Why SME law firms should use an online payment portal

Gary Shaw, group commercial director at Accesspoint, says it’s time to embrace the many advantages that a payment portal can offer your firm and your clients.

For many, the year 2021 was supposed to be a new start, one where there are fewer or no lockdowns – and practices, as we once knew them, would return to ‘normal’. However, this dream is a far cry from the current reality, as we find ourselves in continual lockdown measures within the UK, possibly lasting until summer. Perhaps now is the time to build a resourceful nest of website solutions that can provide a culture of effective client engagement as well as fruitful new business opportunities for your firm. In this current working-from-home climate, it’s extremely important to act fast, think outside of the box and strive to achieve a strong online presence if you want your firm to thrive.

Payment methods are certainly an area that could transform into an efficiency maximising machine for your firm – but is often overlooked when considering what integrations can be added to a website. It’s time to start thinking about the future and embrace the many advantages that a payment portal can offer your firm and your clients.

In today’s market, there are innovative standalone payment portals available that allow your firm to connect with a wide range of commonly used payment gateways – such as Barclaycard, Stripe and WorldPay – making transactions across the world convenient for everyone.

So, what are the benefits?

Integrating a payment portal to your firm’s website will instantly elevate your firm’s ability to stand out from the competition as well as cater to your clients ever-changing needs and expectations. Firms that have already taken the step to facilitate online payments have seen huge benefits, including streamlined processes, improved client satisfaction, eco-friendly, transparent reporting and elimination of security risks.

A common issue that many SME law firms may be all too aware of, especially during this difficult period, is setting up a process to get paid promptly. Being able to have a clear understanding of what is going on with your finances is extremely important. Remember, ‘certainty is a valuable asset’ and knowing what is coming around the corner and being able to effectively plan for it is vital to ensuring your firm and clients are well looked after and accounted for. The use of a payment portal will quickly reduce the risk of irregular and unpredictable cashflows, as many portals facilitate a monthly/annual revenue report that can be dynamically created to track performances in the firm, which is very useful for staying prepared and planning.

Additionally, why not consider the positive impact a payment portal can provide your firm regarding security measures. As we all know, hackers and possible breaches will always be lurking over the workplace if there are paper trails that can be investigated by anyone. Digitising the process is the best way to reduce the likelihood of client details entering the wrong hands and possibly causing costly or even irreversible data breaches. The need for a high level of security when handling sensitive client payment information is essential and it’s something clients look for when choosing a service. The payment portals that are worth looking into and considering will use secure payment gateways to provide you with a PCI-compliant experience and works across all browsers and devices. Moreover, no payment card details should remain on the portal, sensitive data should be tokenised and integrated directly into the payment provider without passing through your servers, so you remain PCI-DSS compliant, at all times.

Now, you may be wondering, if your firm has survived this long without an online payment portal, is it truly necessary?

The short answer to that is yes.

It may not be today or tomorrow, but the overall shift seen from traditional processes to digital ones will soon make classic options such as in-person payment methods obsolete, not to mention the lasting effects of the pandemic is forcing everyone into an online world.

To find out more information on the other benefits of a new payment portal consider visiting well-known legal marketing providers. Knowing all of the benefits attached to linking a payment portal to your website can truly guide your decision-making in the right direction as well ensure your firm has maximised efficiency, client engagement and a forward-thinking foundation for future transactions.