Best Practices For Online Payments For Your Law Firm
In the modern world, you’ll be hard-pressed to find a business that does not accept online payments from its clients. After all, the vast majority of business transactions are carried out digitally, and each year, fewer and fewer people carry cash with them or use checkbooks. In fact, a recent study found that 80% of consumers prefer to pay by debit card when given the choice.
Why are online payments popular?
From a client perspective, there are many reasons why online payments have become so popularized. For example, digital payment solutions are:
- Fast and efficient.
Whether you allow clients to input their card details on your site, or carry out transactions through companies such as PayPal, GooglePay, or ApplePay, paying for goods and services digitally is quick and efficient. In fact, these transactions can often be carried out in a couple of minutes, from both computers and mobile phones. This saves your client a great deal of time and energy.
- Trustworthy and secure.
As technology has evolved, so has online safety. As such, consumers feel much more confident making payments online, with a recent study reporting that 65% of consumers find online payments to be more secure than cash, check, or money order. In short, they feel as though their transaction is protected to a higher degree than cash payments, meaning they’re more likely to get their money back should something go wrong.
As a result, if your law firm is not currently accepting online payments, it’s time to make a change. After all, doing so can bring around many benefits for your business too, such as:
- Improved cash flow.
- Enhanced reputation for reliability.
- Improved client relationships.
- Reduced employee workload as processes is streamlined and straightforward.
Here are some things to consider before accepting online payments.
- If you have decided to begin accepting digital payments, there are certain factors you must consider ahead of time to meet customer expectations and ensure each and every transaction is secure.
- Digital security efforts. According to a recent report, approximately 29% of law firms have experienced some kind of digital security breach. This is a huge compliance risk for the firm in question, especially if sensitive data is leaked. Therefore, considering that digital banking means you’ll have more client data stored on-site than ever before, firms should also look at enhancing their online security protocols before offering online payments. For example, you should ensure all data is encrypted, and that you install cybersecurity software.
- Software. In order to accept payments online, you must also choose the appropriate payment processing software to incorporate onto your site. While there are plenty of options to choose from, QuickBooks for law firms is one of the best when it comes to processing digital payments. As one of the most popular forms of accounting software globally, accepting payments through QuickBooks allows you to “streamline your accounts receivable processing by immediately matching invoices with payments”.
- Alternative payment methods. While investing in digital payment methods is clearly the way forward, the best-performing businesses often give their clients a variety of options to choose from when it comes to making a payment. As a result, you should be open to other forms of payment where appropriate, even if they seem a little outdated.
At FinOp Group, our team of experienced CPAs provides full-service law firm accounting solutions, including tax planning, payroll, budgeting, and billing. This means that you can focus on what truly matters, running a stellar law firm. Schedule your free consultation today!