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Vancouver-based LegalTech Firm Clio Announces Launch of its Payments Service in Canada
Wednesday, November 23, 2022Company Profile | Careers | Follow Company
Burnaby, BC, November 23, 2022--(T-Net)--Clio announced today the launch of Clio Payments in Canada—a foundational payments technology built for the legal industry—enabling lawyers to provide client-centered payment options in Canada.
Jack Newton, CEO, Clio
"Through our work with hundreds of thousands of legal professionals, we know that the most frequent point of friction in attorney-client relationships is collections," said Jack Newton, CEO and Founder of Clio.
"Financial matters bear a heavy burden on firm operations, time, and revenue. Bringing payments to the Canadian market has the potential to fundamentally change where legal professionals spend their time—and who can access legal services. Canadians can now benefit from a better payment experience when dealing with their legal matters."
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Clio Payments makes the billing and collections process easier for lawyers while offering secure and compliant online payment choices for their clients. Flexible payment schedules are available for all Clio Payments customers, an important feature for Canadians with limited resources to access legal services.
Clio Payments was launched in the U.S. at the 2021 Clio Cloud Conference, initiating Clio's expansion into financial services for the legal industry. In the first year, Clio established its market dominance as customers quickly migrated to the built-in solution to process their legal transactions. Expanding payments into the Canadian market is a first step to broadening Clio's payments offering.
"Clio has steadily grown to solve the pain points between lawyers and clients by providing seamless and efficient solutions at every point of the client journey," continued Newton. "Payments is an integral part of our centralized platform. Most legal payment services are complex and disjointed, impacting the overall client experience. Our goal is to offer seamless collections and payments experience while making legal services more accessible. Clio Payments had significant adoption in the U.S., helping legal professionals leverage the ease, security, and effectiveness of payment processing in the cloud. Now, with our launch in Canada, we can extend these significant benefits to our Canadian customers."
Clients can break large bills into manageable amounts on a schedule that fits their needs.
Despite consumers' willingness and high use of online payments, most law firms in Canada only accept cash payments (certified check, EFT direct deposit, Interac) and manually record and handle trust payments. As a result, many lawyers experience difficulty billing and being paid while using out-of-date paper invoicing and payment methods.
Cheque remains the least used payment method, representing 2% of the total payment volume in Canada - according to a 2021 Payments Canada Report. More than 60% of Canadians pay for transactions using credit cards, and debit cards account for 30% of the total payment volume in Canada.
Clio's Legal Trends Report reveals that firms that have not adopted cloud-based legal practice management software and/or online payments struggle to be efficient with their billing workflows. They are prevented from scaling and growing amidst an increasingly digital world and changing client expectations. By contrast, 57% of online payments are paid the same day they are billed, presenting a great opportunity for better payment options for clients, and a more effective billing, payments, and collections process.
According to the Canadian Bar Association, nearly 12 million Canadians will experience at least one legal problem in a 3-year period, and few will have the resources to solve them.
"For many clients, online payment methods and the flexible payment plans they afford may be the difference between being able to access a lawyer and not," Newton said. "Clients may find it difficult to pay the upfront litigation costs in one lump sum. Clio Payments enables lawyers to break down payments into manageable instalments, offering the flexibility their clients may require."
Clio Payments makes it easy for clients to pay their bills with credit or debit cards anytime, anywhere.
Expanding the success of Clio Payments into Canada offers legal professionals a better alternative for accepting payments in compliance with trust accounting rules while reducing administrative work. From intake to invoice, it allows lawyers to securely store payment information in accordance with PCI compliance and keep their clients, billing, and financial records in one place for smooth three-way reconciliation.
Canadian law firms can access the essential financial capabilities of Clio Payments made available in Clio Manage:
Learn more about Clio's payments solutions for Canada here.
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