Running a law firm is no easy task; with many competing priorities needing attention, it becomes critical to maintain the utmost efficiency. That’s why it’s important to find integrated payment solutions that work within your primary business management platform and help you automate critical business functions such as accounting, invoicing, and payments.
Not only are integrated solutions important from a time savings perspective but also a security and cost perspective. In fact, not integrating payments could cost a business upwards of $500,000 in fines each month due to security vulnerabilities.
Benefits of integrating invoicing, payments, and accounting
Get paid faster
By using an integrated platform that encompasses invoicing, payments, and accounting, you can minimize the delay between the time the service is delivered to when the client is invoiced. In fact, delivering invoices with a “Pay Now” functionality at or near the time of service typically nets payment about two days earlier. With an integrated platform, you’re also not waiting for checks to arrive by mail. Instead, you can empower your clients to pay invoices online, anytime, anywhere with their preferred payment methods.
Deliver on security
With an integrated platform, you can level up your security since you don’t have to manage multiple systems. Gone are the days, and the inconvenience, of switching between systems for invoicing, payments, and accounting; you can now do it all in one platform. You no longer have to store credit card information in QuickBooks® unsafely. Having a custom-built all-in-one integrated platform for all your payment processing needs allows you to encrypt and store data in an online PCI-secure vault.
Save time and money
Having an all-in-one payments platform frees up your time to do more high-level tasks and focus on your clients. For example, it takes 4 to 5 minutes to manually reconcile and process invoice statements with no payment integration in place. For perspective, at 100 to 500 invoices per month, that can easily be anywhere from 8 to 40 hours of work. By using a platform that integrates invoicing, payments, and accounting in one place, you can optimize operational efficiency and eliminate costly data entry errors.
What to look for in the right integrated payments platform?
When deciding what integrated platform would be best suited for your law firm, do your homework. Find out if the company offers a succinct and straightforward payment model for different card types. Stay away from companies that don’t provide a clear pricing model up front. If you have to equip your detective hat to get a clear answer on pricing, it’s too complicated and a sign the company is not for you. Don’t fall for tiered pricing models where similar transactions are grouped together and categorized into tiers, with each tier charged a different rate. Depending on the types of transactions, you could be paying upwards of 4% for processing. Steer clear!
It’s not news that streamlining invoicing and consolidating the systems you work with makes your law firm easier to manage. Integrated platforms should strive to make your business operations as simple as possible and empower you to make processing decisions independently. Look for features that add simplicity to your operations, like an all-in-one platform with a client portal to allow your clients to easily access and see all invoices, save payment methods, and pay any open invoices.
Law firms need a way to take payments simply and securely. With CosmoLexPay, you can do just that. Streamline your payment processing with our newly custom-built billing and invoicing solutions. Take payments in-person, over the phone, and online. CosmoLexPay is here to help you spend less time on billing and more time running your practice —by bringing you features that return time to your day and get you paid faster.
- Frictionless invoicing
- Separate trust and operating accounts (can be managed from a single platform)
- Streamlined billing
- Recurring and scheduled payments
- Next day funding
With CosmoLexPay, you can spend less time chasing clients for payments and spend more time running your practice. Learn more today.