Affinity Consulting Blog

It is good to be skeptical of "sponsored" or "promoted" blog posts. But sometimes sponsored posts contain useful information. For example, this post on the Lawyerist blog about lawyers accepting online payments is helpful to understand how prevalent such practices are becoming and why accepting online payments makes sense.

The Lawyerist post is sponsored by LawPay, one of the leading credit card processors for lawyers. There are many other options, such as the more fammiliar Square and PayPal, so long as you take care to address the ethical implications of segregating client trust funds. Many leading time/billing programs offer their own credit card processing or partner with an established processor.

From the post:

By 2017, it is estimated that 95% of non-cash transactions will be paid by credit or debit cards. That leaves just a mere 5% paid through traditional paper check payments. Many attorneys are beginning to recognize if they don’t accept credit cards already, they may need to reconsider in order to facilitate collection of fees in the very near future. Furthermore, by 2016, over 55% of bills will be paid online. Besides the obvious benefits of accepting credit cards such as getting paid, increasing cash flow, and reducing collections, attorneys have even more to gain by incorporating payments as a key part of their website.

I've accepted credit card payments since 1995 and it makes a huge difference in gross revenues. Being able to pay by credit card instead of cash or a personal check moves you to the top a client's priority list. And I certainly believe the statistic that only 5% of non-cash payments are made by paper check. I pay all of my bills by credit card or through my bank's online bill pay service. I write less than a dozen paper checks annually. I find paper checks to be inconvenient, so those are always the last payments I make.

If you are not taking credit card payments, or if you do, but your web site does not offer an online pay option, consider changing that. Your bottom-line is likely to improve.

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