While your legal practice management software keeps the daily work of a law firm moving, legal CRM software makes it easier to bring in new clients, engage current clients, and increase your profits. But not all legal CRMs are created equal. Look for these six features when choosing a legal CRM—and put them to work for your law firm.
CosmoLexPay is CosmoLex’s built-in payment processing service. What sets it apart is the fact that it’s a legal-specific payment processing software.
Because it’s an industry-specific payment processor, CosmoLexPay allows law firms to accept credit cards and other digital payments without the risk of violating ethical standards or breaking legal compliance.
And because CosmoLex is the only cloud-based legal practice management system with built-in legal accounting, you can run your operations and manage your entire payment landscape from a single platform, accepting credit cards and scheduling payments without ever leaving your practice management software.
Giving your clients the option of paying their bills digitally with CosmoLexPay provides numerous material benefits for your firm. Here are six important ones:
By offering digital payment through CosmoLexPay, your firm is allowing its clients to pay their bills the way they’re used to (i.e., online payments, most often with a credit or debit card). This has the benefit of reducing overall barriers to payment, meaning that on average, your firm is likely to get paid sooner than it would without the option of digital payments.
If you use CosmoLex to manage your law practice, the software allows for efficiency-boosting automations that further streamline your billing process. (However, even if you don’t use CosmoLex for practice management, you can still use CosmoLexPay for digital payments.)
Access your dashboard through CosmoLexPay’s secure online portal, providing a bird’s eye view that makes it easy to monitor analytics/advanced metrics, scheduled invoices, and how much your firm has taken in over a certain period of time.
The dashboard also allows you to run reports by sales, items, deposits, reconciliations, and more.
Although most clients will likely pay their invoices using credit or debit cards, some clients might want to utilize alternative digital payment options, such as e-checks or ACH transfers.
Payment processors often charge a greater fee percentage for specialty cards (e.g., corporate or rewards cards), but these days, many clients use these cards to pay their invoices.
By contrast, CosmoLexPay charges a flat rate for most credit and debit cards, which also happens to be less than what most payment processors charge for specialty cards. They also charge a 1% fee (up to $10) per ACH transfer transaction.
Maintaining your firm’s cash flow is essential to its continued financial health. To facilitate this, CosmoLexPay offers same-day and next-day funding so your firm can receive immediate payment.
Get details about how CosmoLexPay works and what this payment software can do for your firm.
Don’t put your firm at risk because of cumbersome payment processes, slow funding timelines, compliance missteps, or security breaches.
The law firm payment landscape may have evolved dramatically in recent years, but CosmoLexPay helps practices keep pace with client expectations, technology trends, and security needs—all while allowing attorneys to reduce the work involved with payments.
Schedule a one-on-one demo or start your free trial of CosmoLex today.
CosmoLex is part of ProfitSolv, a collection of best-in-class software solutions for professional services firms, allowing the freedom for growth and innovation. Using a product-centric and customer-first approach, ProfitSolv collaborates with firms to offer better client services.
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While your legal practice management software keeps the daily work of a law firm moving, legal CRM software makes it easier to bring in new clients, engage current clients, and increase your profits. But not all legal CRMs are created equal. Look for these six features when choosing a legal CRM—and put them to work for your law firm.