Attorney Internet Merchant Accounts, Credit Card Processing
Moving Away from “Business as Usual”
In the September 2008 issue of Law Practice, David Bilinsky and Laura Calloway profoundly noted that “Many of us live our lives, and manage our law practices, as if every day will be the same as the last – into infinity. But nothing last forever. Turbulent financial times remind us, once again, that the only thing that’s constant is change.”
This economic “wake-up call” is driving the legal community to look at their practices in a different way. Strategic planning to develop new business models –- no more ‘business as usual’ — is key. Some of the elements that differentiate successful and strategic law firms from their less successful counterparts, include: Strategic planning, including the major elements of marketing and effective cash flow management, is what separates successful and strategic law firms from their less successful counterparts.
Your website is the key component of your marketing efforts to attract and draw prospective clientele. Now is the time to take a closer look at your website to be sure it reflects an evolution of your business and promotes flexibility in your purpose, talents and content. Does it effectively communicate the strengths of your business in today’s economy? Make sure your website is not just a number of pages stuffed with key words to capture search engines. This won’t work. Content and visuals are vital to attracting attention for your practice – they communicate what separates your practice from the rest of the pack. You can even create a personality connection with a potential client through video. If you’re tentative in these key areas, hire a professional. Remember, your website represents who you are. Its significance is indisputable.
Effective Cash Flow Management
In today’s economy, accelerating accounts receivables is being ranked as a leading initiative to trouble shoot within organizations. This as a result of businesses being pressured by decreasing revenues and prioritizing their payables. Focus should be to dramatically increase cash flow, reduce outstanding receivables, automate recurring retainer payments, and eliminate the frustration of collection time and expense. More cash flow = More time to concentrate on your core business.
Coordinated management of payments, collections and cash balances allowing your firm to reduce costs, enhance control and optimize returns. Effective cash management means you can put your cash to work more quickly and keep the cash in applications that produce income. All law firms can benefit from electronic payment solutions, and those with the most awareness and highest levels of payment automation can best adapt to the current economic environment by accelerating cash flow, reducing operating expenses, increasing customer retention and growing business volume. Some of the available products for lawyers and law firms include:
• Credit/Debit Card Acceptance
• ACH Check Processing
• Automatic Recurring Billing
• Online Gateway Solutions
• Electronic Reporting
• Remote Check Deposit Solutions
It is important to keep in mind that 70% of payment processing costs are variable…and not all merchant processors are the same. Dedicated to the legal community, Lawyerpayments offers a comprehensive suite of trusted processing solutions to optimally enhance the cash flow management of your practice. Led by a team of experienced industry veterans, fair and transparent pricing, proactive opportunity reporting for the lowest rates possible, and PCI compliant solutions are the hallmarks of Capital Payments.
By Web Perseverance, Inc.AUTHOR: Cindy J.Leclaire, Web Perseverance
Legal and Internet Marketing Consultant
Legal and Internet Marketing Consultant
Copyright Web Perseverance, Inc.
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer.For specific technical or legal advice on the information provided and related topics, please contact the author.