Want to Offer Credit Card Processing For Law Firms? Here’s How To Do It Right
In today’s technology-first environment, SaaS providers must maintain a competitive edge in the market to stand out. While there are many novel software solutions, one way to truly set yourself apart is to offer a comprehensive software solution that seamlessly integrates with payments.
This is especially important for SaaS providers that target law firms, where a user-friendly experience is necessary to manage a complex work environment.
In this post, we’ll discuss how software solutions providers that target law firms can offer integrated credit card processing capabilities—ensuring a consistent brand experience and convenient customer experience.
- There is a lot of overlap between the top software solutions that target the legal profession, meaning that gaining a competitive advantage is imperative. One way to stand out is by integrating payments with your software solution.
- When integrating payments into a software solution geared towards the legal industry, secure payment acceptance should be highlighted as a benefit alongside the other functionality provided.
- ABA advice encourages law firms to do their homework and choose the proper functionality—so gaining credibility with the ABA can go a long way in influencing the decision-making process.
Why Should Law Firm Software Providers Offer Integrated Payment Processing?
Whether offering general practice management software, document management, calendar management, or other SaaS solutions targeted toward the legal industry, accepting credit card payments in the app or software provides a better user experience for clients.
The benefits of offering credit card processing and accepting online payments
It’s widely recognized that the top software solutions tailored to the legal industry typically include the functionality of case management, customer relationship management (CRM), calendar coordination and management, and time tracking. However, there is a lot of overlap between the top solutions that target the legal profession—meaning that gaining a competitive advantage is imperative.
Beyond software functionality, the ability to integrate with a payment processor can set a SaaS solution apart from the rest. For example, Stax Connect’s API enrollment allows for payment enrollment within the app or website—meaning, when law firm clients interface with the solution, they don’t need to leave the platform. This creates a consistent, easy-to-use experience for the customer and allows law firms to use their branding.
Software solutions tailored for law firms can also set themselves apart by accepting various payment methods, including accepting credit card payments, ACH transfers, and setting up payment plans. Given the high dollar amount for many legal transactions, payment solutions should go beyond accepting Visa, Mastercard, American Express, etc. Any law practice will benefit from practice management software with integrated payments, and if your software offers both, it delivers a competitive edge.
How to Find the Right Payment Processing Technology Partner
There are many payment processing solutions on the market already, some of which may be in use by law firms as a standalone offering to clients. But SaaS solutions used by legal practices are an excellent opportunity for payment integration. As a software provider, assessing processing fees and transaction fees and finding a fair pricing structure that can integrate with your software is imperative.
What to look for in a payment processing partner
SaaS solutions geared toward legal services should focus on the capabilities that differentiate their product, and choosing a payment processing service to integrate with that software is an important choice.
Stax Connect is a fully managed payments facilitation ecosystem equipped to handle the payment infrastructure, meaning you can focus on the user experience and software functionality.
Security is also a feature that should be a leading consideration when choosing your credit card processor. Stax Connect goes beyond PCI compliance to ensure secure payment processing. Our API integrations allow you to accept payments on your platform or website—meaning you’ll never need to worry about the safety or security of payment processing.
When integrating payments into a software solution geared towards the legal industry, secure payment acceptance should be highlighted as a benefit alongside the other functionality.
Leading Solutions Offer Integrated Payments
More and more, software solutions targeting the legal industry are integrating payment processing solutions into their platform. Just a few examples of this are Clio, Headnote, and Lawpay.
Clio is a law practice management software that endeavors to streamline case management, billing, and documents in cloud-based software. This is an example of a comprehensive software that manages the client lifecycle from intake to billing.
Meanwhile, Headnote is a platform with automated accounts receivable (AR) and includes an invoicing process. They do not charge a monthly fee and service law firms with compliant ePayments, AR management, and track net-promotor scores (NPS) for law firms. This is yet another example of a targeted software solution that includes payment processing in its functionality.
Similar to the other solutions mentioned, Lawpay is another practice management solution with capabilities including a client portal, CRM, time tracking, calendaring, billing, and more.
What do these solutions all have in common? They are all well-known, leading software solutions targeting the legal industry that offer the ability to accept payments.
The complexity of operations within legal practices, including multiple projects being simultaneously managed, means that software solutions must be comprehensive and assist legal practitioners throughout the client lifecycle. A critical component of this is the ability to accept payments easily.
Law Firm Payment Solutions—How to Market to Your Target Audience
No matter the practice areas of the law firm, finding a solution that can manage multiple functions—including payment processing—should be the overarching marketing message.
Law firms will prioritize PCI compliance, ease of use, multi-functional products, and endorsement from bar associations to make their choice.
The American Bar Association (ABA) publishes resources advising law firms on various practice management software. The ABA advice encourages law firms to do their homework and choose the proper functionality—so gaining credibility with the ABA can go a long way in influencing the decision-making process.
The ABA Journal shares some insight into what considerations law firms should make when choosing their payment processor, including:
Most reputable providers also include trust accounting reconciliation features and options to incorporate your law firm’s general accounting information into your billing system. Of course, each program is unique and offers a different mix of features, so it’s vital to use the invoicing tools extensively during your free trial of the software.
Here, it’s made clear that no matter the other functionality included, the ability to invoice and accept payments easily should be a primary consideration.
Stax Connect is here to ensure your software is equipped with best-in-class legal payment processing solutions.
Ready to learn more? Contact us today to learn how we can help you deliver seamless payment experiences to your customers that boost loyalty and retention.