Why Payment Options Should Be Part of Your Legal Marketing Strategy
The 2020 annual benchmarking study conducted by the Australasian Legal Practice Management Association (ALPMA) has identified revenue growth, cashflow and lock up as the main financial challenges for law firms, with work in progress (WIP) and debtor days often exceeding 90 days.
As clients seek certainty in fees and flexibility when it comes to payment, many firms had to move away from traditional billing, looking into alternative to ensure their practice’s profitability. With the impact of COVID-19 and many clients accessing Government stimulus and Job Keeper programs, it is now, more than ever, time to rethink your
payment collection strategy.
Consumers are making decisions based on their favourite payment methods, so offering greater flexibility can help you convert more prospects. Best of all? It’s incredibly easy to include payment options in your legal marketing strategy.
4 Easy Steps to Showcase Your Payment Methods
Step 1: Offer alternative payment methods.
Want to really stand out from the competition? There are several flexible payment
frameworks offered on the market. If you are seeking a client-centric approach with payment plans specifically created for legal services, QuickFee offers solutions adapted to your client’s needs. Here is a list of the different payment solutions currently offered:
- Non-recourse, interest-free and credit risk free monthly instalments – for firms of all sizes
- Generic legal fee funding services – for firms with a revenue over $1M
- Disbursement funding – for firms with a revenue over $2M
- Family law funding – for firms with a revenue over $3M
Step 2: Create a dedicated payments or pricing page on your firm’s website.
Did you know that pricing and payment pages tend to be the most visited spots on websites? All you have to do is add an online payment portal link or payment landing page to your site’s navigation bar. It’s not the only thing prospective clients will consider, but it might help get them in the door. See an example here
Step 3: Give your clients a payment link at every single touchpoint.
Online payment methods are appealing because they’re convenient. Increase that convenience by adding your online payment portal everywhere. That means including it on invoices, flyers, and any other communications so that the link will always be available.
As a bonus: This can also help reduce your accounts receivable over time.
It’s a good idea to include your payment link(s) in all the following places:
- Web pages
- Table tents
Step 4: Include payment methods in your call-to-action.
If your firm is already committed to a strong legal marketing strategy, it’s even easier to start promoting payment options in your PPC campaigns. Add “Now accepting flexible payments” to every call-to-actions, on your forms or web pages.