Law is lagging digital transformation. Compared to other industries, the legal sector is not as proactive in pursuing technology to improve its day-to-day operations. This has to change. Among others, one that should be prioritized is the acceptance of online payments. It can deliver a plethora of benefits, including those we’ll be talking about below.
- Improve Customer Satisfaction
By allowing clients to pay online, you are improving convenience. This is directly related to customer satisfaction. They will appreciate the effort that your law firm is exerting to make them happy. In the past years, customer expectations have changed. Hence, many are expecting convenient payment options. Otherwise, they will be disappointed and might end up looking for other law firms that can offer a more satisfactory service.
- Prevent Delays
Payment delays can hurt the law firm’s cash flow. The best way to prevent this is by accepting online payments. A common reason why clients cannot pay on time is because of their busy schedules. If you accept online payments, they will not have such an excuse. It is no longer necessary to go to the bank or run to your office. They do not even have to write a check! They can settle their dues anytime and anywhere. Even outside office hours, they can just log-in to a client portal, input payment details, and voila, they are paid!
- Become More Competitive
Being more competitive entails pursuing a plethora of initiatives, and one that can help would be offering online payments. This shows the firm’s penchant for technology. By embracing innovation, the business can establish a better reputation. If the firm chooses outdated payment methods, then this can be an opportunity for its competitors to have a bigger share of the market.
- Automate Billing Management
Accepting online payment allows businesses to have an automated approach in billing management. This will streamline the payment procedure. From sending invoices to collecting payments, everything will be done online. The law firm can even set-up an automated invoicing schedule. More so, once payments are received, they will be automatically recorded. From reporting to reconciliation, processes will be more efficient.
- Go Green
Global businesses are using sustainability as a differentiator. Law firms can do the same. A good way to do this is to transition into a paperless organization. Offering online payments is an important step. Transactions are completed online, minimizing the need for paper. Electronic billing is a simple way for legal service providers to reduce their paper dependency. In the long run, more than doing something good for the improvement, it can cut costs and boost profitability.
From improving customer satisfaction to going green, accepting online payments in the legal industry can bring a wide array of benefits. To help you get started, you need legal billing software, such as what RocketMatter can provide. The latter can help in issuing invoices and collecting payments, among other things.