Convenience, Security and Flexibility – The Benefits of Online Payments

For more information around the ways clients pay for legal services, check out our guide:
The Essential Guide to Online Payments for Law Firms

Convenience. Security. Flexibility.

Those three words are the cornerstones of online payments. They represent every reason why you should be integrating more digital-friendly payment methods into your practice, enabling your clients to transfer their money in a way which is both safer and more intuitive to use.

What’s more, those benefits aren’t just for your clients. They go both ways. In other words, what’s convenient, secure and flexible for your clients is also convenient, secure and flexible for you.

Convenience

For the client

Clients can pay their bills at a time that suits them, on the personal device of their choice and in as few steps as possible – no matter where they’re based or what day it is.

For the law firm

Collect payments faster and maintain a healthier cash flow. Firms can streamline Accounts Receivable operations with simple reconciliation for finance teams by collecting all the correct information about the payment.

The proof

Online payments require two steps and an average of 90 seconds to complete. BACs transfers, as an example, require eight steps, nine minutes to complete and often a card reader to set up the initial bank transfer.

Security

For the client

Provide strong customer authentication (SCA), allowing clients to make payments with confidence by using their credit or debit cards.

For the law firm

Improve the safety of your client’s data, protect against cyber attacks and avoid the financial and reputational consequences of a security breach.

The proof

2/3 of consumers rate safe and secure payments as the most important factor in online checkout processes.

Flexibility

For the client

Support simple payment options and make your services more accessible by enabling clients to pay their bills in a way that suits them.

For the law firm

Maintain high levels of customer satisfaction and reduce the confusion around payments to ensure you get paid on time, every time.

The proof

71% of consumers believe having multiple ways to pay a bill increases their overall satisfaction with a service.

The other benefits of online payments for your firm

• Removing the need to manually chase payments 
• Saving a huge amount of time for finance/accounts teams 
• Surfacing real-time data for a better overview of incoming payments 
• Enabling direct payments straight into client/office account as required
• Ensuring better tracking and reconciliation using payment references
• Enabling finance and credit control teams to focus on higher value activities
• Eliminates wasted time following up manually with clients
• Removing the risk associated with taking payments over the phone 
• Making processes more compliant