Expansion of payment services provider Atoa into the legal field
Family Law Cafe, a leading legal services platform specialising in divorce, finances, and child custody, has revolutionised its payment solutions by adopting Atoa Payments, an Open Banking-powered payment system. The switch has significantly improved the firm's financial management, reducing administrative overhead and enhancing operational efficiency.
According to Sid Narayanan, co-founder and CEO of Atoa, Family Law Cafe understands the value of a seamless customer experience. "Family Law Cafe prioritises dealing with clients sensitively and considerately, even in administrative processes," he said, "and our Open Banking payments system aligns perfectly with that ethos."
Since implementing Atoa Payments, 80% of Family Law Cafe's clients have chosen to pay through this method over the other options available. Joanna Toch, founder of Family Law Cafe, has expressed her satisfaction with the new system, stating that it makes fee collection simple.
The Benefits of Open Banking Payments
Open Banking payments offer several advantages for legal services like those provided by Family Law Cafe. The system enables real-time settlement and quicker transaction validation, reducing delays in receiving client payments. This improvement in cash flow and operational efficiency is a significant benefit for the firm.
Moreover, Open Banking's use of secure APIs and strong customer authentication protocols ensures that payments and sensitive financial data are handled safely, meeting regulatory requirements while protecting customer privacy. This reliability and security are crucial in legal contexts where confidentiality is paramount.
Automated reconciliation is another advantage of Open Banking payments. This feature allows payment information to be directly matched with invoices or case accounts, reducing manual bookkeeping and errors, which benefits both finance teams and lawyers.
Simplifying Financial Management
Atoa Payments enables Family Law Cafe to send payment links to clients via SMS, in addition to credit card and bank transfer options. This flexibility allows clients to choose the most convenient payment method. The system also provides the firm with full visibility into all pending and completed payments, streamlining financial management.
To further enhance its services, Atoa is working with small business platform Xero to help businesses get paid more quickly and pay less in fees. The new integration will enable customers to attach Atoa as their payments provider.
In summary, Family Law Cafe's use of Atoa Payments through Open Banking demonstrates how legal services can benefit from speedy and secure payment processing, higher payment completion rates, enhanced security and compliance, and automated financial reconciliation. These improvements lead to smoother payment experiences for clients and more efficient financial operations for legal providers.
[1] Source: Atoa Payments [2] Source: Open Banking Implementation Entity [5] Source: Financial Conduct Authority (FCA)
[Image: A screengrab of the Family Law Cafe website]
Data from the Financial Conduct Authority (FCA) indicates that Open Banking payments can lead to smoother payment experiences for clients due to real-time settlement, quicker transaction validation, and automated reconciliation, benefiting business operations and financial management. The adoption of Atoa Payments, an Open Banking-powered payment system like Open Banking technology, by Family Law Cafe has been well-received by 80% of its clients, with many preferring this method over other options. Open Banking's secure APIs and strong customer authentication protocols provide reliable and safe handling of sensitive financial data, crucial in legal contexts. In the future, Atoa, in partnership with Xero, aims to offer businesses quicker payment processing and fewer fees through integration with their platform.
