What is the Clio Payments Collection Calculator?
The Clio Payments Collection Calculator calculates the additional revenue firms collect when they accept credit card payments from clients online--compared to accepting manual payment methods such as check and cash.
How to use the Clio Payments Collection Calculator
Users are asked to input the total average amount their firm bills clients during a given month. Based on this number, the calculator will determine the additional revenue the firm would collect if they accepted credit card payments.
Here’s an applied example:
Law firm X is Clio Payments enabled and has 10 bills with a total value of $10,000. Based on our data, Law Firm X, could expect to collect $8,160 within a 90 day period, and have $1,841.48 in accounts receivable.
Law firm Y is not Clio Payments enabled, and has 10 bills with a total value of $10,000. Based on our data, Law Firm Y, could expect to collect $7,430 within a 90 day period, and have $2,570 in accounts receivable.
How are these numbers calculated?
Based on our data:
- Clio Manage accounts that have Clio Payments enabled, have an 80.1% probability of being paid at 90 days, compared to accounts that do not have Clio Payments enabled that have a 77.9% probability of being paid at 90 days
- Clio Manage accounts with Clio Payments enabled also observe a 28% decrease in accounts receivable (Clio Payments enabled: 18.4% vs. not Clio Payments enabled: 25.7%)
In conclusion, despite paying credit card and transaction fees, firms that use Clio Payments still collect more revenue overall.
Where did we source the data?
We sourced these metrics from a pool of representative anonymized customer data, which included over 1,000,000 bills from both Clio Payments enabled and non-enabled Clio Manage accounts.