Today, where the economy is fully taken over by the pandemic, the way to find payment plans and methods is a new search for many law firms.
According to an estimate, over 1.31 billion people would prefer mobile payment mechanisms over cash payments in the year 2023.
With the growing trend of online payments, the need for law firms to shift towards automated payment methods is the best way to attract potential clients worldwide. Improvements and modifications are always the keys to reach success and growth.
Everyone fears change, so do law firms. It’s not easy to automate payment when your transactions have only been processed through cash transactions. But studying the market and changing accordingly is a smarter way to cope with the competition and to satisfy your existing and new clients. If your law firm is new to online payment setup, then this blog will provide you with the correct value of how to set up your different payment plan and why it is important for your law firm.
Create a perfect setup of your payment plan
1. Analyze First
Before actually setting the payment plan, analyze different aspects, which include your client’s need, staff knowledge, market trend, and many more.
- Think about whether your clients will be able to afford your software or service at the price you are offering. It’s important to know your client’s affording rate to fix an average pricing plan.
- Now, if you get an idea of what your customer will be ready to pay for, don’t just set that price for your firm. Study the needs of your firm too. It’s crucial to look into what will make you survive in the market.
- Educate staff before finalizing the payment plan, so that there are no queries in the mind of staff and whenever a client wants a payment plan description, then your staff can easily provide it with no hindrance.
2. Set Clear Expectations
Specify all the terms and conditions and necessary elements that will happen after and before your client makes payment. Details regarding the payment methods, payment period, late payment penalty, etc. should be made clear beforehand.
- Convey your client’s period of payment. Whether it is to be paid on a monthly basis, yearly basis, quarterly basis, and so on. Let them know beforehand so that they are ready with the money with no trouble.
- Details regarding late payments should also be told to clients. What will happen if clients are delayed while making payments? Everything regarding late payments should be told to customers and clients.
3. Finalize Payment Collection Mechanisms
When everything from telling clients to finalizing the plans has been done, it’s time to think about the methods in which payment will be received by your law firm.
Is your firm willing to accept payment through a debit card, credit card, or check?
There are many questions to be answered and implemented before finalizing the payment plan for your law firm. It’s been observed that nowadays law firms increase their client intake and offer credit payments. A credit card helps many clients pay hassle-free without any monetary trouble.
Search and implement wisely what suits your law firm and demands. Compare other competitors’ pricing and select the one that matches your law firm completely. Think about yourself as a client and what method will work for you.
Why are payment plans important?
Setting different plans for your clients is crucial to attract their attention and to provide them with what they need in a cost-friendly way.
1. Better Service Delivery
Once you are successful in giving your clients, the exact plan they need, then you are all set to help them on their journey. Mostly, the payment part is what confuses the more when it comes to clients. They often feel the need for more plans and options from law firms and lawyers.
Offer your client different plans so that they can have a look and choose the one that satisfies their need and want.
2. Hikes Client Intake
If you are able to create an impact on your client through a different pricing plan, then the client will refer your software or tool to other people who might be the client’s friends, family, relatives, etc. This will help you create more client intake.
Let your plan get diversified and gain new clients by offering different plans at different prices.
3. More Options
If you can give your client just one payment plan, then the client might think about it or may search for more law firms. Don’t let any hindrance come in your way, just by some added plans, gain more clients without external efforts.
It may happen that your client just needs a single-user plan, but in your given plan it’s for 50 users and it’s charging a high amount for giving you those 50 users. The client may not pay for the plan even if your services are great because the client’s need is different and can be served by another law firm.
4. Increases Affordability
Well, a single plan may not be of that advantage in monetary terms when it comes to 3-4 payment plans for a single software or tool. Whenever a customer visits your website, then your payment plan is something mostly viewed and compared to other softwares.
Offer something that helps the diversified clients to use your law firm’s software or service without incurring much doubt or queries. For example, CaseFox considers clients’ expectations as a priority and gives various pricing plans under its pricing feature, which allows visitors to choose between options provided and be satisfied with their plan choice.
Frequently Asked Questions
Q1. Can I sign up with the help of my credit card?
It depends on the software you choose. If you opt for a law firm billing software that only takes into account cash transactions, then a credit card won’t be helpful. But today mostly all law firms and their softwares are offering credit card facilities to their clients so that they can pay hassle-free from anywhere, anytime.
Q2. Is my data secure and backed up?
Before jumping into payment plans, look into the terms and conditions and take your decision. CaseFox is fully secure law firm billing software, whether it be making payments or trusting its software. Everything is a perfect fit for automated work culture.
Q3. How much does a billing software cost?
Today there are many legal billing software available online. Every software has different plans of pricing and different tools they offer in different plans. CaseFox legal billing software, on the other hand, starts with just $15 per month and it offers all its features under all its plans, including the free plan which is for a lifetime.
A good payment plan serves many benefits which may never be seen without a proper payment plan. A perfect company always carries a good payment plan for their clients and users. Guide your staff regarding the correct use of payment plans and tell them when to use and where to use them. An automated payment plan attracts more clients and ensures that nothing seems incomplete when a client visits your website or law firm.