4 Reasons Why Every Law Firm Should Accept Credit Cards
Most people are not aware that the use of credit cards could fuse into their everyday lives, either for business purposes or individual use.
Since credit cards are available to businesses of all sizes including law firms, they can help build your credit profile and improve your future credit borrowing terms.
Historically, many law firms have not set up the means of accepting credit card payments because they do not see their practices as modern businesses; instead, some see themselves as mere professional service providers. They feel that the way they presently process payments is good enough, and there is no reason for them to change their old fashion ways. However, what they fail to realize is that one of the most critical areas of changing technology is payment methods, especially regarding credit card processing.
Though it is true that lawyers are different, and they serve a profoundly important role in our society. Nonetheless, just like everyone else, lawyers must eat. If one does not ask for money, one is less likely to receive it. Admittedly, there are better and worse ways to approach the topic, but merely ignoring fees, or only taking cash is limited thinking, primarily if your law firm serves small business clients. There is a probability that you will accept payment by credit card.
Many of your clients are already paying online in other places. Four out of five households with internet access choose online banking. By not collecting invoices immediately, you are effectively extending your clients’ credit. Whether you have been running your law firm for decades or just starting, if you are not accepting credit cards, you are merely undermining your law firm.
These are four reasons why every law firm should start accepting credit cards
1. IT SAVES TIME
A credit card offers advanced technology and does a lot of the recordkeeping work for you. It makes the process of managing your expense budget easy, with less work on your part. It also keeps records identified adequately for tax purposes, making tax time much less of a headache.
Note that it is crucial to evaluate the billing system that you employ for your credit card transactions because, with the right technology, you can dramatically minimize the manual work needed to manage your finances. Make sure to choose the right software company that specializes in law firm billing systems. For instance, Cerenade’s eIMMIGRATION platform has a state-of-the-art billing system that collects and delivers the right information in the right way for all your credit card transactions. Being partners with LawPay and PayPal for many years now, Cerenade’s billing systems on both its platforms integrate seamlessly with the payment processing companies mentioned above.
2. IT MAKES BILLING EASIER AND FASTER
If you are sending out your bills by electronic means, having an integrated option for the client to pay via the use of credit card right from their phone or computer makes the billing and receiving processes faster and easier.
Cerenade’s eIMMIGRATION is the legal industry’s leading case management system for immigration cases. Additionally, its eCMS platform handles just about every form of legal practice out there. Thus, by integrating your case management and credit card processing systems, you can have a completely seamless workflow where even the time you spend on any given case gets automatically recorded, thereby allowing you to generate monthly invoices to be sent electronically to clients who can, in turn, pay you online via a client portal, all under one roof. Ok, that was a mouthful, but you get the point! Furthermore, with technologies like Cerenade’s eIMMIGRATION and eCMS, you can automatically handle your books and provide your clients with electronic receipts and notices.
3. IT GETS YOU MORE CLIENTS
There are many potential clients explicitly looking to hire an attorney who accepts credit cards. For some clients, it is the peace of mind that comes from knowing that their financial information is safe and that their credit card provider’s fraud protection department is there for them. For others, it is the ability to pay for your services over time. For others, still, it is about the points and miles that they will be earning, and other incentives. Regardless of the client’s motivations, you will most likely find that advertising your credit card acceptance will only increase your customer base.
4. IT PROVIDES A PAYMENT GATEWAY
Law firm merchant accounts are different business accounts. Unlike other businesses, law firms have special considerations when dealing with credit cards and clients’ funds. Whether you are considering accepting credit cards or already offering an electronic payment option, using a case management software with an integrated state-of-the-art billing system will ensure that you get paid quickly and securely. A merchant account coupled with a world-class billing system, such as Cerenade’s, will do all the heavy lifting behind the scenes for your firm. All you must do is log into your merchant account and transfer the payments from clients to your firm’s bank account. It is that easy. So, go ahead and request a demo for the Cerenade’s optional billing systems on eIMMIGRATION and eCMS, specifically built for law firms like yours. You’ll be glad you did!