The buy now, pay later (BNPL) phenomenon has grown in popularity in recent years as customers seek alternative financing methods. BNPL is a new payment option that allows consumers to receive their purchase immediately (Buy Now), either online or in-store, and then pay for their purchase in installments (Pay Later).
The BNPL industry is now poised to disrupt the US $8 trillion payment card industry. So far, BNPL accounts for only a small portion of total credit card spending and has mostly revolutionized the e-commerce and retail sectors. Until now!
LawPay, an Austin, Texas-based startup and provider of online payment solutions for legal professionals, today announced the launch of ClientCredit, a breakthrough payment option for the legal industry. The new payment option will enable lawyers to increase their overall collection rate, reduce outstanding claims and dramatically reduce invoicing time.
Alongside the launch, LawPay also announced that ClientCredit is now accessible to all customers. ClientCredit, previously in beta testing, was officially announced by the leader in legal payments in September 2021.
According to the firm, ClientCredit is available exclusively through LawPay and allows individual clients to pay for legal services in installments while law firms receive 100% of their bill up front.
The ClientCredit option is available for people who want more payment flexibility and allows them to select the attorney they want based on their needs. With a simple application process, ClientCredit users receive an instant credit decision that allows them to proceed with legal payments.
Founded in 2005 by Amy Porter, LawPay was specifically designed to help law firms streamline billing and collections processes, and to provide attorneys with an easy and secure way to pay their bills. LawPay is more than a typical “merchant account” – LawPay offers lawyers across the country the complete end-to-end credit card processing program.
LawPay currently provides a legal payment solution to more than 50,000 law firms and 150,000 attorneys nationwide. It is available in all 50 state bars, over 60 local and specialty bars and the ABA as a verified and approved payment solution for the legal industry.
“It [ClientCredit] has been fantastic so far,” said the law firm, which accepted the first ClientCredit payment through LawPay. “It allows us to focus on the cases without having to worry about managing our own collections. We offer that to every new customer.”
As the growth of online payments continues to grow, this flexible payment option through LawPay will allow law firms to get paid faster and more predictably, expand payment options for the firm’s client base, and provide flexibility in choosing how clients choose to spend more Time to focus on your customers and less time tracking payments
“With ClientCredit, our LawPay clients can make their services more accessible to their clients by offering the ability to pay overtime for services. We have added nearly 1,000 law firms to our beta, which can now offer ClientCredit for their clients, showing the high demand for this BNPL solution,” said Dru Armstrong, CEO of LawPay.
ClientCredit is now available for existing and new LawPay customers. Interested customers can register for LawPay at: https://www.lawpay.com/sign-up/.