LawPay Brings Fee Lending Solution to Legal Industry with Pay Later
AUSTIN, TX (September 28, 2021) -- LawPay, the leading online payment solution for legal professionals, has announced the launch of a new payment option, Pay Later. Pay Later is exclusively available through LawPay and allows individual clients to pay for legal services over time, while firms receive 100% of their invoiced amount upfront.
According to a survey of consumers conducted by the Financial Conduct Authority (FCA) in December 2020, 11% of consumers, or roughly 5 million individuals, have used a flexible financing product since the start of the COVID-19 outbreak. Additionally, adoption of online payment acceptance by law firms saw an accelerated double-digit growth rate among enterprise firms in 2020, due to client demand for contactless payments. As the increase in online payments continues to rise, flexible payment options allow law firms to:
- Get paid faster and more predictably
- Expand their potential client base as flexible payment options open the door for more clients
- Spend more time focusing on clients, and less time on chasing payments
“Our LawPay customers were asking for a way to make their services more accessible to their customers by providing them the ability to pay over time for services rendered. Our initial [Pay Later] pilot had one of our users predicting an additional 25% in consultations by way of our [Pay Later] program,” said Dru Armstrong, CEO of LawPay. “Attorneys go into the practice of law to solve their clients’ problems. With [Pay Later] financing, we are excited to be able to give our customers another way to easily solve the payments discussion so that they can focus on the case with their clients.”
Pay Later will allow law firm clients to have more control over their finances, empowering them to predict and budget their costs for legal services. The Pay Later option will be for individuals that are looking for more flexibility on payments and will allow them to select the attorney they want based on their needs. With Pay Later, law firms will still receive 100% of their payment upfront. Clients utilizing this option will have the fee lending option.
LawPay leads the legal payments market with innovations such as eCheck, QR code and mobile app payments, scheduled payments, reporting tools, online statements and partner integrations that deliver a digital payments experience exclusively designed for legal professionals. LawPay maintains their leadership in the legal payments market with the highest level of Payment Card Industry (PCI) compliant payment options.
Pay Later will reach LawPay’s legal audience in the coming months as a phased rollout of the product and will continue throughout early 2022. For more information about Pay Later, visit https://www.lawpay.com/about/blog/legal-client-financing/.