Simplify Your Billing: The Power of Rocket Matter Pay
For many law firms, the end-of-the-month billing cycle can feel like passing by the (allegedly) haunted house on the corner of your street—you don’t enjoy it, but you have to push through it to get where you’re going.
Whether it’s late payments that spook your profits or complicated manual invoicing systems that make you feel like you’re digging your own grave, legal billing quickly becomes overcomplicated. This is especially true when you have noncongruent systems for creating invoices, collecting payments, tracking time, and managing matters, which means data must be input again and again.
When law firms don’t have integrated software systems that work together, it’s easy to lose profits in the cracks. Stop getting ghosted on Net 30 and collect every billable hour with Rocket Matter Pay, the integrated online payment system for law firms that works seamlessly with Rocket Matter’s legal practice management software.
Challenges of traditional legal billing
Amongst the professional services sector, law firms have some of the most specific requirements for compliance. Legal billing must fall within these guidelines, which vary greatly depending on the city or state where you practice.
Maybe you can relate to these common legal billing challenges:
- Delayed payments: when sending invoices by mail, they just end up sitting on your client’s coffee table for two months, decreasing your law firm’s cash flow
- Manual invoicing: poring through timesheets, you feel unsure about how to make each invoice clear enough so that clients understand (and don’t dispute) charges
- Tracking accounts receivable: intricate billing arrangements make it difficult to keep track of the expected cash flow
- Compliance concerns: ensuring all invoices, online payments, and trust fund transactions comply with legal and ethical regulations
- Lack of data: your law firm can’t assess billing systems and address errors before they become problems
Simplify your law firm’s billing and find more profits with Rocket Matter Pay
Stop wasting non-billable hours at the end of every month with the invoice scavenger hunt, trying to find time records on a post-it and which clients didn’t pay last month.
You already know and use Rocket Matter—let them handle your payments as well.
Rocket Matter Pay is the built-in online payment system for law firms of any size. Receive payments faster and build better client relationships with our compliant, easy-to-use eCheck and credit card payment options. It follows the motto of Rocket Matter—it was made to make the life of your law firm a whole lot easier. Here’s how:
Automation: streamline invoicing and payment collection processes
No legal practice should be manually invoicing anymore. However, we understand how software subscription prices can add up.
Rocket Matter Pay offers affordable solutions that automate the invoicing and payment collection process from start to finish.
At the end of the month, all the time and information tracked in Rocket Matter is ready to be flipped into an online invoice. You can easily send customized, PDF invoices to clients. Then, they can click the link and pay right there. No more waiting months on end for them to pay!
For services with fixed payments, you can set up automatic payment plans with a card on file. Many clients prefer this “set it and forget it” model, so they never have to worry about paying late fees. Plus, it curbs the non-billable hours each month for your staff!
On the other hand, you can set up a payment plan so clients can pay on a schedule that works for them—and it gives you the heads up about your cash flow.
Integration: seamlessly connect billing with practice management tools
Overhead costs drain law firm profits quickly. Save on software subscriptions with an online payment tool that connects billing to the rest of your legal practice management.
Rocket Matter Pay seamlessly integrates with the entire Rocket Matter platform, but a particularly valuable integration is with Rocket Matter’s time-tracking tools. Every minute you track within Rocket Matter’s intuitive timers can be quickly added to the invoice at the end of the month with just a few clicks.
Flexibility: offer various payment options and plans to suit client needs
Clients expect to be able to pay with their preferred method. Meet them where they’re at and improve client relationships with Rocket Matter Pay’s robust payment capabilities.
Rocket Matter Pay accepts multiple payment options, including:
- Credit cards
- Debit cards
- eChecks
Not to mention flexible schedules or automated payments, which allow clients to create a payment system that works for them while giving you a better handle on your profits.
Accessibility: allow clients to pay easily online or through mobile devices
Fifty-nine percent of lawyers regularly deal with late payments. Make it easier than ever for your clients to pay on time with Rocket Matter Pay’s super-accessible platform.
Clients can pay online or through their mobile devices. Whether they’re at home on the computer or waiting at the drive-through, they can settle invoices immediately. This increases client satisfaction, making your law firm their go-to choice for legal services.
Plus, with Rocket Matter’s competitive pricing on credit card transactions, your law firm isn’t taking a hit by accepting credit card payments. We offer transparent rates for all card types with no hidden fees, so you know exactly how much to charge per hour to remain profitable.
Even better? Rocket Matter Pay’s quick funding means you receive the payments in as little as 12 hours, so you’re not waiting days for a check to clear.
Time-saving: reduce manual data entry and reconciliation efforts
Say “so long” to Excel sheet headaches that eat up billable hours.
Rocket Matter Pay’s integration enables firms to manage payments for matters in your legal practice management software. Your administrative staff will spend less time processing checks and reconciling books because they can use readily available data.
Compliance: automatically handle trust accounting requirements
Trust fund payment processing is one of the biggest compliance issues with law firms, but you can officially stop sweating over accidentally paying processing fees with trust accounts.
Rocket Matter Pay ensures automatic IOLTA (Interest on Lawyers’ Trust Accounts) compliance, always keeping trust accounts separate and compliant.
Visibility: provide real-time insights into firm finances and payment statuses
Fishing through paper files to figure out if you received payment from a client wastes time and makes you feel crazy.
Rocket Matter Pay’s robust reporting and analytics mean you can assess payment status in seconds. Customizable dashboards allow you to gain insights into payment trends and patterns, assessing the key performance indicators (KPIs) that matter to your law firm.
Try Rocket Matter Pay and make running your law firm a whole lot easier
Rocket Matter’s entire suite of legal practice management software simplifies law firm administration so you can focus on what matters most: the important legal work.
As the world changes, so do we. That’s why we created Rocket Matter Pay: to make the payment collection process as simple as possible for modern law firms. Let us show you all the possibilities with Rocket Matter Pay and schedule a demo with our team today.
Related Resources
How to Increase Your Profits with Rocket Matter
Lawyers in firms of all sizes struggle to finish the work for the day in a reasonable amount of time. With document creation, non-billable tasks, and time spent following up with current and potential clients, the workday quickly turns from a planned eight-hour day into a twelve-hour one.
How to Master Your Law Firm’s Time and Billing
Lawyers have a heavy workload. With so many clients and their various needs, it’s easy to put tedious administrative tasks like time tracking and billing on the back burner.
6 Billing Strategies to Grow Your Law Firm
Scaling your law firm doesn’t just mean adding more lawyers or increasing your number of clients. The best way to boost your law firm’s finances is to minimize your non-billable hours and make sure that every hour of your day is accounted for.
Share post: