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The Key to Getting Paid on Every Invoice
Being an attorney can be infinitely rewarding. You get to advocate for justice, help people and businesses navigate complex legal challenges, and make a meaningful impact on society and your clients’ lives.
But let’s keep it real—it’s also important to ensure you get paid what you deserve for all those years of school and the hard work you put into each case. After all, you need to get paid on time to keep the lights on, your team and vendors happy, and the coffee flowing.
Manual invoicing and those dreaded end-of-month billing processes can make accounts receivable a drag, though. Then there’s the time spent reminding clients that their payment is due—time you could be spending on revenue-generating billable activities. (Not to mention how annoyed your clients must get from constant reminders and inputting the same information over and over again.)
When combined, these issues can result in payments that are late or even skipped altogether. Thankfully, there’s a simple solution to this dilemma: stored payment methods.
The benefits of stored payment methods
If you’ve ever delayed payment because your wallet was in the other room and you couldn’t peel yourself off the couch, you know how impactful stored payments can be. Yes, there’s client convenience, but stored payment methods also have many other benefits.
Optimized cash flow
Allowing clients to keep a card on file can transform your firm’s cash flow by significantly reducing the time between invoicing and payment. This system facilitates automatic billing for ongoing services for your retainer clients, reducing the likelihood of late or missed payments.
Improved efficiency
Law firms often grapple with the balancing act of managing caseloads while chasing down payments, but stored payment methods essentially automate the payment process.
No more waiting for checks in the mail or manually processing payments. Your invoicing process will operate on autopilot while you focus your precious time on what matters most: your clients.
Reduced administrative tasks
Traditional payment processes create an endless cycle of invoice generation, follow-ups, and payment processing. Storing payment methods is like having a dedicated admin who takes care of these mundane tasks… but with fewer errors than someone doing them manually. With these tasks completed, your team can focus on strategic tasks that help deliver results for clients and grow your firm.
Enhanced security protocol
It’s only natural to worry that storing payment information might jeopardize confidential client data, especially considering the prevalence of data breaches at law firms. However, new technology makes use of bank-level encryption and compliance with the latest security system to make storing card information as secure as Fort Knox.
Convenience for clients
Paying with credit cards is convenient for your clients, and storing credit card information is even more convenient for you both.
By allowing for stored payment methods, you offer clients an effortless payment process from beginning to end. They no longer have to rummage for credit cards or repeatedly enter the same details every month.
This situation is actually a win-win for everyone! Clients appreciate the seamless experience, leading to faster payments and happier relationships. You no longer struggle to make your clients pay. And happy clients are more likely to return and refer others, further boosting your firm’s reputation and bottom line.
12 Legal Payment Processing Features to Look For
Want to see a healthier cash flow and happier clients? Start accepting payments online! On your quest for the right payment processor, look for features that streamline and support the way law firms operate.
4 tips for incorporating stored payment methods in your law firm
There’s no denying that incorporating stored payment methods requires some changes in your billing processes, but it doesn’t have to disrupt your day-to-day operations.
Here are some simple steps you can take to make the transition easy:
- Evaluate compliance requirements: Start by making sure your firm’s approach aligns with Payment Card Industry Data Security Standard (PCI DSS) regulations and any local legislation governing financial transactions and data security.
- Select the right payment processor: Look for a legal payment processor that offers competitive rates, handles the entire invoicing process, and integrates seamlessly with your existing legal practice management software.
- Communicate with clients and obtain their authorization: Make sure to inform clients of the new payment option and explain its benefits. Then, get their explicit consent to store their card information to ease the transition.
- Train your staff and adjust workflow: Ensure your team is well-versed in the new system and understands the changes to your billing workflows to prevent hiccups and streamline the transition.
How Rocket Matter Pay helps you get paid faster
Time is money, and Rocket Matter Pay helps you make the most of it. This innovative, comprehensive technology offers features that help your firm get paid faster and with less hassle.
Built-in online payment system
Accepting online payments is easier than ever before with Rocket Matter Pay’s secure online payment processing system. It’s built-in to your software to expedite client payments through features like:
- Online invoicing: Send customizable invoices with just a few clicks and get paid immediately via online credit card payments or electronic check (eCheck).
- Lightning-fast funding: Get your account funded in as little as 12 hours instead of waiting for your cash for days.
- Transparent and competitive pricing: Enjoy a competitive low rate no matter the credit or debit type, and don’t worry about annual payments, transaction fees, or other unwanted surprise costs.
- IOLTA trust accounting compliance: No processing fees ever come out of your trust account so you stay compliant at all times.
Automated legal payment solutions
With Rocket Matter Pay, you can save yourself the time and headache of chasing after payments due. Collecting legal bills is a breeze thanks to its robust automated payment solutions, including:
- A variety of payment method options
- Structured payment plans
- Automated recurring billing
It also includes stored payment methods so retainer clients can securely retain their credit card information, streamlining the process and making it convenient. Meeting clients where they’re at and getting paid what you’re owed has never been so simple and stress-free!
Integration with law practice management software
Rocket Matter Pay seamlessly integrates with Rocket Matter’s full legal practice management software solution, which provides:
- Deep reporting capabilities
- Time and billing management
- Automation, administrative plans, and billing workflows
- Customized professional invoices
- File sharing and electronic signatures
With these features, you can streamline your firm, save money, and grow your practice.
Never miss an invoice payment with Rocket Matter Pay
By making the payment process easy and convenient for both you and your clients, you create an exceptional client experience that translates to a steady, reliable stream of income—one of the pillars of a successful practice.
Are you ready to integrate stored payment methods into your firm’s billing processes? Rocket Matter Pay can help you become a lean, mean, money-making machine. Our robust payment processing solution includes stored payment methods along with other features like…
- Online invoicing
- Same business day funding
- IOLTA trust accounting compliance
- Recurring billing
- Payment plans
- Integration with legal practice management software
…so you can get paid on every invoice right on time—all in just a few clicks.
Schedule a demo or start your free trial today to see how Rocket Matter Pay can optimize your invoicing processes and boost your bottom line.
12 Legal Payment Processing Features to Look For
Want to see a healthier cash flow and happier clients? Start accepting payments online! On your quest for the right payment processor, look for features that streamline and support the way law firms operate.
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