3 Reasons Why Lawyers Are Switching to eChecks
Can you remember the last time you wrote a check? Or even brought a checkbook with you when you left the house? There’s a reason for that—times have changed! Electronic payments have quickly become the most popular method of payment among clients today. Thanks to online payment solutions, law firms can now accept check payments 100 percent electronically in the form of an eCheck. Let’s check out some of the top reasons lawyers are turning more and more to eCheck payments in their firms.
Maximum payment security
Paper checks provide a treasure trove of information for criminals and fraudsters. Your clients’ account information is printed on every check in their checkbook, plainly visible for all to see. Plus, your clients still have to physically write data onto a check, which, if stolen, can easily be altered. Your clients also still have to mail or otherwise physically deliver the check to your office, creating opportunities for it to be stolen in transit.
The same issue arises with old school paper banking forms. Prior to online payments, if you wanted to set up a direct deposit or scheduled withdrawal for your checking account, you were required to fill out a lengthy form that included sensitive information, including your account numbers and home address. Again, if this form were to get lost or stolen, a would-be fraudster would have everything they need to access your funds.
Thankfully, many of these concerns are rendered moot with eChecks. All of the processing in an eCheck transaction is handled online through secure online payments software, so there’s no physical transference of sensitive information—meaning no lost or stolen checks, or checks with unauthorized alterations. The accounting and routing numbers are also verified with each transaction to ensure accuracy and proper ownership. And features such as recurring billing can be easily set up within the app itself without needing to release sensitive data publicly.
Untangling your billing process
Online payment solutions take the hassle out of making payments by mail. For instance, why wait for your clients to write a check, stamp it, and send it by mail? Instead, they can easily type in their billing information into a secure payment portal and send eCheck payment with a simple click of a button. Not only is this more convenient for them, it takes the mystery out of whether their payment is heading your way—you’ll be able to see right away that their check payment is being processed. In other words, fewer headaches for both of you (and fewer reasons to buy stamps)!
Thanks to eCheck, you can take even more hassle out of check payments by setting up a recurring payment schedule. You and your client can arrange to have funds debited from their account at specific intervals—once a week, twice a month, or until a dollar amount has been reached. Whatever works for you and your client! This way, you both can worry less about whether payments are going through and focus more on the case.
Not only that, simply offering your clients the ability to pay by eCheck could make them happier! In fact, a recent study showed that 70 percent of consumers reporting having a higher rate of satisfaction with a business if they were offered multiple ways to pay their bill. Let your clients know that you not only accept traditional forms of payment, but online payments as well, including credit cards, debit cards, and even eChecks. "Using eCheck has been a great experience for us," said Andrew Parker, head of accounts receivable at Freeman Tax Law. "It’s given our customers another route to pay their invoices and gives us another way to collect revenue as quickly as possible."
Breaking up with paper
Who needs paper to make payments when you have the internet? Switching to an online payment solution is a fantastic step towards running a completely paperless practice. By accepting eChecks, your clients won't need to break out their paper checks, envelopes, or stamps to send you a payment, meaning you can get paid and save a tree at the same time. Plus, payment requests and receipts of transactions can all be handled via email. And with no need to physically deliver a check, eCheck payments could lend a hand in reducing carbon emissions from delivery vehicles. It’s a win-win for you and the environment!
All LawPay accounts can now opt-in to accept eCheck payments with 0% processing! You can learn more on our Features page.
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