![]() ![]() ![]() On the agreed upon date of the month, the law firm runs the stored payment method. With stored payment methods, clients provide credit card or bank account information to the firm, along with a preauthorization for payment. One of the quickest ways for law firms to secure compensation is stored payments, coupled with running batch payments. A payment link that accompanies electronic invoices also promotes faster payment. A website payment option is a good tool, but an individual client portal is even better. But the method of collecting those electronic payments also significantly affects the amount of time between invoicing and payment. For example, the acceptance of credit cards and electronic payments can be far more effective for faster payments than limiting payments to paper checks or cash. Some payment methods are better suited than others for helping law firms keep their collection numbers high and the Account Receivables (AR) low. Whatever the client’s reasoning, law firms that offer electronic payment options are better positioned to receive the benefits. Some clients feel more secure using credit cards, while others appreciate the ability to pay off their legal fees over time. It is much easier and more convenient to pay a law firm invoice from the comfort of home, or even on the go. Legal clients do not like spending extra time delivering their payments to a physical office or mailbox. For firms that send out electronic invoices, an integrated electronic payment system can also speed up payments and streamline the accounting process.Įlectronic payments can also help law firms improve client relations. With a credit card payment, the funds can be transferred to the appropriate account within minutes, which promotes positive cashflow within the firm. Electronic payments save law firms a significant amount of time by eliminating the need to transfer cash to the bank or wait for a paper check to clear. Law firms can benefit in numerous ways from the acceptance of electronic payments. ![]()
0 Comments
Leave a Reply. |