Unless you’re doing volunteer or pro bono work, you don’t want to work for free. Running a law firm is like running any other business in the fact that cash flow is essential to keeping the doors open.
Year-end presents a unique set of collections challenges compounded by an increased sense of urgency. Often, firms end up writing off their unpaid balances just to close their books on time. But before you concede to this last resort, your law firm can remedy the problem by accepting electronic payments. Making this one pivotal change can transform your collections process and help you get paid what you are owed.
Accepting electronic payments doesn’t have to be a headache, either. There are solutions available like LawPay that make it easy for your clients to pay their invoices online, and even easier for you to accept it, without worrying about compliance issues.
Law firms that start accepting credit cards and other electronic payments are able to stay on top of their retainers, receive on-time invoice payments, and optimize their collections process. And all of these benefits make closing your year-end books less chaotic because you’ll have fewer past-due invoices to chase down.
When you offer your clients convenient payment options, you can start getting paid what you’re owed and write-offs can remain in its rightful place in the year-end process—a last resort.
To learn more about accepting electronic payments before year is over, register for our webinar with LawPay on October 24, 3 Ways to Get Paid What You’re Owed: Leveraging Electronic Payments at Your Law Firm.