What is the best law firm payment processing platform?
Getting paid is an important, though often under-emphasized aspect of running a law firm. After all of the intake, research, contract work, litigation and invoicing–its easy to forget that last step, which is why law firm payment processing is such an important component to the business of a law practice.
A law firm’s realization rate, the measure of what percentage of law firms invoiced time is paid, should be one of the key business metrics that law firm leadership reviews regularly. And one of the best ways to increase your firm’s realization rate is to remove any friction in the process by which your clients pay you.
That’s why we recommend that every law firm use a payment processing solution. A service that can facilitate clients paying their bill. For this, we recommend a solution that:
- Allows clients to pay by credit card or ACH (electronic check)
- Allows your firm to take payments right from your website
- Handles your trust accounting/IOLTA requirements (if your firm manages trust accounts)
- Can manage automatic/regular payments
- Can facillitate custom payment plans
- Charges reasonable and transparent processing fees
Broadly speaking, law firm payment processing solutions come in two groups: General solutions, which could be used by any industry or business; and legal-centric solutions, which are tailored to the unique needs for law firms. As a rule, we generally recommend the latter (namely for handling of trust accounting rules), but if your firm doesn’t, and will never manage a trust account, a general solution may also work.