The Evidence for Platform Payments in Legal Software is 2-3x Revenue
Professional and public service businesses perform essential functions that keep communities and economies humming. But what about the tools that undergird their operations and keep them running smoothly?
Legal practice management software has streamlined both front and back office functions for law practices, accounting firms, compliance offices, social service organizations, civic institutions, and all manner of municipal, regional, and national government agencies.
Now, legal practice management solutions have the opportunity to add even more efficacy to civic and bureaucratic processes, improve operations, enable automation and open up new revenue streams. Offering payments as a feature increases your revenue by 2-3x and creates a stickier practice management product, increasing the total enterprise value (TEV) of your software.
Embedded Payments Make Billing Ultraefficient
Any office handling billing knows the challenges of following up on outstanding payments. This is especially true when payments and administrative workflows happen in different tools.
Whether it’s a municipality seeking payment for parking tickets or law firm billing for services rendered, following up and getting paid can be complex, time-consuming, and daunting requiring multiple communication channels, tracking tools, and payment systems.
Embedding payments into legal practice management software your clients are already using unifies these tasks in a familiar tool freeing up internal teams to spend time on other tasks while providing a better user experience to the person paying.
And, since you’re in charge of payments on your platform, you can offer a wide range of fee structures, terms, and timelines customized by profession or industry.
Better Terms for Big-Ticket Invoices
High-quality professional services aren’t cheap. Unlike other verticals with a high volume of low-cost payments, attorneys, accountants, and other professionals bill just a few accounts for large sums. This is where platform payments can really give your practice management software the edge.
Choosing the right embedded payment solution partner to facilitate payments on your platform can open up monetization strategies that provide value to customers with high-dollar invoices like law firms while maximizing your payments revenue.
These could include:
- Charging a % transaction fee for payments that are processed through your platform
- Charging a flat fee for payments processed
- Marking up payments as a premium feature or bundle of features
- Including fees for non-traditional payment services (i.e. sign-up, monthly SaaS, funding/payout) in your pricing strategy
- A combination of the above
Payrix offers robust fee customization that allows you to monetize your embedded payment solution in just about any way you can imagine, leaving your options open for pricing strategies that are attractive to professional and public service organizations with big-ticket invoices.
Native Support for Trust Accounts
Many professional and public service organizations, like law firms, operate trust accounts to ensure a client’s funds are kept separate from the firm’s own cashflow. On the surface, it sounds simple, but a wide range of rules set by governments, regulators, and professional standards associations (like the bar) can make handling payments to and from trust accounts complex.
When considering how to facilitate payments on your practice management platform, choosing a payments provider with built-in support for trust accounts — like Payrix — makes overcoming complications a cinch.
Simplify Card-Not-Present Payments
While many payments for professional and public services fall into the card-not-present category, others need on-site card-present payment capabilities — or both. Integrating embedded payments into practice management software gives you the flexibility to offer any of these options to your customers as part of a unified front- and back-office platform. This streamlined approach gives users a better experience and offers you more control over the full user experience.
Professionals Deserve Professional Platform Payment Services
Monetizing payments on your practice management software may already sound appealing, but scaling from where you are today to your maximum revenue potential requires a strategic partner who cares about the details.
The robust fee customization Payrix offers enables flexible monetization strategies for your embedded payment solution. This gives you more ways to serve your customers and add value to their business while building your own.
Over the long term, Payrix takes on the heavy lifting of maintaining the technology and managing risk and compliance, so you can grow your business.
Transformation Story: Taking Action on Legal Payments
Law firms of all sizes have an important role to play in businesses and communities everywhere. But in between clients and casework, administrative tasks take up a lot of legal professionals’ time.
To help legal practices get paid faster with less administrative effort, a B2B SaaS product for legal professionals approached Payrix to partner with them and embed payments on their platform.
Now in a live Beta for US customers, facilitating payments on their platform will allow law firms and attorneys to receive funds 10x faster compared to traditional methods while reducing the amount of time they spend chasing and logging payments.
Do Your ROI Justice
Improve your revenues while upgrading customer experiences when you add embedded payments to your professional practice and public service management software. See the opportunities for yourself with our ROI Calculator.