{"id":11791,"date":"2024-11-05T13:28:08","date_gmt":"2024-11-05T13:28:08","guid":{"rendered":"https:\/\/www.clio.com\/uk\/?p=11791"},"modified":"2024-11-07T13:28:54","modified_gmt":"2024-11-07T13:28:54","slug":"electronic-payments","status":"publish","type":"post","link":"https:\/\/marketing.dev.clio.systems\/uk\/blog\/electronic-payments\/","title":{"rendered":"Electronic Payments for Law Firms : Benefits, Best Practices &amp; Implementation Strategies"},"content":{"rendered":"<p><span style=\"font-weight: 400\">When it comes to payments, is your firm giving clients the flexibility they desire and deserve? Electronic payments are essential if you want to provide an excellent client experience while increasing your firm\u2019s efficiency and revenue.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The way that people want to pay for things\u2014from everyday items to legal services\u2014has shifted. In fact, according to the <\/span><a title=\"Go to the 2021 Legal Trends Report\" href=\"https:\/\/marketing.dev.clio.systems\/uk\/guides\/2021-solo-report\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400\">2021 Legal Trends Report<\/span><\/i><\/a><span style=\"font-weight: 400\">, the majority of consumers prefer electronic payment methods, with online payments being consumers&#8217; top choice (66%), followed by automated payments (61%) and payments via mobile apps (61%).<\/span><\/p>\n<p><span style=\"font-weight: 400\">While law firms may have been resistant to accepting online or electronic payments in the past, technology has changed the game. Today\u2019s legal technology offers solutions that make electronic payments secure and convenient while helping firms meet their compliance and ethical obligations.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In the following post, we\u2019re sharing the essentials of electronic payments for modern law firms. From the potential benefits to your law firm and your clients to tips on how to stay compliant while accepting online payments, we\u2019ll break down what you need to know about electronic payments.<\/span><\/p>\n<p><span style=\"font-weight: 400\"><div class=\"o-featured-snippet o-theme--bone is-faq-snippet-question\">\n\t<div class=\"c-featured-snippet__inner\" itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\">\n\t\t<h3>\n\t\t\t<span itemprop=\"name\">\n\t\t\t\tWhat are electronic payments?\n\t\t\t<\/span>\n\t\t<\/h3>\n\t\t<div class=\"c-featured-snippet__content\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\">\n\t\t\t<p  itemprop=\"text\">Electronic payments, or e-payments, are financial transactions that take place electronically\u2014whether online or via electronic devices. Because they allow a payer to transfer funds through electronic means, electronic payments eliminate the need for physical fund transfers (such as cash or paper checks).<\/p>\n\t\t<\/div>\n\t<\/div>\n<\/div>\n<\/span><\/p>\n<p><span style=\"font-weight: 400\">Electronic payments can take many forms. Many consumers now expect to use electronic methods of payment for all kinds of products and services in their lives. This expectation includes legal services.<\/span><\/p>\n<h3><span style=\"font-weight: 400\">Common electronic payments methods<\/span><\/h3>\n<p><span style=\"font-weight: 400\">Some of the common methods of electronic payments offered by law firms include:<\/span><b><\/b><\/p>\n<ul>\n<li><b>Online debit and credit card payments. <\/b><span style=\"font-weight: 400\">Clients are used to the convenience and flexibility of paying for goods and services online via their debit or credit cards. With the help of a secure <\/span><a title=\"Read more about Clio Payments\" href=\"https:\/\/marketing.dev.clio.systems\/uk\/resources\/payments\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">online payment processing platform like Clio Payments<\/span><\/a><span style=\"font-weight: 400\">, law firms can easily accept debit, credit card, digital wallet or Pay-by-Bank payments from clients.\u00a0<\/span><span style=\"font-weight: 400\">\u00a0<\/span><\/li>\n<li><b>Fee schedules. <\/b>The default <a href=\"https:\/\/help.clio.com\/hc\/en-150\/articles\/9285813698075-Clio-Payments-Fee-Schedules\" target=\"_blank\" rel=\"noopener\">fee schedule<\/a> for Clio Payments transaction fees is a daily deduction for all transactions. Customers in the UK and Ireland also have the option to switch to the monthly fee schedule. With the monthly fee schedule, only chargebacks and refunds are deducted daily. Credit card, debit card, Pay by Bank payments, and client funds transaction fees are deducted at the end of the month.<\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400\">Are electronic payments good for law firms?<\/span><\/h2>\n\n\t\n\t\t\t\n\t\t\t\t\n\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\n\t\t\t\t\n\t\t\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\n\t\t\t\t\n\t\t\t\t\t\n\n<div\n\tclass=\"o-image l-image aligncenter wp-image-9933 size-large \"\n\t\tstyle=\"max-width: 46.875rem;  width: 1024px;\"\n\t\t>\n\t<div\n\t\tclass=\"o-image__wrap l-image__wrap js-lazy-image-wrapper\"\n\t\t\t\t\tstyle=\"padding-top:68.8333333333%;\"\n\t\t\t>\n\t\t\t\t\t<noscript>\n\t\t\t\t<img\n\t\t\t\t\ttitle=\"Optimized-Photography_EMEA_EMEA Localised Payments Stock Photography (2)\"\n\t\t\t\t\talt=\"\"\n\t\t\t\t\tsrc=\"https:\/\/marketing.dev.clio.systems\/uk\/wp-content\/uploads\/sites\/3\/2023\/05\/Optimized-Photography_EMEA_EMEA-Localised-Payments-Stock-Photography-2-750x516.jpg\"\n\t\t\t\t\twidth=\"750\"\n\t\t\t\t\theight=\"516\"\n\t\t\t\t\/>\n\t\t\t<\/noscript>\n\t\t\t\t<picture>\n\t\t\t\t\t\t\t<source\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tdata-srcset=\"https:\/\/marketing.dev.clio.systems\/uk\/wp-content\/uploads\/sites\/3\/2023\/05\/Optimized-Photography_EMEA_EMEA-Localised-Payments-Stock-Photography-2-750x516.webp\"\n\t\t\t\t\t\t\tsrcset=\"data:image\/gif;base64,R0lGODlhAQABAIAAAP\/\/\/wAAACH5BAEAAAAALAAAAAABAAEAAAICRAEAOw==\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\ttype=\"image\/webp\"\n\t\t\t\t\/>\n\t\t\t\t\t\t<img\n\t\t\t\ttitle=\"Optimized-Photography_EMEA_EMEA Localised Payments Stock Photography (2)\"\n\t\t\t\talt=\"\"\n\t\t\t\twidth=\"750\"\n\t\t\t\theight=\"516\"\n\n\t\t\t\t\t\t\t\t\tloading=\"lazy\"\n\t\t\t\t\tdata-src=\"https:\/\/marketing.dev.clio.systems\/uk\/wp-content\/uploads\/sites\/3\/2023\/05\/Optimized-Photography_EMEA_EMEA-Localised-Payments-Stock-Photography-2-750x516.jpg\"\n\t\t\t\t\tsrc=\"data:image\/gif;base64,R0lGODlhAQABAIAAAP\/\/\/wAAACH5BAEAAAAALAAAAAABAAEAAAICRAEAOw==\"\n\t\t\t\t\tclass=\"is-lazy js-lazy-image\"\n\t\t\t\t\n\t\t\t\t\t\t\t\/>\n\t\t<\/picture>\n\t<\/div>\n\t<\/div>\n\n\t\t\t\n\n<p><span style=\"font-weight: 400\">Electronic payments can unlock numerous benefits for law firms\u2014and clients.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">When done right, offering electronic and online payments gives clients a better experience while simultaneously streamlining processes and boosting revenue at your firm.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Below, we\u2019ll walk through some of the key ways electronic payments can benefit law firms. Specifically, offering electronic payments can help your firm:<\/span><\/p>\n<h3><span style=\"font-weight: 400\">Increase revenue<\/span><\/h3>\n<p><span style=\"font-weight: 400\">While growing your law firm can be complex, the overall <\/span><a title=\"Read more about the revenue advantages of online payments\" href=\"https:\/\/marketing.dev.clio.systems\/uk\/blog\/revenue-advantages-online-payments\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">revenue advantages of accepting online payments<\/span><\/a><span style=\"font-weight: 400\"> are fairly straightforward. When your firm gets paid, it brings in revenue. When your firm gets paid faster, you bring in that revenue faster while saving time on follow-ups and streamlining the collections process.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">There are a number of factors that may contribute to the revenue-boosting benefits of electronic payments, including:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><b>Convenience for clients.<\/b><span style=\"font-weight: 400\"> When clients can pay with the click of a button, they\u2019re more likely to pay their bills quickly. When paying is more convenient, and clients pay faster, your firm spends less time waiting for or following up on outstanding payments.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Quicker payment processing.<\/b><span style=\"font-weight: 400\"> Even if a client pays their bill the second they receive it, electronic payments make the process even faster. When you send out an invoice electronically through a legal payment solution, your client receives it right away. Then, if your client pays online, your firm will receive the payment quicker than if you had to wait for your client to mail a check and for your firm to receive it and manually deposit it.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>The flexibility of choice.<\/b><span style=\"font-weight: 400\"> For some clients, it may not be possible to pay a legal bill all at once via traditional methods (for example, a client paying by debit card may be limited by a daily spending limit). By offering multiple electronic and online payment methods, clients can easily find a payment method that works for them. They may also be able to break large bills into more manageable instalments over time, which means your firm will get paid in increments.<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400\">Get paid faster\u00a0<\/span><\/h3>\n<p><span style=\"font-weight: 400\">So, when your firm gets paid faster, you bring in more revenue. Giving your clients the option to pay electronically can speed up how fast your firm gets paid.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Research reported in the <\/span><a title=\"Go to the 2019 Legal Trends Report\" href=\"https:\/\/marketing.dev.clio.systems\/uk\/guides\/2019-legal-trends-report\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400\">2019 Legal Trends Report<\/span><\/i><\/a><span style=\"font-weight: 400\"> supports this point. The report found that accepting online payments allowed for faster collections, with:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">57% of electronic payments getting paid on the same day they are billed, and\u00a0<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">85% getting paid within a week.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">As previously mentioned, one of the key advantages of accepting electronic payments is speed. When you accept payments online, you can send bills instantly, and then clients can pay you right away.<\/span><\/p>\n<p>Discover how using Clio&#8217;s <a href=\"https:\/\/marketing.dev.clio.systems\/uk\/features\/legal-billing\/\">legal billing and payment software<\/a> helped <a href=\"https:\/\/marketing.dev.clio.systems\/uk\/customers\/fidlaw\/\">FidLaw increase its revenue by 50%.<\/a><\/p>\n<h3><span style=\"font-weight: 400\">Improve the client experience<\/span><\/h3>\n<p><span style=\"font-weight: 400\">Today\u2019s legal clients have many options to choose from, so it\u2019s key for law firms to take a <\/span><a title=\"Learn more about running a client-centered law firm\" href=\"https:\/\/marketing.dev.clio.systems\/blog\/client-centered-law-firm\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">client-centred approach<\/span><\/a><span style=\"font-weight: 400\"> and think about what their clients want.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">By offering the option of electronic payments, you deliver a better client experience by:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><b>Letting clients pay in the way that they\u2019re used to.<\/b><span style=\"font-weight: 400\"> Most consumers are already used to and comfortable with paying for things using electronic methods like online debit card payments. By letting clients pay the way they want to\u00a0<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Giving clients payment flexibility<\/b><span style=\"font-weight: 400\">. Legal bills can be expensive, and it\u2019s not always easy for clients to pay via cash or check. Offering multiple payment options, including electronic payments, gives clients the flexibility to choose the payment method that works best for them. Additionally, with online payments, you may offer additional payment flexibility for clients through payment plans or scheduled payment instalments that allow clients to make regular payments over a set period of time.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">In addition to making the client experience smoother and more convenient for your existing clients, accepting electronic payments may also help attract prospective clients. According to the <\/span><a title=\"Go to the 2019 Legal Trends Report\" href=\"https:\/\/marketing.dev.clio.systems\/uk\/guides\/2019-legal-trends-report\/\"><i><span style=\"font-weight: 400\">2019 Legal Trends Report<\/span><\/i><\/a><span style=\"font-weight: 400\">, for example, 50% of clients are more likely to hire a lawyer who takes electronic payments, and 47% are more likely to hire a lawyer who accepts automated payments or fund transfers.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">On the other hand, not accepting electronic payments in a world where electronic payments are the norm for all kinds of businesses may make your firm less attractive to potential clients. In fact, the <\/span><a title=\"Go to the 2019 Legal Trends Report\" href=\"https:\/\/marketing.dev.clio.systems\/uk\/guides\/2019-legal-trends-report\/\"><i><span style=\"font-weight: 400\">2019 Legal Trends Report<\/span><\/i><\/a><span style=\"font-weight: 400\"> found that 40% of clients said they would never hire a lawyer who didn\u2019t take credit or debit cards.<\/span><\/p>\n<h3><span style=\"font-weight: 400\">Reduce non-billable hours<\/span><\/h3>\n<p><span style=\"font-weight: 400\">With lawyers spending an average of only 2.6 hours in each eight-hour workday on billable work, according to the <\/span><a title=\"Go to the 2022 Legal Trends Report\" href=\"https:\/\/marketing.dev.clio.systems\/uk\/guides\/legal-trends-report-2022\/\"><i><span style=\"font-weight: 400\">2022 Legal Trends Report<\/span><\/i><\/a><span style=\"font-weight: 400\">, the opportunity to save time on non-billable tasks is an important benefit of electronic payments for law firms.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">When using a legal payment solution to offer electronic payment options to clients, you can streamline your firm\u2019s billing and collections processes in multiple ways, including:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><b>Generating electronic invoices. <\/b><span style=\"font-weight: 400\">By using an online legal payments solution to track time, create invoices, and send them to clients in just a few clicks, you save time on non-billable tasks before your client even sees their invoice.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Accepting payments in an instant. <\/b><span style=\"font-weight: 400\">When you accept electronic payments online, clients can pay their bills as soon as they receive them\u2014so you spend less time following up.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Enabling passive bill collection. <\/b><span style=\"font-weight: 400\">When your clients can pay electronically (for example, by debit card, credit card, digital wallet or Pay-by-Bank transfers), you eliminate the need to spend time manually processing payments.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Offering automated payment plans.<\/b><span style=\"font-weight: 400\"> Electronic payments solutions make it easy to offer automated payment plans. This means it\u2019s easier for clients to pay you when they can, and you don\u2019t lose time chasing payments.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Managing payments online.<\/b><span style=\"font-weight: 400\"> When you use a payments solution like <\/span><a title=\"Learn more about Clio Payments\" href=\"https:\/\/marketing.dev.clio.systems\/uk\/resources\/payments\/\"><span style=\"font-weight: 400\">Clio Payments<\/span><\/a><span style=\"font-weight: 400\"> that\u2019s integrated with your legal practice management software to accept electronic payments, those payments are automatically associated with your client\u2019s invoice and sync to your accounting platform. This means less time spent on repetitive tasks and less risk of manual data entry errors.\u00a0<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400\">Make data-driven decisions\u00a0<\/span><\/h3>\n\n\t\n\t\t\t\n\t\t\t\t\n\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\n\t\t\t\t\n\t\t\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\n\n<div\n\tclass=\"o-image l-image aligncenter wp-image-7991 size-large \"\n\t\tstyle=\"max-width: 46.875rem;  width: 1024px;\"\n\t\t>\n\t<div\n\t\tclass=\"o-image__wrap l-image__wrap js-lazy-image-wrapper\"\n\t\t\t\t\tstyle=\"padding-top:61.9047619048%;\"\n\t\t\t>\n\t\t\t\t\t<noscript>\n\t\t\t\t<img\n\t\t\t\t\ttitle=\"Clio_Manage_Simplified-UI_Clio-Payments_Secure-Payment-Link\"\n\t\t\t\t\talt=\"\"\n\t\t\t\t\tsrc=\"https:\/\/marketing.dev.clio.systems\/uk\/wp-content\/uploads\/sites\/3\/2021\/04\/Clio_Manage_Simplified-UI_Clio-Payments_Secure-Payment-Link-750x464.png\"\n\t\t\t\t\twidth=\"750\"\n\t\t\t\t\theight=\"464\"\n\t\t\t\t\/>\n\t\t\t<\/noscript>\n\t\t\t\t<picture>\n\t\t\t\t\t\t\t<source\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tsrcset=\"data:image\/gif;base64,R0lGODlhAQABAIAAAP\/\/\/wAAACH5BAEAAAAALAAAAAABAAEAAAICRAEAOw==\"\n\t\t\t\t\t\t\tdata-srcset=\"https:\/\/marketing.dev.clio.systems\/uk\/wp-content\/uploads\/sites\/3\/2021\/04\/Clio_Manage_Simplified-UI_Clio-Payments_Secure-Payment-Link-750x464.webp 1x, https:\/\/marketing.dev.clio.systems\/uk\/wp-content\/uploads\/sites\/3\/2021\/04\/Clio_Manage_Simplified-UI_Clio-Payments_Secure-Payment-Link-1500x929.webp 2x\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\ttype=\"image\/webp\"\n\t\t\t\t\/>\n\t\t\t\t\t\t<img\n\t\t\t\ttitle=\"Clio_Manage_Simplified-UI_Clio-Payments_Secure-Payment-Link\"\n\t\t\t\talt=\"\"\n\t\t\t\twidth=\"750\"\n\t\t\t\theight=\"464\"\n\n\t\t\t\t\t\t\t\t\tloading=\"lazy\"\n\t\t\t\t\tdata-src=\"https:\/\/marketing.dev.clio.systems\/uk\/wp-content\/uploads\/sites\/3\/2021\/04\/Clio_Manage_Simplified-UI_Clio-Payments_Secure-Payment-Link-750x464.png\"\n\t\t\t\t\tsrc=\"data:image\/gif;base64,R0lGODlhAQABAIAAAP\/\/\/wAAACH5BAEAAAAALAAAAAABAAEAAAICRAEAOw==\"\n\t\t\t\t\tclass=\"is-lazy js-lazy-image\"\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tdata-srcset=\"https:\/\/marketing.dev.clio.systems\/uk\/wp-content\/uploads\/sites\/3\/2021\/04\/Clio_Manage_Simplified-UI_Clio-Payments_Secure-Payment-Link-750x464.png 1x, https:\/\/marketing.dev.clio.systems\/uk\/wp-content\/uploads\/sites\/3\/2021\/04\/Clio_Manage_Simplified-UI_Clio-Payments_Secure-Payment-Link-1500x929.png 2x\"\n\t\t\t\t\t\t\t\t\t\t\t\t\/>\n\t\t<\/picture>\n\t<\/div>\n\t<\/div>\n\n\t\t\t\n\n<p><span style=\"font-weight: 400\">Using an online payments solution integrated with your legal practice management software also makes it easier for you to track payments and stay on top of your law firm&#8217;s transactions and financial performance. <\/span><span style=\"font-weight: 400\">Thus, you can make informed <\/span><a title=\"Learn more about using data at your law firm\" href=\"https:\/\/marketing.dev.clio.systems\/uk\/blog\/data-driven-improve-legal-practice\/\"><span style=\"font-weight: 400\">data-driven<\/span><\/a><span style=\"font-weight: 400\"> business decisions for your firm while spending less time manually sourcing payments data.\u00a0<\/span><\/p>\n<p><a title=\"Learn more about Clio Payments\" href=\"https:\/\/marketing.dev.clio.systems\/uk\/resources\/payments\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">Clio Payments<\/span><\/a><span style=\"font-weight: 400\">, for example, offers financial reports, instant payment notifications, and a view of any outstanding balances so that you can get real-time insights into your firm\u2019s finances. This information allows you to identify what\u2019s bringing in the most (and least) revenue at your firm.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400\">Close the access to justice gap<\/span><\/h3>\n<p><span style=\"font-weight: 400\">Most people aren\u2019t saving up for a lawyer just in case they need one in the future, and not everyone has the means to settle a large legal bill all at once\u2014which can make the prospect of paying to hire a lawyer a serious challenge.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">This challenge is especially notable considering how tight budgets are for many people. <\/span><span style=\"font-weight: 400\">With this in mind, it\u2019s easy to see how legal services can be inaccessible for many potential legal clients. For example, the <\/span><a title=\"Go to the 2020 Legal Trends Report\" href=\"https:\/\/marketing.dev.clio.systems\/uk\/guides\/2020-legal-trends-report\/\"><i><span style=\"font-weight: 400\">2020 Legal Trends Report<\/span><\/i><\/a><span style=\"font-weight: 400\"> found that 61% of respondents said they cannot afford to deal with a legal problem. However, when people can\u2019t afford necessary legal services, it can have a critical impact on many aspects of a person\u2019s employment, home, family, and life in general.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Offering ways to make it easier to pay for legal services\u2014such as electronic payments\u2014can help close the gap and make your services more accessible and affordable.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">For example, when you use a legal payment solution to accept payments online and offer payment plans, clients who may not have the cash on hand for a large, one-time payment may be able to better afford legal assistance.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">As the <\/span><a title=\"Go to the 2022 Legal Trends Report\" href=\"https:\/\/marketing.dev.clio.systems\/uk\/guides\/legal-trends-report-2022\/\"><i><span style=\"font-weight: 400\">2022 Legal Trends Report<\/span><\/i><\/a><span style=\"font-weight: 400\"> notes, having a range of options for payments makes a difference for many consumers. Specifically:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">70% want the option to pay their lawyer via a payment plan<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">65% want the option of legal insurance<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">53% want the chance to crowdfund their legal bills<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">By giving clients more flexible payment options via electronic payments, you help increase the chance that they\u2019ll be able to afford to deal with pressing legal problems when they need help.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Are online payments secure?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">While there are many benefits to accepting electronic payments for law firms and clients, you must, of course, ensure that you use a system that can keep your client\u2019s financial information safe and secure. You are, after all, responsible for processing electronic payments securely in a way that protects your clients from threats like identity theft and fraud.<\/span><\/p>\n<p><span style=\"font-weight: 400\">With this in mind, you must choose an online payment system carefully with security in mind. When choosing a payment system software for your firm, ask questions like:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">What <\/span><a title=\"Learn more about how Clio keeps your firm data and payments secure\" href=\"https:\/\/marketing.dev.clio.systems\/uk\/features\/data-security\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">security measures<\/span><\/a><span style=\"font-weight: 400\"> does it use?<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Does it use <\/span><span style=\"font-weight: 400\">encryption<\/span><span style=\"font-weight: 400\"> for fund transfers while in transit?\u00a0<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Does it help you remain compliant with your jurisdiction\u2019s regulations?<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Is it <\/span><a title=\"Read more about PCI compliance for law firms\" href=\"https:\/\/marketing.dev.clio.systems\/blog\/blog-pci-compliance-for-law-firms\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">Payment Card Industry (PCI) compliant<\/span><\/a><span style=\"font-weight: 400\">?\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">The right payment software makes keeping compliant and secure when accepting online payments easier.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">For law firms using <\/span><a title=\"Learn more about Clio Manage\" href=\"https:\/\/marketing.dev.clio.systems\/uk\/manage\/\"><span style=\"font-weight: 400\">Clio Manage<\/span><\/a><span style=\"font-weight: 400\">, for example, the software takes on most of the work needed to reach the above PCI goals by building and maintaining a secure network that protects cardholder data. When this is paired with Clio\u2019s security and strong access authentication features (via user management), Clio makes it easier for your firm to meet PCI obligations.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">You can <\/span><a title=\"Read more about data security for law firms\" href=\"https:\/\/marketing.dev.clio.systems\/uk\/blog\/data-security-law-firms\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">read more about data security for law firms in our guide here<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">How do I stay compliant with my ethical obligations when accepting online payments?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Clients can pay their legal bills quickly and easily, and law firms can receive prompt payments through electronic methods such as ACH payments, eChecks, and online debit and credit card payments.<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, as with any element of practising law, it\u2019s essential that you <\/span><a title=\"Read more about processing legal payments online\" href=\"https:\/\/marketing.dev.clio.systems\/uk\/blog\/legal-payment-processing-and-online-payments\/\"><span style=\"font-weight: 400\">understand legal payment processing and online payments<\/span><\/a><span style=\"font-weight: 400\"> before implementing them at your firm. Accepting electronic payments requires careful consideration of your ethical obligations and regulatory requirements that apply in your jurisdiction.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">While it\u2019s important to always research and abide by the requirements that apply to your specific situation, there are certain factors to consider to help you stay compliant while accepting online payments.<\/span><\/p>\n<h3><span style=\"font-weight: 400\">Client accounting compliance<\/span><\/h3>\n<p><span style=\"font-weight: 400\">Not all electronic payment solutions are the same, and\u2014for law firms specifically\u2014using a non-legal payment solution may put your firm at risk, especially when it comes to client accounting.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In order to stay compliant with your ethical and legal obligations, you must follow specific rules, including taking steps to:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Maintain accurate records.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Keep account funds (like the client account fund and matter fund) separate.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Ensure credit card payments are correctly deposited (and that fees aren\u2019t debited from a client account).<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Avoid moving unearned funds from a client account to an operating account.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">In addition, you must use a payments solution that is built for lawyers and can ensure compliance when handling transactions according to trust accounting and IOLTA rules. For example, in order to help you stay compliant, law firm payment systems should not allow chargebacks on trust accounts and should not take fees from trust accounts.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Clio Payments, for example, ensures separate operating and trust accounts. Clio Payments also only deducts processing fees from your operating account, so you don\u2019t have to worry about accidentally having an ethics violation due to your payments system.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Final notes on electronic payments for law firms<\/span><\/h2>\n<p><span style=\"font-weight: 400\">The way that we all pay for things has changed. It\u2019s in the best interest of your modern law firm\u2014and your clients\u2014to ensure you\u2019re keeping up. Offering electronic payments improves your clients\u2019 experience by making it easier and more convenient to pay your firm. As a bonus, your firm can save time on manual collection tasks while bringing in more revenue more quickly.<\/span><\/p>\n<p><span style=\"font-weight: 400\">While you must take steps to ensure your clients\u2019 financial data stays secure and that you meet your ethical responsibilities and stay compliant with trust accounting rules if you\u2019re accepting electronic payments, the right payments solution can help.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Part of Clio Manage, <\/span><a title=\"Learn more about Clio Payments\" href=\"https:\/\/marketing.dev.clio.systems\/uk\/features\/payments\/\"><span style=\"font-weight: 400\">Clio Payments<\/span><\/a><span style=\"font-weight: 400\"> offers a built-in online payments solution that makes it easy for your firm to accept electronic payments via credit, debit, digital wallet or Pay-by-Bank transfers, or to set up automated payment plans.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Want to try Clio for free? <\/span><a title=\"Sign up for a free trial of Clio\" href=\"https:\/\/marketing.dev.clio.systems\/uk\/signup\/\"><span style=\"font-weight: 400\">Sign up for a free trial of Clio<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<hr \/>\n<h3>Book a Demo<\/h3>\n<p>See exactly how Clio can help your firm improve their billing and payment processes by scheduling a personalised product walkthrough with one of our Clio experts.<\/p>\n\t\t\n\t\t\t\n\t\t\t\t\n\t\n\t\t\t\t\t\n\t<a\n\t\thref=\"\/uk\/schedule-a-demo\/\"\n\t\tdata-tracking-trigger=\"click\" data-tracking-action=\"CTA\"\n\t\taria-label=\"See Clio in Action\"\n\t\t\n\t\t\t\t\t\t\n\t\tclass=\"\n\t\t\to-btn--primary\n\t\t\tl-btn--primary\n\t\t\t o-cta l-cta js-cta\n\t\t\t\n\t\t\t\n\t\t\"\n\t\t\n\t\t\n\t\t\n\t>See Clio in Action<\/a>\n\t\n<hr \/>\n","protected":false},"excerpt":{"rendered":"<p>Electronic payments can enhance your legal practice. Explore the benefits, best practices, and effective implementation strategies.<\/p>\n","protected":false},"author":178,"featured_media":11792,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[29],"tags":[],"coauthors":[448],"class_list":["post-11791","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting","content_category-collections","content_category-firm-performance","content_category-legal-billing-process"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v24.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Benefits of Electronic Payments for Law Firms | Clio UK<\/title>\n<meta name=\"description\" content=\"Electronic payments can enhance your legal practice. 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