Easy Money: Modernize Your Payment Processing Before Your Competitors Do

If you’re still waiting on cash, checks or money orders, there’s a better way.

Consumers want, and you can offer them, electronic payment processing, via credit or debit card.  Many law firms avoid this option, because of payment processing fees associated with these systems; but, the fact of the matter is that electronic payment processing tools get you more money, sooner — and, even assuming the processing fees attached to these accounts, they still cost less than traditional payment methods when you consider collection costs.  Some lawyers avoid electronic payment processing because of perceived ethics issues.  But, there’s a simple solution to those: make sure any fees (payment processing and chargebacks) come out of your operating account and not your IOLTA account.

If you can collect more, more quickly, and can also automate payments via electronic payment processing systems, it will reduce or eliminate your accounts receivable — and, backlogged accounts receivable are a long-standing problem for law firms.

But, perhaps the biggest reason for adopting electronic payment processing is that modern clients want it.  Only, they won’t tell you to add it – they’ll just find another attorney who offers it, thereby silently and consistently reducing your revenue, until you’re forced to change.  But, by then, it may be too late.

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If it’s time to update your law firm payment management system, call us.  We can help.

The Wyoming State Bar offers free law practice management consulting services through Red Cave Law Firm Consulting.

To request a consult, visit the Wyoming State Bar’s law practice management page, and start running your law firm like a business.

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