Billtrust, a B2B order-to-cash software market leader, can help law firms provide modern payment methods for its clients, delivering a better customer experience while receiving a more accurate real-time view of its finances. By encouraging clients to consistently make online payments, law firms can phase out cumbersome paper and electronic systems including cash, check and ACH transactions, while being PCI-compliant.
Accepting Credit Cards with 100% PCI Compliance
A consistent request from corporate clients is the ability to pay for outside counsel legal services with a credit card. Yet many law firms are lagging behind other vendors who have been taking credit card payments from these same clients for years. With more and more clients looking to pay legal firms with credit cards – both traditional and virtual – legal firms must be able to accept card payments with 100% PCI compliance.
Illustrating the hazards of PCI noncompliance, a leading labor law firm manually processing 200-300 virtual credit card payments made via email each month learned through an audit by the firm’s bank that their credit card policies were unsafe, exposing them to the risk of a six-figure fine. Using Billtrust software solutions, the firm streamlined and secured the payment process by presenting invoices directly into accounts payable portals and automating credit card payments made by email.
By virtually capturing and processing credit card information, the firm became 100% PCI compliant, reducing interchange fees and increasing their virtual card payments from 200-300 per month to over 800. By automating virtual credit card payments, the firm was able to avoid the fine, reallocate one FTE on a strategic initiative and save over $1 million in interchange fees on payments of more than $82 million.
“We’re extremely proud to help legal firms offer and accept the payment methods their clients want,” said Steve Lindeman, Chief Customer Officer at Billtrust. “Automated accounts receivable software solutions can help law firms retain clients who expect low-friction invoicing and payment processes from all of their vendors.”
Billtrust’s software suite also includes Cash Application and Collections products that help law firms overcome two of the most significant barriers threatening to slow down cash flow. Billtrust’ Cash Application quickly adapts to a firm’s ERP system without being explicitly programmed, delivering a tailored experience based on how accounts receivable teams work with their systems and data. Modeling from remittances and data, teams can also achieve higher match rates which allows them to apply cash faster.
Meanwhile, users can build a smarter and more prescriptive collections process using Billtrust’s AI-powered Collections software. At a time when economic uncertainty is threatening to increase law firm’s Days Sales Outstanding (DSO), AR teams can forecast cash flow and predict when a customer will pay an invoice based on past payment activity.
Billtrust is a leading provider of cloud-based software and integrated payment processing solutions that simplify and automate B2B commerce. The order-to-cash process is broken and relies on conventional processes that are outdated, inefficient, manual and largely paper based. Billtrust is at the forefront of the digital transformation of the order-to-cash process, providing mission-critical solutions that span credit decisioning and monitoring, online ordering, invoice delivery, payments and remittance capture, invoicing, cash application and collections. For more information, visit Billtrust.com.