On June 10, 2021, TimeSolv Corporation announced its own payment collections solution, TimeSolv Pay. “Accepting online payments means attorneys are providing more convenient options and getting paid quicker,” said TimeSolv CEO Raza Hasan. “With this type of tech in place, firms can better forecast cash flow and streamline management of receivables and trust-related payments.”
TimeSolv Pay is similar to LawPay and the TimeSolv cloud-based time and expense billing application still offers its users that service as an add-on. Here are TimeSolv Pay’s features and advantages:
Next-day funding which provides faster access to funds than traditional invoicing and paper check payments;
- No monthly, annual, industry or hidden fees and a claim of costs that are cheaper than the competition, including LawPay;
- Retainer replenishment and payments to trust;
- Ethically compliant functionality, ensuring fees are deducted from the proper account;
- Increased collection rates and improved cash flow;
- Automation capabilities such as recurring billing and payment plans;
- Secure electronic presentment and payment options, with the option to embed the links within invoices; and
- Convenient, contactless payment options for clients, including the ability to pay from mobile devices
This year CEO Hasan has given several lectures about law firms achieving “Zero Accounts Receivable” and he released a White Paper at this year’s virtual ABA Legal Technology conference on the topic. I found it interesting that when their web page had a link to learn more about this new payment collection service, I was directed to the LexCharge home page. Scott Clasen, Director of Marketing for TimeSolv explained that LexCharge built TimeSolv Pay on their platform, rebranded for TimeSolv, in order to offer improved integration and more functionality.
TimeSolv continues to support LawPay, LexCharge and now its own solution. In offering integration with three payment solutions, this application expands its offerings for their end users and continues its growth as a player in the areas of time & expense tracking, billing, accounts receivable and trust account management.
Our clients have passed the one-year mark in dealing with the global pandemic, and the solutions that were initially put in place – at times on an emergency basis – may no longer suffice. What are your plans for your staff in the coming months? Will everyone be required to come back to a traditional office environment, or will there be flexibility? What technology solutions will meet your needs in the months and years ahead? Our team of consultants can offer several solutions. Call us at 1-877-375-2810 or write to us at firstname.lastname@example.org to maximize what you have or seek new solutions.
Dana Riel is President and Founder of Business Solutions, Inc., serving the Washington, D.C. metropolitan area since 1985. Her firm is the authorized training center for the region for Time Matters and PCLaw by PCLaw|Time Matters, PLLC; Timeslips and Peachtree Accounting by Sage Software; and QuickBooks by Intuit Corporation. As a trainer, Dana has provided training services to organizations such as the DOD Defense Logistics Agency, Judge Advocate General’s Office (JAG)/Department of the Navy, University of the District of Columbia School of Law, U.S. Department of Commerce and the U.S. Department of Veterans Affairs, as well as with small‐ to mid‐size law firms in the Baltimore‐Washington D.C. area. In 2009, she participated in the series of day‐long seminars sponsored by the District of Columbia Bar Association Practice Management Section, titled “Basic Training: Learn About Running a Law Office”. Ms. Riel also served as an Adjunct Professor in Georgetown University’s Paralegal Studies Program, having taught the course, “Legal Ethics/Legal Technology” in 2009; and “Legal Technology” for the Spring and Summer Semesters of 2010. She presently serves on the Advisory Board for PCLaw|Time Matters, PLLC.