Pay Master: One Simple Way to Collect Revenue in Your Law Firm
The main reason law firms struggle to collect revenue is because they’re always taking payment in arrears & then chasing clients for the money . That is a strategy that is absolutely proven not to work, because law firms collect only around 70% of their bills. So, you’re only actually making 70 cents of every dollar you invoice – and, that’s before we even address taxes, or business expenses. But, if you can make one simple change in your law practice, collection becomes so much easier & your collection rate will skyrocket! The change is pretty simple, too. All you have to do is collect electronic payments & initiate the payments on behalf of your clients, instead of waiting for them to do it . The most common method by which this is done is by acquiring your clients’ credit card information, adding it to your payment processing tool, and clicking a button, when a charge needs to be made . That’s it . N...
