The electronic payments revolution isn’t new … it started some time ago.
Law firms now have more options than ever before when it comes to accepting payments. Since 2004, the use of checks as a form of payment has dropped by over 80 percent. Adoption of electronic payments by law firms, and other professional service providers, is on the rise … especially in the last two years. This has been driven by factors such as convenience, accessibility and speed of funding compared to traditional paper check transit times.
ClientPay was established in 1994 and has been at the forefront of secure law firm payment processing — long before electronic payments gained popularity. What may surprise you is that ClientPay’s client list includes an impressive mix firms, from solo practitioners to top AM Law 500 firms.
A Law Firm Payments Hub
No matter what case or practice management software your firm uses, ClientPay can operate as a central hub for all invoices that are due and received. While integrations are available, it is common for law firms to have one staff member, or a separate team, assigned to billing, finance or collections. By providing a separate platform for payments and the collection of funds, work on outstanding accounts receivables and invoicing can happen around the clock.
Elevating Client Service through Convenience and Flexibility
Offering online payment options reduces collection times by a minimum of ten days on average, which has been cited by ClientPay customers. This is the result of offering convenient online bill pay options, and an increased speed of invoicing, thanks to built-in invoicing and payment request tools. Law firms can issue an invoice and send it to clients in a branded email with a click-to-pay link … all within minutes. The email invoice has the same detail that a traditional process would include.
The advanced bill pay features of ClientPay are not offered in a traditional practice management software suite, and they give clients extensive options for completing payments. For example, how many times are multiple invoices sent out, but payment is only received for a portion of what is due? ClientPay arranges invoices associated with the same client on one convenient screen (pictured below). By doing so, the client is always aware of what has been paid and what is outstanding.
Bill Now Feature
Almost every law firm that is new to accepting online payments has a stack of aging invoices to collect. In fact, AR balances are one of the most common ‘silent killers’ of law firm profitability and cash flow. ClientPay’s Bill Now feature helps firms catch up and collect quickly.
ClientPay users can upload old invoices in batches and request payment in one sitting. Law firm clients receive their invoices with a click-to-pay link, and they don’t need to create an account to complete. This is an excellent way to jumpstart the process of accepting payments by debit, credit card or eCheck/ACH. It’s a process that also alerts the client that the law firm has shifted to a new payment method that benefits both parties.
Cash Flow Management
The clear advantages of accepting electronic payments are accelerated collection times and consistent cash flow. The ClientPay dashboard (pictured below) offers a firm-wide overview of transactions, income and outstanding balances.
The administrative or finance team can operate independently within the application, breaking free from the constraints of some practice management applications. There is the ability to send reminders, create payment links and offer clients the option to pay all outstanding invoices on one summarized page. Then, individual transactions can be searched in order to reconcile accounts without digging through paper records manually.
No monthly fees and competitive pricing are the big benefits in a conversation with ClientPay. While most service providers charge monthly fees for Operating and IOLTA accounts, the ability to deposit into one or both accounts is included as part of ClientPay’s standard processing fees. When it comes to switching from your current provider, ClientPay also offer custom pricing that saves most clients an average of 14-21 percent.
IOLTA & PCI Compliant
With check fraud on the rise, more firms are moving to electronic payments than ever before. Rest assured that, with decades of experience in the business, ClientPay is not only IOLTA Compliant but compliance is also extended to the law firm as it relates to current PCI standards. Because the processing software is web-based, a law firm’s computers never house or hold sensitive card data. ClientPay’s encrypted platform captures the credit card or eCheck information and transfers it securely via their Level 1 Payment Card (PCI) compliant infrastructure.
Located in Minneapolis, Minnesota, it’s no surprise that ClientPay has a deep integration with Thomson Reuter’s suite of solutions — Elite 3E, Enterprise, ProLaw and Firm Central. Additional integration partners include Rippe & Kingston’s Legal Management System, Soluno, Aderant’s Expert and Coyote Analytics.
The acceptance of electronic payments is no longer an option. It is a business requirement.
Even the largest law firms are transitioning to this method of collection for transactions of all sizes. For law firms using the practice management platforms listed above, the ClientPay extension creates a seamless billing process for both the firm and the client. For firms using other platforms, or no practice management application at all, ClientPay is a competitively priced and easy-to-use tool that ensures compliance, security and consistency in cash flow.
To learn more about ClientPay, visit them at www.clientpay.com or call 855-299-0476.