Online bill pay capability is a key component of an automated accounts receivable system. With online bill pay your firm’s billing and collection process will be less time consuming and costly and be more efficient. The net result is you will save time and money and accelerate your firm’s cash flow. Here’s how online bill pay can help your firm.
The online bill pay feature of an automated accounts receivable system allows you to place a link on your automated invoice which accesses an online payment portal. The payment portal can be set up for payments via ACH or credit card and is encrypted for security. Online bill pay makes it easy for your client to pay your bill on a timely basis by simply clicking on the link. It can also be easier and less costly for your client to pay online by reducing payment processing costs and bank charges.
SAVES YOU TIME
When your client can easily pay his/her bill with online bill pay, it is more likely that your bill will be paid on time. This reduces the need for you to spend time on collection efforts. The time and hassle of collection efforts does nothing to increase your billings, and can be a potential source of friction with your client. Don’t give your client an opportunity set your bill aside to avoid the time required to process payment. Give your client online bill pay instead.
REDUCES COST OF PROCESSING
Online bill pay helps to reduce the cost of processing client payments. The cost of receiving, recording and depositing client payments is reduced. With an integrated online bill pay feature in your automated accounts receivable system, cash receipts and accounts receivable are automatically updated. Money you spend on back office processing can be spent building your firm or increasing its bottom line.
ACCELERATES CASH FLOW
Clients who pay their invoices late can stretch your resources and may even cause you to borrow short-term to finance your firm’s operations. Online bill pay can help to reduce this potential strain on your firm. Clients who have the opportunity to use online bill pay are more likely to pay your bill on time reducing the need for cash to finance your firm’s operations. With online bill pay there is less reason for your client to delay payment, and it can also save your client time and money. A win-win-situation for you and your client.
Automated accounts receivable software, which includes an online bill pay feature and a secure payment portal, is available from Lockstep Collect, a leader in the field with a track record of assisting law firms with billing and invoicing. If your firm would like to learn more about how you can improve billing and invoicing with online bill pay please contact Lockstep Collect at www.lockstep.io.