LawPay, the online payment solution for legal professionals, has announced the launch of a new payment option, ClientCredit. ClientCredit is exclusively available through LawPay and allows individual clients to pay for legal services over time, while firms receive 100% of their invoiced amount upfront.
According to a survey of consumers conducted by the Financial Conduct Authority (FCA) in December 2020, 11% of consumers, or roughly 5 million individuals, have used a flexible financing product since the start of the covid-19 outbreak. Additionally, adoption of online payment acceptance by law firms saw an accelerated double-digit growth rate among enterprise firms in 2020, due to client demand for contactless payments. As the increase in online payments continues to rise, flexible payment options allow law firms to:
- Get paid faster and more predictably.
- Expand their potential client base as flexible payment options open the door for more clients.
- Spend more time focusing on clients, and less time on chasing payments.
“Our LawPay customers were asking for a way to make their services more accessible to their customers by providing them the ability to pay over time for services rendered. Our initial ClientCredit pilot had one of our users predicting an additional 25% in consultations by way of our ClientCredit program,” said Dru Armstrong, CEO of LawPay. “Attorneys go into the practice of law to solve their clients’ problems. With ClientCredit financing, we are excited to be able to give our customers another way to easily solve the payments discussion so that they can focus on the case with their clients.”
ClientCredit will allow law firm clients to have more control over their finances, empowering them to predict and budget their costs for legal services. The ClientCredit option will be for individuals that are looking for more flexibility on payments and will allow them to select the attorney they want based on their needs. With ClientCredit, law firms will still receive 100% of their payment upfront. Clients utilising this option will have the buy now, pay later option.
LawPay leads the legal payments market with innovations such as eCheck, QR code and mobile app payments, scheduled payments, reporting tools, online statements and partner integrations that deliver a digital payments experience exclusively designed for legal professionals. LawPay maintains its leadership in the legal payments market with the highest level of Payment Card Industry (PCI) compliant payment options.