There was a time when lawyers and law firms scoffed at the idea of accepting credit cards. The truth is with so many legal accounting regulations in place, the legal industry took a while to catch up to the rest of the world when it comes to accepting payment via credit cards.
Lawyers had to worry about only being able to enter their full credit card statement balance as one item and missed out on transactional data or depend on a manual entry to keep their books clean. All of this made it extremely hard to stay on top of transactions and attach different client costs to their associated matter.
Luckily this is no longer the case. CosmoLex has an integration with LawPay and can automatically import credit card statements, even itemize all of your transactions. So instead of there being a myriad of reasons for law firms not to accept credit cards, there’s now a list of reasons why law firms should accept credit cards!
Why Your Law Firm Should Accept Credit Cards
1. Faster Legal Payments With Credit Cards
When your clients pay via check it can take time, and nobody likes to wait to get paid. Many clients only cut checks on certain days of the week, or in some cases, certain days of the month. Law firms that accept credit cards make it fast and easy for their clients to pay.
2. Reduced Leakage With Credit Card Payments For Law Firms
If your law firm is going to survive, it needs to get paid. By allowing your clients to pay with credit cards, you reduce the risk of leakage in the form of unpaid invoices. In situations where clients may be waiting on funds to come into them, they can easily handle their obligations with your firm via credit card in the meantime.
3. CosmoLex & LawPay Allow Your Firm To Accept Credit Card Payments Efficiently
By automating the credit card payment process, CosmoLex and LawPay have removed the risk behind law firms accepting credit card payments. There is no longer a reason to ask for payment in a less convenient form, or an excuse when your clients are slow to pay. So if your law firm is accepting payment via credit card, make sure they have the right tools in place. If your firm isn’t accepting credit cards, you could start today by signing up for a free trial of CosmoLex Practice Management.