What Forms Of Payment Should Your Firm Accept?
From paper checks to NFTs, this Non-Eventcast has answers.
Even if you’re not making out a money order to Ice Station Zebra Associates, the process of retaining a lawyer can still involve inconvenient and unusual forms of payment.
Profitsolv’s TJ Kerr, for example, remembers retaining a law firm for advice on an employment contract — and then being asked to pay a retainer through a wire transfer.
“I literally had to try to figure out: How does a wire work? Where do I start? What do I do?” he said on a recent episode of the Non-Eventcast.
So what payments should a firm accept?
According to Kerr, firms should accept as many types as possible. But the key is to integrate them into an automated system.
“When you have an integrated payment solution, everything is all centralized,” he said. “It removes all the middle, hands-on, manual process work that normally would take place to reconcile the books.”
In this episode of the Non-Eventcast, Kerr is joined by host Jared Correia and Profitsolv’s Joyce Brafford in discussing all things law firm payment: from the security risks of paper checks to the ethics of accepting cryptocurrency.
Tune into their full discussion here. (The exchange in this post starts around the 10-minute mark.)
