Top Strategies to Expedite the Payments Process
By Nichole Naoum
If you think of your online legal payments process as yet another unchangeable routine, think again. Instead of dealing with late payments and inefficient time-tracking, it may be time to enlist the help of legal accounting and billing software.
Fortunately, thousands of MyCase customers already realize the benefits of accepting online payments, including credit cards and eChecks (ACH), through our integrated payments system:
- No expensive printing or mailing costs
- Payment information is recorded automatically in MyCase
- Client payment (and overdue invoice) information is always up-to-date and easily accessible
- Payment reminders result in faster payments and reduce the need for labor-intensive follow-up
Whether you’re new to MyCase Payments or want to increase the number of clients who pay you online, these tips will help you get paid faster and with less effort.
Make the Payment Process Less Cumbersome
According to a recent MyCase Industry Report, getting paid was a challenge for 73% of law firms. It’s essential to accept various payment methods, whether online, over the phone, or in person, to make things easier for your clients.
And if you want to allow your client to make electronic payments immediately, include a link in your invoices and emails. These links can be sent directly to your client via text or in person.
Invoice More Frequently
Most clients have a preference for smaller bills with manageable payment obligations. To meet these expectations, attorneys should send out invoices regularly.
By billing weekly, bi-weekly, or monthly, law firms can strengthen the attorney-client relationship while also bringing in a more predictable cash flow into the firm.
Send Out Payment Reminders
Trying to collect an invoice can be time-consuming, with some lawyers opting to write off unpaid debts than pursue payment to avoid the situation altogether.
With legal billing systems software, you can send out automatic reminders to clients notifying them that payment is due via email or text message and include the payment link in the reminder.
This practice will free up valuable firm time, allowing you to send clients polite yet authoritative reminders while keeping the interaction professional.
Encourage Clients to Set Up Payment Plans
A great way to get paid quickly is by letting your firm’s clients set up payment plans for their legal bills. Doing this provides your clients increased flexibility, making it easier to pay larger invoices.
You can set up a custom schedule for payment that meets the needs of your clients and your firm. The client will then be invoiced for agreed amounts on an agreed-upon schedule.
Or, consider setting up an automatic charge to the client’s credit or debit card, with their permission, of course. If desired, include a service fee to cover the cost of extending credit to the client over time.
Offer Subscription Billing
Subscription billing enables you to set up a recurring flat fee charge for your clients at a designated cadence. It’s particularly useful for attorneys who practice subscription models in which a client can contact their attorney whenever they choose for a recurring set fee.
With these features, clients are charged automatically, so you don’t need to wait through a billing cycle to receive payment.
Permit Split Invoicing
This feature allows you to split an invoice to send to your clients in any conceivable way.
You can split for multiple clients and customize the percentages, ensuring each party will be paying exactly what they should for your services.
Get Your Firm Paid Faster with MyCase
Did you know that those who use MyCase Payments get paid 50% faster than those who don’t?
Have more questions or want to get a free walkthrough to learn how MyCase Payments can help streamline your practice with smarter, better legal billing?
If so, contact us today to schedule a one-on-one demo, and we’ll give you a free assessment of your current payment solution and show you how MyCase Payments will make life easier for you and your clients.