In November of 2020, the makers of TimeSolv, a cloud-based time tracking and billing application, announced a partnership with LexCharge to create a complete and comprehensive time capture, billing, invoicing, and payment collection solution. This integration was demonstrated at the ABA Legal Technology conference in March 2021.
We’ve often advised our clients about the importance not only of billing but collecting and successfully reducing their total accounts receivable balances. By taking advantage of the features in both applications, firms can lower their outstanding accounts receivable balances, collect their payments faster, set up and process recurring payments and even accept funds to be deposited in trust accounts, with fees charged to the firm’s non-trust bank account. Here’s how it works:
The process begins by setting up a LexCharge account if one is needed. Users can do this either directly from the LexCharge web site (https://www.lexcharge.com/) or from within TimeSolv itself by going to Account –>Integrations –>LexCharge
Once your account with LexCharge is set up, users have the option of storing ACH or credit card information in TimeSolv to keep it on file –
This solution emphasizes automated payments. It is important to note that LexCharge has the ability to send out email notices to clients who do not have a payment authorization on file and explains what is required from the client. It also explains why it is beneficial, to both the client and the law firm, via a pre-recorded video. As soon as the client agrees to the terms of payment authorization, a new screen presents the client with a secure web page to enter their payment information, such as their credit card number or ACH.
Once Pre-Bills and invoices are generated and emailed, those clients with matters that granted payment authorization will receive emails with their invoices attached, along with a message letting the client know that their payment method on file will be automatically processed. Unless they have questions, their charge will be processed after “X” days, a duration set up by the user (the standard is five days).
For those firms requiring explicit authorization from the client for processing their invoice, an approval link will be provided in the email body. As soon as the client clicks on the approval, the payment will be automatically processed without any additional action by the firm.
LexCharge advertises itself as an ethically compliant payment solution and we strongly urge anyone who is interested in this to view their free e-book, Free E-Book: Payment Processing for Lawyers | LexCharge for more information on a compilation of ethical opinions and secure payment transactions.
Our TimeSolv team of consultants at Crosspointe would be happy to discuss this solution with you and, should you decide to avail yourself of its benefits, assist with its setup. We’re here to help you get the most from your software and cloud-based applications. Please contact us at firstname.lastname@example.org or call us at 877-357-0555.
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.