Past due invoices and growing accounts receivables are a common problem for today’s law firms. But do you know how bad the problem really is?
The Commercial Collection Agency Association has found that, the longer an invoice remains unpaid, the less likely it is the firm will ever receive the amount owed. According to their research:
- After 3 months, the odds of collecting a delinquent account was 73 percent.
- After 6 months, that probability drops to 57 percent.
- After 1 year, you’ve only got a 29% chance of collecting on the invoice.
Basically, if your client owes you $10,000, that invoice is worth just $2,900 to you, on average, if it goes a year past-due.
Stop Unpaid Invoices with Fee Financing
QuickFee’s legal fee financing gives your clients the time they need to settle their balances, while you get paid – in full – upfront. Here’s how it works:
Step #1: Give Your Customers More Payment Options
Once you’ve signed up with QuickFee, you’ll be able to offer legal fee financing assistance through a number of channels:
- Process clients’ loans for legal fees through QuickFee’s cloud-based portal.
- Include a link to QuickFee’s fee financing arrangement program on the invoices you send to customers.
- Launch a QuickFee payment portal which offers not just fee financing, but ACH/EFT and credit card payment options as well.
Step #2: QuickFee Reviews Customer Applications
Behind the scenes, QuickFee runs a credit check on your clients’ companies as part of our approval process.
Once your clients are vetted, they’ll be able to select payment terms between 3-12 months in length, for amounts beginning at $2,000 ($5,000 in California).
Step #3: Get Paid In Full Upfront
Within 4 business days, QuickFee will deposit the full balance owed on your approved customers’ invoices into your bank account.
No more wondering if your invoices got lost in the mail. No more trying to nail down clients who avoid your calls. Just the cash owed to your firm, in your account. It’s as simple as that.