Why Your Law Firm Needs Credit Card Processing | 3 Key Reasons

How is your law firm currently accepting payments?

If credit cards aren’t in the mix, now is the time to add them in!

Key Takeaway You Will Get From This Article

Law firms should be equipped to process credit card transactions if they want to get paid faster, increase new business potential, and simplify the billing process for all parties involved. 

There are three main reasons why your law firm needs a solution for securely accepting credit cards. In this post, we’ll explore those reasons and take a look at the Electronic Merchant Systems payment solutions that can meet these needs and best serve your business. Let’s get started.

Three Reasons Why Your Law Firm Needs to Accept Credit Cards

Here are the top three reasons lawyers and law firms should be equipped to process credit card transactions.

1. Faster Payments

This is arguably the biggest benefit to accepting credit card payments. Studies have shown that law firms and lawyers who accept credit cards get paid faster. According to a 2019 report by Clio, 57% of those who process credit cards get paid the same day the client is billed, and 85% get paid within a week. Getting paid that quickly can help keep your business on track!

2. Increased New Business Potential

Some individuals in need of legal services may specifically search for law firms who accept credit card payments. Perhaps they don’t have all the money right now and want the peace of mind associated with using their credit card now and paying it off over time.

Or maybe they want to earn some extra miles by paying their legal services bill by credit card. The client’s reason for isn’t necessarily important. What is essential to note is: if you’re still a cash or check only firm, these potential clients may pass you by. The time to start accepting credit cards (and marketing that you do) is now!

3. Simpler Billing Process for You and Your Clients

The capabilities of today’s payment technology are incredible. If you choose the right provider and solution, processing credit cards will not only help you get paid faster and attract more clients, but it can also help you better manage your business.

For example, innovative online payment solutions offer features such as email invoicing and reporting. These features will allow you to send an invoice for services via email, and then track the progress of that transaction.

On the contrary, if you’re already sending your bills electronically, integrating a payment solution right into your billing process elevates your client care strategy to a new level.

You’ll also have the option to offer automatic, scheduled payments for those clients who owe a larger sum. With the right solution, all you have to do is securely store the client’s card information, set up the recurring payment schedule, and let the technology handle the rest. Your client can rest easy knowing they won’t have to remember to make the payment each month, and your accounts receivable team can plan for the payments to be received on-time.

Now, let’s take a look at the payment processing options available to law firms like yours with Electronic Merchant Systems.

How Our Virtual Terminal Solution Can Help

A Virtual Terminal is an interface that is built into a Payment Gateway, which allows you to securely run credit card transactions online. It is browser-based, which means you can access its impressive technology from your computer, tablet, phone, or other web-enabled device. Highlights of our Virtual Terminal solution include:

• • Cloud-based, real-time transaction processing
  • Full PCI-compliance for payment security
  • Unlimited users and permission-based employee access
  • Advanced reporting and data capture
  • Secure card storage for re-use
  • Recurring payment features
  • Email invoicing and customized receipts

Here are a few of the specific ways a solution like this can serve lawyers like you:

1. 1. You'll no longer have to manually create invoices or waste time and paper by mailing them to clients. A Virtual Terminal allows you to send email invoices simply and securely. 
      
      
   2. A Virtual Terminal is a great solution for recurring clients. You can securely store card information for future use, set up a recurring payment plan, and even use the built-in analytics tools to identify your top clients.
      
      
   3. This solution is especially helpful if your client is based in another city or country. Allow them to make an instant payment online, and you can forget about waiting for the mail to get paid.
      
      
   4. Like all EMS solutions, our Virtual Terminals are held to the highest security standards. We are a Level 1 PCI Compliant Service Provider, which means we adhere to the most stringent data security requirements of the industry.
      
      
   5. EMS also offers mobile processing options, so you can be prepared to accept a credit card payment after meeting with a client in-person. This, again, is held to strict security standards to protect your client’s information and your law firm’s reputation.

If all this sounds complicated - don’t worry. We are here to explain the basics and take care of the installation process for your law firm. When you’re ready, our team will set up everything you need to ensure that each transaction goes smoothly. Contact us today to learn more!

Source: Clio