Digital Payments is the newest addition to the Verify 365 client onboarding solution, a fast and safe way for clients to make Payments on Accounts using credit, and debit cards directly from their device. Verify 365 digital payment feature makes it easier than ever for law firm clients to securely pay their legal fees online.
Our new payment system also supports Invoice payment requests which can be generated by a law firm, at the onboarding stage alongside the AML verification checks. This takes no more than a few seconds to request.
“This new feature allows for our law firm clients to take digital payments quickly and easily boosting cash collection and cash flow. Digital payments also vastly improve the overall client experience and give law firms that competitive advantage.”
AZEEM RASHID, DIRECTOR, LAWTECH 365
What are the benefits of digital payments?
1. Get paid faster.
Law firms are constantly chasing payments from clients, in fact, a recent study showed that 80% of all payments exceed the expected payment date. Inadequate payment processing leads to poor cash flow and a waste of fee earners’ time. With digital payments, clients are prompted to make a payment at the initial onboarding stage, meaning law firms benefit from having clients pay bills faster.
2. Better and more secure client payment experience.
In this digital era, where ‘digital wallets’ are the norm, clients want convenience, security, and flexibility, Digital payment methods such as Apple Pay and Verify 365 can make a difference when attracting clients. In fact, 50% of clients said they would rather instruct a lawyer who accepts online payments. Law firms that are not offering digital payment methods aren’t giving their customers the client experience that they want.
3. Easier to track bank reconciliations
Bank reconciliations are an essential tool for your business in tracking financial movement and management, and are the cornerstone of your compliance checks. Many finance functions can be slowed by the reliance on manual processes and paper trails. By using a digital payment method you can improve business intelligence and drive matter productivity in a compliant manner.
4. A competitive advantage with digital payments
If a law firm wants to be modern, efficient, and business-focused, offering online payment as an option to their clients is a no-brainer and effective place to start. Because clients are consumers and consumers pay online, with up to 70% of all payments in the UK last year being digital. Online payments also break down the geographical barriers that law firms may face when targeting new clients outside of office regions.
Click here to learn how you can start processing digital payments using Verify 365