The Evolution of Getting Paid: A Deeper Dive into Payment Options for Law Firms
With changes in how law firms operate, those utilizing built-in payments realize the immediate benefits of removing the friction to getting paid and accelerating their cash flow.
With payments trending as such a buzz-worthy topic in the legal industry, we were excited to sit down with Ari Kaplan, attorney, author and leading legal industry analyst, to hear all about the evolution of payment options for law firms on Ari’s podcast Reinventing Professionals. Our very own General Manager of Payments, Kevin Gallagher, sat down with Ari to talk about these trends along with the benefits of a practice management system with built-in payment options, and how firms can manage costs and maintain advanced security standards.
In this podcast, Ari and Kevin discuss the challenges presented with the COVID-19 pandemic, and how firms were forced to rethink their traditional work environments to meet clients in a world gone largely virtual. Facilitating client payments digitally proved critical in helping firms not only survive but flourish as both clients and staff were suddenly home bound.
With these changes in how law firms operate, those utilizing built-in payments realize the immediate benefits of removing the friction to getting paid and accelerating their cash flow. Clients simply click a link on their emailed invoice and pay within minutes. Not only is it better for clients who have come to expect easy, digital ways to pay, but also for law firm staff having integrated payments means avoiding hours of reconciliation and administrative burdens with invoicing, billing, and payments all built-in to the legal practice management system.
Another huge time saver for law firms? Utilizing an account updater service! Working completely behind the scenes, this service allows law firms that are keeping cards on file for their clients to have those cards automatically updated by the card brands due to loss or expiration. This effortless solution allows law firms to continue processing recurring or repeat payments without having to hunt down clients and ask for updated card information.
And finally, meeting the advanced security standards set around payment processing is critically important for law firms of all sizes. In the podcast, Kevin and Ari touch on Payment Card Industry Compliance (also known as PCI Compliance) and how important it is to have an integrated payment solution that handles this for a law firm. With a fully compliant solution, firms are not storing any payment information within their systems that is not either tokenized or encrypted, making their practice even more secure by not holding any additional personal client information that it at risk for being hacked.
Payment processing is rapidly evolving to meet the demands of a digital world and the expectations of all types of clients, making now the perfect time for your firm to invest in a practice management system that has an all-in-one payment solution.
Listen to all of these insights and more on the full podcast here.