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LawPay rolls out client ‘buy now pay later’ credit option

RICHARD WEINER
Technology for Lawyers

Published: November 5, 2021

Bob Ambrogi (https://www.lawsitesblog.com) has just written about another new product that can help lawyers—especially small offices/solos and newbies—get paid and create a larger client base.
LawPay has partnered with the finance company that runs “buy now pay later” onsite credit functions for Walmart, Amazon, Expedia and other companies to bring that service to law firms.
The new functionality will be called ClientCredit, and will pay the law office 100% of the legal fees upfront, while servicing the client’s note. The finance company keeps the interest, while the lawyer doesn’t have to worry about carrying the note.
The finance company behind this is Affirm (https://www.affirm.com/), who you probably haven’t heard about until just now. But as noted they run “buy here, pay here” financing for many of the largest retailers.
The folks at LawPay are effusive in their new project’s projected positive impact on your bottom line. They say the new service will allow lawyers to get paid faster and more efficiently than trying to get clients to pay over time. No more chasing down payments, monthly billing, etc.
LawPay also said that, in a pilot program, one user apparently predicted that the new service would raise initial consultations by 25%, because more flexible payments probably mean more clients signing up on the spot. Whether that is true or not, instant credit would certainly help reeling in a new client, one would think.
The application for Client Credit will reside on the lawyer’s LawPay client interface, by buttons for credit card pay and electronic transfer of funds. Once the potential client/payor fills it out, a decision will usually be made “in minutes--” kind of like a pre-approved credit card. If the client is approved, the money is immediately transferred from Affirm to the lawyer.
Clients will be charged varied rates, depending on the total of the amount financed, credit score, etc. The maximum amount that a client can finance will be $15,000.
LawPay says that it will roll out the new service in phases over the course of the rest of 2021 and into 2022.


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