One of the biggest frustrations you may encounter when dealing with clients is getting paid on time. Although, the solution may seem simple, asking for money can be an awkward experience for many lawyers. One way to solve this is offering your clients instalment plans.
Through RapidPay* in your Web Portal, you can offer your clients (or aged debtors) a simple and convenient way to pay you in regular monthly, or fortnightly instalments.
RapidPay has introduced ‘Pay by Instalments,’ which is available via the Web Portal.
‘Pay by Instalments’ enables you to:
- Reduce bill shock: help clients spread legal fees over several months rather than requiring lump sum payment.
- Stop chasing payments: save time and money on administration by automating your payment collection.
- Retainer payments: improve cash flow by billing clients a set amount on a regular basis for ongoing work.
- Set and forget: RapidPay will work out each monthly instalment and deduct an agreed amount from your client until the payment plan expires (maximum terms apply).
- Automate trust payments: accept recurring payments into trust for future legal work.
How does this differ from the ‘Pay by the Month’ option?
- ‘Pay by Instalments’ is available to all clients, and you receive the funds as a fortnightly or monthly instalment, as they are debited from your client.
- ‘Pay by the Month’ is available exclusively to your clients who are ABN holders. You receive 100 per cent of the fees upfront while your client pays the fees over 12 months.
How does the Web Portal integrate with RapidPay?
The Web Portal integrates with RapidPay to help your clients pay their bills in a modern way; all they need is a reference number. The process is seamless from the point of sending an invoice (invoice sent, payment made, receipt generated and automatically emailed to the client) – saving you countless hours of administrative work.
With the Web Portal, a client can click on the ‘Make a Payment’ tab and use their reference number to make a payment. Alternatively, when a client clicks on the invoice you send them, it will direct them directly to your Web Portal Payment tab. Your client gets that extra security knowing who they are paying.
*RapidPay is currently only available in Australia.