It’s no longer feasible for your practice to only accept cash and checks for your services. Alternative payment methods have become more and more common, including instant digital money transfer services and credit cards, whether through banks, startups, or apps. Some of the most common digital transfer services include Venmo, Apple Pay, Samsung Pay, Zelle, and PayPal.
Many retailers and large businesses now accept these alternative payment methods to make life easier for customers and to help speed up transactions. Even smaller businesses will now accept app transfers for tips and other previously cash-only exchanges.
It only makes sense that law firms should start accepting Venmo, credit cards, and other methods to accommodate the newest generations of clients.
Why Clients Want You to Accept Alternative Payment Methods
So, what’s all the fuss about? First off, remember that millennials and Gen Z want convenience from the organizations they decide to give their business to. Alternative payment methods offer exactly that in the follows ways:
- There’s no need to go to the bank
- They don’t need to carry or write checks
- They don’t need to carry cash on them
- They can pay for legal services instantly with their smartphone or credit card
Put simply: it’s just easier. These generations already carry around their credit cards and smartphones everywhere they go, so alternative payment methods mean they can leave the house with less on them, including less cash. They use these methods in their day-to-day lives, so they’re already familiar with how they work.
Why You Should Start Accepting Alternative Payment Methods
1. A competitive advantage
Why wait until all law firms accept these payment methods? Get in on the trend early and start accepting them now. You’ll be ahead of the curve and will stand out from your competitors.
2. You get paid faster
Another big advantage of accepting methods such as Venmo or credit cards means that you can cut out unnecessary steps that still go hand-in-hand with regular check payments. These steps include visiting the bank and waiting for the check to clear. With digital transfers, you can have that money in your account immediately.
What Else Is There to Consider?
Of course, there are also a few other considerations to keep in mind when you start accepting alternative payment methods. First, there are state-by-state ethical codes and guidelines that you need to follow when using these services. Make sure you read up on any regulations that apply to your state.
Second, understand that there are processing fees involved with some services, like credit cards and PayPal. But the fact is, even though you may have to pay a fee here and there, that’s better than risking losing a client just because you don’t accept credit cards. And in today’s competitive digital landscape, just one downside can convince a client to take their business elsewhere.