Episode 56: The Pioneer of Credit Card Payment Processing for the Legal Industry: How LawPay is Transforming the Way Lawyers Get Paid and Practice Law, with Founder and CEO Amy Porter
It’s easy to forget that when LawPay started in the mid-2000s, few lawyers were accepting credit cards, and for good reason. At that time there wasn’t any way to route credit card funds directly into a lawyer's trust account, which created serious ethical issues. There was also no simple, easy to use platform where lawyers could receive credit card payments online and clients could pay for their services with the click of a button. LawPay changed all of that, and nowadays it’s hard to find a law firm that doesn’t accept credit cards. Today, Founder and CEO Amy Porter joins our show to share the LawPay success story and how LawPay got started. Amy will update us on groundbreaking changes they have pioneered over the past decade that expands the way lawyers accept client payments. We also discuss how the LawPay platform has helped usher in a new era of virtual and digital lawyering, and has enabled lawyers to offer more creative and flexible payment options to make their services more accessible and affordable.
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To read a complete transcript of this interview, click here
In this episode, you’ll learn:
- Amy’s background in the payment industry and how the idea for LawPay began
- Why lawyers, and the legal industry in general, were at first resistant to accepting payments via credit cards
- How LawPay was able to overcome ethical concerns by enabling attorneys to route credit card payments into an IOLTA account protected from chargebacks
- How LawPay forged relationships with local bar associations to build credibility and trust in their payment platform and acquire new clients
- The technology that underpins the LawPay platform, and how Amy attracted a development team that built a simple, easy to use payment interface between attorneys and clients
- The importance of making it as easy as possible for clients to enroll in your services and eliminate unnecessary points of friction
- The value of adding a pay link to your website, and sending electronic payment links via email
- How a client’s perception of the value of the services your firm provides changes over time, and why getting paid immediately after services are performed is so important
- How their relationship with Jack Newton, CEO of Clio, was formed, along with other practice management companies, and how it has impacts the way payment processing integrates into a lawyer’s day to day operations
- The value of the “one-click” payment experience and how it improves client conversion
- How the automated payments feature of LawPay has influenced more lawyers to offer payment plans, which has helped to improve the affordability of their legal services
- A breakdown of different types of creative and flexible payment options that LawPay enables attorneys to offer, and the impact this has on access to justice
- An exciting announcement about an innovative new feature LawPay has released that significantly improves the way lawyers accept payments
- And much more…
Resources Mentioned in This Episode
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