Here at Legl, one of our core aims is to constantly strive to improve law firms’ profitability and growth aspirations.
One of the ways to achieve this is to introduce Open Banking functionality into our existing offering. Innovating payment processes and freeing up cash flow by taking client payments via a simpler route is the key.
Pay by Bank allows just that.
Pay by Bank from Legl
Pay by Bank is a safe, easy way for clients to make a payment to your law firm.
Using account to account payments, Pay by Bank allows clients to authorise the transfer of funds directly from their online banking app, so they can transfer funds securely without the need to enter bank or card details.
By introducing Pay by Bank and thus strengthening our digital offering, your firm benefits from reduced risk, better oversight, and faster client collections. Pay by Bank gives your law firm the tools to take all types of client payments quickly and efficiently and improve internal processes around credit control and reconciliation.
How is Pay by Bank different from BACS?
Your firm may be familiar with BACS for receiving large client payments.
However, you might not realise that high-value one-off payments are not optimised to protect the client or the law firm from risk of fraud or money laundering. Because your firm has to share your bank details with clients for payments to be made, you do not have control over the amount paid, which increases your exposure to money laundering.
And we haven’t yet mentioned the wide-spread poor customer experience with BACS, due to laborious keying processes that are prone to human error. Combine these factors with the added complication of BACS payments being harder to reconcile, taking up to 3 days to clear, and you can see why Legl’s Pay by Bank instant settlement option is a much more attractive offering.
Instead of taking large firm payments by BACS, Pay by Bank is a more secure, convenient, and quicker solution for both your clients and your firm.
What’s the value of Pay by Bank for your law firm?
- Receive client payment with instant pay-outs
- Reduce manual work required to reconcile payments
- Pre-populate client matter and invoice references on all payment requests
Safe, secure payments
- Help protect your client from fraud with payments through a secure, firm-branded link
- Pre-fill the transaction amount to reduce the risk of money laundering
- Avoid sharing firm bank account details
- Supports AML compliance
Easy client payments
- Safe, secure payment paid directly from their bank account
- Frictionless authorisation from their chosen, trusted online banking in a couple of clicks
- Seamless user experience
- No risk of input error with all details pre-filled
Ideal for large transactions
- Capped pricing means large digital payments are now affordable
- Easy visibility of all client payments in a single platform
- Instant, secure, and easy – perfect for conveyancing or taking money on account
Legl’s Pay by Bank feature allows your firm to receive instant client payments in order to prevent delays to matter progression. Lessen the burden on your finance teams and improve firm-wide time to pay.
How does Pay by Bank work?
Pay by Bank uses account to account payments to allow clients to authorise payments directly from their online banking apps. Funds are transferred securely without the need to enter bank or card details.
- Send a firm-branded payment request – via a unique and secure link
- Your client authorises the payment – through the bank of their choice
- Payment completed – you both receive a payment confirmation and receipt
You can then review the payment in your Legl dashboard and easily reconcile it using the pre-populated reference information.
How can your firm start harnessing the power of Pay by Bank?
Pay by Bank is part of Legl’s all-in-one platform for legal payments, delivering:
- Firm-branded payment request links
- Secure invoice sharing
- Refunds support
- Multiple payment methods: credit cards, digital wallets, and phone payments
- Automated payment reminders
Legl gives your law firm the tools you need to collect client payments quickly and securely.