LawPay, an online payment solution for legal professionals, has launched a new buy now, pay later (BNPL) payment option called ClientCredit.
This program, announced Tuesday (Sept. 28), is available exclusively through LawPay and lets clients pay for legal service in installments, while firms get their entire invoiced amount upfront.
Noting acceptance of online payments has increased among law firms, LawPay said BNPL allows law firms to get paid faster and more consistently, expand their client bases and focus on clients rather than chasing payments.
“Our LawPay customers were asking for a way to make their services more accessible to their customers by providing them the ability to pay over time for services rendered,” LawPay CEO Dru Armstrong said in a press release. “Our initial ClientCredit pilot had one of our users predicting an additional 25% in consultations by way of our ClientCredit program.”
The Austin company said ClientCredit will give clients more control over their finances while letting them budget their costs for legal services.
Read more: BNPL Adoption Accelerates, Driven By Benefits To Consumers, Retailers
LawPay points to a rise in BNPL use, something PYMNTS own research has found. As we reported last month, our Buy Now, Pay Later tracker found that consumers using installment plans tend to shop more frequently, spend more money and use BNPL more than other capabilities.
These shoppers made an average of five in-store purchases the week before the survey, compared to non-BNPL shoppers who made just three purchases in-store.
In response, 17 percent of small and medium-sized businesses said they’ve adopted installment payments, including companies in the professional services industry.
LawPay already offers payment options such as eCheck, QR code and mobile app payments, scheduled payments, reporting tools, online statements and partner integrations.
The company said ClientCredit is for people searching for more flexibility on payments, but still want the option to choose an attorney who suits their needs. The program will gives law firms 100 percent of their payments upfront.
ClientCredit is due to reach LawPay’s audience in the coming months as part of a phased rollout, which is scheduled to continue through early 2022.
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