While it might seem daunting, implementing credit cards for law firms doesn’t have to be an arduous undertaking. Not to mention, it’s well worth the upfront time investment. The 2021 Legal Trends Report found that 66% of clients expect law firms to accept online payments. With over 100 million credit card transactions occurring in the U.S. every day, giving clients the ability to pay you via credit card is financially and logistically beneficial.
Begin utilizing credit cards for law firms by following the steps below.
1. Determine If You Can Accept Credit Card Payments
Before browsing credit card processors, consult your bar’s rules and general ethical guidelines pertaining to the payment options you can accept. If credit cards are permissible, your firm can accept credit card payments online and in person. If you wish to accept credit cards in person, you’ll need to purchase a credit card reader to process payments at your firm’s brick-and-mortar offices. Still, accepting credit card payments online is faster and more efficient. You can include click-to-pay links on your website and client communications, like invoices, providing greater flexibility and convenience for clients. Over time, this will even improve your collections rate and cash flow!
2. Choose Your Payment Processor
You can choose from a legal-specific processor or general credit card processor for your firm. However, due to ethics rules, credit card processing for law firms involves an added layer of consideration for lawyers. Law firms need a credit card processing solution that recognizes and accounts for the difference between trust accounts and operating accounts. Ensure your provider maintains compliance with IOLTA trust accounting rules. Moreover, select a provider that offers reliable customer support and training to assist you with any troubleshooting you may have! With the right provider, setting up your credit card processing software – and syncing it with your practice management software – will be quick and simple!
3. Sync Your Credit Card Processor
Once your law practice credit card software is up and running, you can begin sending electronic invoices and activating click-to-pay links on your website and client emails. Your credit card processing software and practice management software should organize clients’ credit card transactions while also syncing records with your accounting platform, thereby eliminating errors and saving your firm time and money. Integrations such as these are key to unlocking productivity and growth at your firm!
4. Notify Your Clients
Notifying your clients – new and old – of their new ability to use credit cards will undoubtedly improve the long-term success of your firm. In today’s fast-paced culture of instant purchases and one-click pay schemes, a prospective client may choose to work with your firm simply because you accept credit card payments. Moreover, an established client may choose to hire you more frequently due to the shift in ease and convenience. Regardless, you should make all of your payment options clear on your website and social media.
Overall, the benefits of law firms accepting credit cards are obvious.
Overall, the benefits of law firms accepting credit cards are obvious. With the right credit card processor, the setup and transition won’t be difficult! Keep your clients informed, updating them as soon as you’ve officially expanded your payment options to include credit cards. Utilizing credit cards for law firms satisfies the demands for unprecedented speed and convenience from today’s consumers. Most importantly, though, it will demonstrate your firm’s mission and ability to provide a modern and pleasant client-centered experience for your firm’s attorneys, staff, and clients.
