LawPay is bringing to law firms the low-friction, buy now, pay later (BNPL) transactions that have quickly become a popular offering retailers to extend to customers.
Austin, Texas, LawPay stated in an announcement Tuesday (April 19) on its website that the new service, ClientCredit, which had been in beta testing, will let law firms obtain full payment for services at the time of delivery while customers pay for those services over time.
Advantages for law firms, according to LawPay, will include: more reliable cash flow, faster payments and improve acquisition of clients.
“Adopting an online payment solution that enables you to offer flexible payment options such as credit, debit, eCheck, and ClientCredit instantly makes your firm more appealing to potential clients,” the announcement stated.
See also: Aderant, LawPay Integrate Automated Online Payment Platform
The announcement states that customers will apply for loans, and if approved, the law firm will get paid in the full and the customer will begin paying off the loan. The announcement does not indicate what entities will make the loans to legal clients. LawPay LLC states in its disclosures that it is a registered agent of Synovus Bank of Columbus, Georgia, and Fifth Third Bank of Cincinnati, Ohio.
Dru Armstrong, chief executive of LawPay, said in a prepared statement: “ClientCredit allows our LawPay customers to make their services more accessible to their customers by providing the ability to pay over time for services. We’ve had nearly 1,000 law firms onboarded to our beta who are now able to offer ClientCredit to their clients, which shows the high demand of this BNPL solution.”
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