What is a recurring billing plan?
A recurring billing plan is a billing plan designed to automate the actual billing and the payment collection simultaneously. A negative matter ledger balance is not required to create a recurring billing plan. One of the most promising developments for law firm profitability is recurring billing, also known as an alternative fee arrangement.
Consider this: You provide regular counsel or service to a client. The client could be a business that needs access to legal advice or an individual who needs estate management that pays you a set amount of money per month to handle ongoing legal interactions.
Choose your recurring billing plan details:
- The amount to bill
- The date of the first payment
- Which user receives a payment failure email receipt
- Payment frequency (Daily, Weekly, Bi-weekly, Monthly, Quarterly, or Annually)
Choose from two preferred payment terms:
- A specified number of payments.
- Charge a monthly amount until the plan is manually stopped or the matter is closed.
This feature also offers an automatic billing option to charge your client automatically with Rocket Matter Pay, our payment processing in-app! Its set and forget. Choose where you'd like the payments received posted:
- Operating: This option will apply collected funds toward the Operating account.
- Trust: This option will apply collected funds toward the Trust account.
- Automatic Accounting: This option will apply collected funds toward any unpaid balances and anything excess will post to the Trust account.
With recurring billing plans, we suggest you also use non-billable time entries. If you enter billable time entries then these will be pulled into the recurring plan invoice automatically.