Credit Card Collection Calculator
How much does your firm collect each month?
Collect $ more per month by accepting credit card payments online, using Clio Payments (even with transaction fees).
What is the Clio Payments Collection Calculator?
The Clio Payments Collection Calculator calculates the additional revenue firms collect when they accept credit card payments from clients online–compared to accepting other payment methods (such as check and cash).
How are the results calculated?
We use a few key data points to calculate the results. Based on our data, law firms using Clio Payments:
- collect an average of 7.3% more of their total billings;
- have an 80.1% probability of being paid in 90 days (a higher probability than those who do not have Clio Payments enabled).
Can I see an applied example?
Law firm X is Clio Payments enabled and has 10 bills with a total value of $10,000. Based on our data, Law Firm X, could expect to collect $8,160 within a 90 day period, and incur $159 in transaction fees. Law firm X would collect $8,001 in total.
Law firm Y is not Clio Payments enabled, and has 10 bills with a total value of $10,000. Based on our data, Law Firm Y, could expect to collect $7,430 within a 90 day period, and incur no transaction fees. Law firm Y would collect $7,430 in total.
Despite paying credit card and transaction fees, firms that use Clio Payments still collect more revenue overall.
Online credit card payments, powered by LawPay.
|Other (Cash or Check)
Manual payment methods such as cash, check, or money order.
|Average Monthly Bill Amount The total average amount a firm bills its clients each month||$10,000||$10,000|
Amount of bill paid
Total cost of transaction, such as credit card fees
Total amount collected after transaction fees
|Additional Money Collected
Amount of additional money collected using Clio Payments
Where is the data sourced?
In an anonymized and aggregated study of Clio Payments enabled accounts and non-enabled accounts, we analyzed the average rate and quantity at which over 1,000,000 bills were paid.
1 According to the 2019 Legal Trends Report
2 Note these rates are based on a typical US Visa or MasterCard rate of 1.95%