Payment solutions for the legal industry
GlobalPay IP is an online account management system created specifically with the needs of legal and IP professionals in mind. Using GlobalPay IP, law firms have discovered a flexible, efficient and cost-effective solution to store, track and manage all aspects of their foreign exchange transactions, whilst maintaining direct access to their data and complete control over their payments.
Key features of GlobalPay IP include: Future Payments; Accounting Software Integration and tools to simplify the payment process.
Future Payments
Future Payments lets you fix the rate of exchange and schedule payment for release at any time within the next 180 days. Travelex will automatically send your payments on the due date, debiting your account accordingly.
The advantage of using Future Payments is that you will know the exact New Zealand dollar (NZD) cost of your matter related or client billable items, so you can invoice your own client the exact NZD amount. This not only gives you greater control over your payables and receivables but eliminates the need to re-bill clients or post losses due to currency movements. Even with a three-month billing cycle or a slow-paying client, you can be assured that you have locked in a fixed rate for 180 days and associate that rate with a specific invoice no matter what the value.
If at any time your client delays payment or you would like to settle early you can change the release date within the 180 day period at no cost.
Accounting Software Integration
By integrating GlobalPay IP into their internal platforms, many of our clients have eliminated double entry and dramatically improved payment efficiency.
GlobalPay IP is compatible with most leading platforms used in the legal industry, including Elite, CMS, Juris, ProLaw, PeopleSoft and Javalan. And to mimimise the impact on your business, we developed the system to ensure most of the integration processes take place on our side, making implementation straightforward.
As an added benefit, GlobalPay IP enhances the security of your payment operations, as we maintain a high standard of compliance control procedures to protect you and your global transactions.
Simplified Payment Process
In addition to providing pricing certainty, GlobalPay IP will streamline your payment process in the following ways:
Automatic Beneficiary Notification
When you initiate a payment, you can opt to have an e-mail automatically sent to your payee detailing the payment amount and remittance details.
Industry Database
Travelex makes payments to IP law firms worldwide, which means we manage a database of up-to-date banking information for most of your associates. If you provide us with a list of your payees, our accounts team will input and verify your associates’ banking information.
Invoice Validation
Our system can automatically validate your invoices to ensure there are no duplicate payments.
Customised Reporting
There are a number of pre-loaded standard reports for your convenience, and we can also create customised reports to meet your needs. In addition we can modify your Future Payments screen to include entries relevant to your reporting needs, such as Client Matter Numbers, Client Numbers and Invoice Dates.
Payment Batching
Sending multiple payments to the same recipient will not result in multiple fees, even if the remittance details are different for each invoice. The Travelex payment batching system will group your separate invoices into the same order, generating a single charge.
Access Rights
The system has been designed to allow you to align access rights with your specific internal protocol. Administrator approval rights, order entry rights, reporting rights and ‘read only’ rights can all be determined specifically by you for each individual user.
For more details of how we can help you manage your incoming and outgoing payments, please contact us at legalsolutions@travelex.co.nz
