Kamron Sanders

The recording for this live stream is available. Register here to access it for free! 

Over the last year, we’ve watched the needs of our clients evolve and it prompted us to make some changes. Maintaining revenue is an important aspect of your business and having a high-level view of your company’s cash flow is easier to manage in-house. 

We are thrilled to offer a truly all-in-one software with our new in-house payments processor,  Bill4Time Payments! Now, your company can easily process payments in the office or on the go without the hassle of waiting for paper checks. Your clients can quickly make their payment in just a few clicks and it deposits directly into your operating account. Faster collection times translates to your company increasing revenue by earning more on the dollar.

If you missed our latest live stream with our VP of Customer Success, Krisitn O’Neill, and Manager of Customer Success, Kris Holz, you can view the recording below for an exclusive behind-the-scenes look into the functionality of Bill4Time Payments and how ePayments will get you paid faster.

Why online payments are a must-have (3:05) 

Online payments are more than just an added convenience for your clients. They greatly influence your time to collect on invoices and the amount of revenue you’re bringing in. 78% of consumers ranked digital payments as their desired method of payment, making online payments more than just a nice-to-have. Companies who offer ePayments will notice a decrease in collection times which correlates to increased revenue. 

What makes Bill4Time Payments different? (4:03)

Third-party and integrated payment processors are expensive. There are often many hidden monthly and transaction fees that can quickly add up, especially if your company is processing payments at a high-volume. 

By building payments into the Bill4Time platform, we can offer an all-in-one system that gives you an all encompassing view of your business at a lower cost. Bill4Time Payments offers industry-low transaction fees, flat pricing and is 100% compliant with ABA, IOLTA, and all 50 state bar rules for accepting online payments – operating account payments are available now and trust account payments will be available in June.

Getting started with online payments is simple! (6:30)

In just a few simple steps, your company can be on its way to offering hassle-free online payments. Our 3-step application process is easy to complete and can be found right in your Bill4Time account at no additional cost. 

If you’re not already a Bill4Time user, you can get a free custom demo to learn how our practice management software can help you better manage your business. 

Invoicing & your clients online payment experience (9:05)

The Bill4Time platform already offers customized invoicing, but with the addition of Bill4Time Payments, your invoices will now display a “Pay Now” button. Clients will receive an email notification prompting them to make their payment either through a previously setup client portal or a secure link. In just a few clicks, your clients can quickly pay their invoice and it will be deposited directly into your operating account. 

Live payments overview (14:00)

You can easily view all of your clients payments including if they were successful, declined or refunded in one place. This one-stop shop feature allows you to quickly assess where payments originated from and their status. 

You can learn more about the other amazing benefits Bill4Time Payments has to offer by viewing our behind-the-scenes video below. 

The ABA approved credit card processing for legal fees in 1974. However, law firm credit card processing has been slowly adopted or viewed as unsafe.

Only 62 percent of large and midsize firms use online payments consistently — even with well-established methods like ACH, eChecks, and credit card processing.

The impact credit card processing has on law firms

Jeff Shavitz, co-founder of LexCharge, explains the impact online payments have on law firms.

“Having worked with thousands of law firms during my career, it’s interesting that many, before my working with them, did not accept credit cards from their clients. Some firms began to accept credit cards for the first time because an important client insisted, ‘In order to earn the points.’ If the card wasn’t accepted, the client would seek another firm.”

The lack of online payments has a significant impact on lead generation, revenue, and profitability. A compelling value proposition or winning proposal won’t mean much if you can’t accept payment using the methods your clients want to use. If clients aren’t willing to spend money with your law firm, you obviously won’t receive the revenue you deserve, which means profits will continue to be sluggish.

According to a 2018 study by TSYS, 70 percent of consumers prefer card payments over cash, check, or wire transfer. Of that, 70 percent, 54 percent preferred using their debit cards, while 26 percent preferred using their credit cards.

Why are law firms slow to accept online payments?

When it comes to online payments, many attorneys and law firms have hidden objections. These objections need to be addressed before attorneys feel comfortable accepting online payments. Let’s take a look at a few of these objections.

Objection #1: Credit card processing is too expensive.

According to Finextra, the cost of traditional billing, via paper invoices and snail mail, is around 9.5 percent of the amount collected on your invoice. Firms are so used to paying the expenses that come with conventional billing that they’re typically not aware of the amount they’re losing unnecessarily.

For example, if your invoice is $4,520.00, are you okay with giving away $429.40? If you send 25 invoices out to clients each month, that’s $10,735 or $128,820 annually that’s lost unnecessarily. 

Direct costs involved in paper-based billing include:

• Invoice and file preparation
• Envelopes
• Offering basic or alternative fee arrangements (debit, credit, retainer, fixed fee, etc.)
• Paper invoices/bills
• Printing (e.g., ink, toner, networking, security, maintenance)
• Postage/franking

Indirect costs are either fixed or costs that can’t be directly attributed to billing costs. Indirect costs include:

• Accounting and reconciliation requirements
• Bill query management and response times
• Customer service workforce to address calls
• Dealing with lost invoices
• Locating and submitting undistributed bills
• Bill storage costs (space rental and fixed costs)

Hidden costs are the expenses no one is looking for or controlling; these costs include:

• Hidden or unexpected payment transaction fees (e.g., annual, PCI, statement, batch, or termination fees)
• Timekeeping, billing, invoicing, and payment processing errors
• Increased float/overdraft protection requirements
• Longer sales cycles and the loss of potential cash-flow acceleration
• Lost/higher cost digital marketing opportunities
• Loss of “green” benefits/credits

It’s important to choose a payment processor that saves you money. Bill4Time Payments, offers industry-low fees with a 2.8% fee for all cards, zero hidden fees and chargeback assistance.

Objection #2: Online payments will be complicated

If you’re setting online payments up for the first time, you’ll need to go through a certain amount of transitional pain to get things up and running. However, two reasons explain why this objection doesn’t bear much weight.

1. The work is front-loaded. Once things are set up, the effort that’s required to maintain your online payment solution is managed by your provider. You provide them with the information needed to get started, but once you’re set, it’s mostly automated.

• Integrated Payment processing. Most of the set up is done for you with practice management solutions like Bill4Time. You’re able to simply monitor the flow of cash into your accounts as clients self-manage and provide you with the payments you need.

Objections #3: I can’t maintain IOLTA compliance if I accept credit or debit cards

According to ABA Rule 1.15, you’ll need to ensure you deposit client funds in the appropriate trust account. How do you accomplish that with credit cards?

“(a) A lawyer shall hold property of clients or third persons that is in a lawyer’s possession in connection with a representation separate from the lawyer’s own property. Funds shall be kept in a separate account maintained in the state where the lawyer’s office is situated, or elsewhere with the consent of the client or third person. Other property shall be identified as such and appropriately safeguarded. Complete records of such account funds and other property shall be kept by the lawyer and shall be preserved for a period of [five years] after termination of the representation.”

Legal practice management software, like Bill4Time, simplifies online payments by eliminating third parties and keeps law firm credit card processing in-house.

Outlook on law firm credit card processing

The legal industry has been slow to adopt online payments, lagging behind other industries, niches, and service providers. At first glance, this doesn’t seem like a serious issue for law firms until you realize that not using online payments is a source of revenue leakage.

Utilizing a built-in payment processor like, Bill4Time Payments, is a great way for businesses to offer ePayments that are compliant and allow them to collect more on the dollar. Bill4Time Payments is ready in Bill4Time user accounts and easy to activate. Streamlining your payments and getting paid faster has never been easier!

Try Bill4Time for FREE