The world runs on electronic payments. Law firms, however, are lagging behind. Just 25% of law firms accept electronic payments – debit card, credit card or ACH (think: direct deposit or direct transfer). It’s possible that lawyers just don’t feel comfortable leaving behind cash and check. The benefits of electronic payments are simple, yet powerful: quicker payouts, more accountability and increased flexibility for your clients. Lawyers just need to find the right tools to help them leverage the power of the online payment. The recently-formed partnership between Matter365 and Gravity Legal is the ideal solution for small and solo law firms. Matter365 (the only legal practice management software that’s fully integrated with Microsoft 365) has tapped the power of GravityLegal’s simple payment processing platform. The result is an all-in-one software solution that streamlines the billing process for lawyers.
Rohit Parekh, VP of Customer Success at Matter365, and Dan Lear, Head of Marketing and Partnerships at Gravity Legal, recently teamed up on a free webinar, “A New Approach to Getting Paid”, which outlines the major benefits of the Matter365 and Gravity Legal integration. As Rohit and Dan say, the best payment processing system is the one you’re going to use. Matter365 is fully integrated to the Microsoft 365 tools that lawyers rely on. Gravity Legal’s transparent system will make billing so easy, a lawyer could do it.
Get clients. Do work. Get paid. It can be that easy when you have the right tools at your fingertips.
Here are some highlights from the webinar, in case you missed it:
Why Electronic Payments?
Put simply, electronic payments have three major benefits: increasing cash flow, enhancing efficiency, and reducing risk.
Lawyers that rely on traditional payment methods know that getting paid can take a while. Some accounts receivable cycles can be 30, 60 or even 90 days. With Gravity Legal, the average time for outstanding payments is a mere 14 days. Cash flow matters, especially for smaller firms, and getting your money sooner means less stress about your expenses.
Electronic payments also increase efficiency by automating otherwise manual tasks. The Matter365 and Gravity Legal integration allows you to send clients emails with a button that leads directly to their online payment platform. Once they complete the payment, you’ll receive an email, and Matter365 will intelligently link this billing info to QuickBooks Online. Reconciliation and accounting challenges will be much less significant, as payments go from your customers to your books with ease.
Lastly, embracing electronic payments insulates you from future troubles. Paper money is losing its luster (especially amidst the COVID-19 pandemic), and future generations of clients will expect electronic payment options.
Why Gravity Legal?
Gravity Legal believes in reducing risk, cost and administrative burden for lawyers in the payment process. After all, the best lawyers spend time working with their clients, not against them. So what makes Gravity Legal the right choice for your firm?
- Compliance: Gravity Legal was built for lawyers with the rules of professional conduct in mind. Take the stress out of trust fund account fees and PCI compliance – it’s handled for you.
- Don’t Get Ripped Off: Gravity Legal charges only a flat transactional fee, and doesn’t double dip with a monthly fee. There’s also no tiered pricing, ensuring you get all the features you need from our standard plan.
- Simple Processing Statements: There’s no guesswork with Gravity Legal’s processing statements. These statements are sent the next month (so you’re not waiting) and highlight the effective rate, front and center.
- Save Money: About 20% of Gravity Legal payments are ACH (which offers a much lower fee), because the software highlights this option. You can also toggle on surcharges for credit card transactions in regions where it’s allowed. Lawyers can shift 90% of their processing fees to the clients – but only if they choose.
- Integration: Gravity Legal is integrated with Zapier, as well as QuickBooks (thanks to leveraging their partnership with Matter 365).