Benefits of payment processing solutions for law firms
Discover the endless benefits of payment processing solutions for law firms, including faster payment cycles, increased convenience for both the firm and clients, and reduced stress and administrative time spent chasing payments.
In some cases, it could be the difference between a client retaining you or not retaining you.
Clients want to pay in ways that are convenient to them, and lawyers that offer those payment methods will have an edge over the competition.
Whether you’re new to legal payment processing solutions and law firm online payments, or looking to take your payment offerings to the next level, our list of resources will help you every step of the way.
Getting started with payments for lawyers
Looking to dive into the world of legal payment processing? When you first start off, the number of specialised terms (processing rates, card networks, per-transaction fees) can be daunting, but you’ll soon find that it’s actually more intuitive than you think. These resources are designed to help you understand some of the key considerations you need to know about legal payment processing.
Lawyer Payment FAQs
What is the benefit of online payments for lawyers?
Online payments help law firms offer a better, more convenient payment experience with added flexibility. According to Clio’s 2021 Legal Trends Report, growing firms are 37% more likely to use online payments. By making it easy for clients to pay through multiple payment methods, law firms can reduce friction throughout the process and get paid faster.
What is Trust Accounting?
Trust accounting software in Australia helps law firms manage client funds held in trust, ensuring compliance with regulations. It tracks deposits, disbursements, and balances, separates these funds from the firm’s own, and generates audit-ready reports, helping to avoid legal penalties.
How does this feature benefit my law firm?
By making it easier to pay, law firms get paid faster and are more likely to collect more of their outstanding balances. By accepting online payments through Clio Payments, law firms can:
- Manage billing, payment collection, reporting and accounting (if connected to QBO/XERO) in one system. This helps save time, reduces manual work and having to work in multiple systems.
- Remain compliant with trust accounting rules without any effort. This means Clio Payments protects the client account by preventing any 3rd party from debiting fees from it. It also separates earned and unearned fees into the Client and Operating accounts.
- Handle payments and customer data securely, in accordance with PCI Compliance.
- Get paid faster. Our 2019 Legal Trends Report found that 57% of electronic bills get paid within the same day they’re invoiced, and 85% get paid within a week.
Make it easy to pay—and get paid—with Clio Manage
Clio’s all-in-one, practice management system makes it easy for your clients to pay online using a debit or credit card, Apple Pay or Google Pay, or Pay by Bank without the need for a third-party payment processor.
Payments are automatically deposited directly into your client or operating account and tracked in real-time, so you and your integrated accounting platform are always up-to-date.