to a screeching halt if your client has a problem with their preferred payment type.
For example, if there's an issue with your client's credit card and their bank isn’t authorizing the charge, you can offer your client another way to pay, keeping the invoice from becoming late and keeping your revenue flowing. Your clients will also appreciate the fact you can accommodate them in a last-minute manner, increasing their satisfaction with your services.
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 capping 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 they 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. For example, with LawPay’s ClientCredit feature, your clients can pay your bills in installments while you get paid 100 percent of the invoiced amount upfront.
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).
LawPay empowers you to offer a wide variety of the latest payment options to your clients, including ClientCredit, a “Buy Now, Pay Later” solution designed specifically for legal professionals. Learn more about ClientCredit here!