Of course, you don’t have to charge higher fees. But your clients will be more likely to pay your fees without focusing on the cost if you do offer a credit card payment option.
When it comes to credit cards, it’s well established in the field of behavioral economics that people who use plastic are unconsciously willing to spend more than those who pay with cash, a phenomenon known as the “credit card premium.” That’s because there’s an emotional pain associated with handing over hard currency that curbs spending, as opposed to mindless purchasing when forking over plastic. ~ Cash vs. Credit Mindset
But here is the most important point, one which will help you to refocus your potential client on the value of your service versus the cost of retaining you:
The new study adds to that research, suggesting another reason why people spend more with credit cards. It found that the intention to pay with either cash or credit can determine whether a consumer concentrates on a product’s benefits or its cost — to the point they might choose different products when they know they will be paying with credit. ~ Cash vs. Credit Mindset
Now let’s add the following into the mix:
- Online and mobile bill payments will account for roughly 55 percent of all bills paid by US consumers by 2016.
- Payments made through the mail are also expected to decline from 21 percent of bills to 15 percent by 2016.
- Credit, debit, and prepaid debit cards will be used to pay for 43 percent of all bills by 2016 ~ The Paypers
If this were a court of law, wouldn’t you have a winning argument that you must now start accepting credit cards if you’re not already? I would even go a step further and make the case that you should actively advertise on your website that you accept credit and debit cards because this is how the 21st century consumer wants to pay for products and services. And that includes paying their lawyer.
And if this wasn’t enough to convince you, how about this:
- 46% of consumers who receive ebills report increased satisfaction
- 25% report they are less likely to switch to a competitor
- 84% are likely to recommend ebilling to others ~ State of EBill Adoption
And keep one last thought in mind. These numbers are growing exponentially year after year.
The best way to manage all this client activity is through a portal on your website because this is what clients prefer, too.
What are the additional benefits of online payments for lawyers?
- One-stop access to billing, invoicing, and payment processing
- Convenience and affordability—you’re paperless and there are no postage fees. Plus no more time wasted packaging invoices, trips to the post office, etc.
- Get paid faster since it’s so easy for clients to pay online using their choice of payment methods, at their convenience, 24/7
Benefits for clients:
- 24/7 access
- 1-click payments
- very user friendly and hassle-free
- choice of payment options
It sounds great, doesn’t it? Too good to be true? It isn’t. Our sponsor, MyCase, provides all this and more because they are ahead of the curve and laser-focused on you getting paid by clients who are happy to pay.
Benefits of using MyCase’s all-in-one solution:
- It’s Intuitive & Easy To Use: Intuitive firm management software makes it easier for you and your staff to concentrate on practicing law instead of time consuming tasks.
- You Can Work From Anywhere: One of the greatest benefits of cloud-based legal practice management software is the flexibility you have to access your case and client information. Securely log in from any computer or use the MyCase iPhone or Android App to take advantage of the time you spend commuting, waiting in court, or traveling.
- Your Clients Will Love It: Provide clients with 24/7 access to case files and communication and easy payment options and give them the attention they want and deserve, without putting extra strain on your staff.
- Credit Card Payments Now Accepted - Designed for lawyers, so you can rest easy knowing that it complies with trust account regulations.
What are you waiting for?