When paying foreign invoices, law firms are faced with a difficult and sometimes costly dilemma. Processing a payment on a client’s behalf means that by the time the firm sends the bill and it is paid, the exchange rate will inevitably have changed – sometimes significantly. The rate fluctuation means that a client must either be re-billed the difference, or the film must incur the loss. If the client was billed too much, they must also be refunded the difference. If this process happens even a few times per month, the extra fees add up and can cut into the cash flow of the organization, not to mention cause additional paperwork.
To combat this common problem, Western Union Business Solutions seamlessly integrates with Elite Enterprise for an easy, quick, and cost-saving fix.
The process, known as Future Payments, allows firms to secure a fixed exchange rate for up to 240 days. This means that accounting departments will know exactly how much to pay and bill their clients for these international invoices for the entire year. Not only does this save a significant amount of manual effort, but it also allows for accurate cost estimates and budgeting.
How does it work? *
- Your foreign associate in the UK bills for £1,000 GBP
- Your firm locks in an exchange rate with Western Union Business Solutions and bills a fixed USD amount to your client (e.g. $1,320 USD)
- Your firm settles the payment for $1,320 USD within a 240-day window, and Western Union Business Solutions sends £1,000 GBP to your foreign associate.
With Future Payments
Without Future Payments
Your firm has no need to reconcile the invoice, rebill your associate, or absorb any costs due to currency fluctuations.
FX savings for law firms:
- 1 invoice = $40 USD
- 10 invoices = $4,00 USD
- 100 invoices = $4,000 USD
When you enter a Future Payment, you are locking in a fixed rate for the invoice and will be required to pay in full, even if the market moves in your favor. Cancellations may result in losses (or gains) based on market movement. For more information on the product features and conditions, please contact one of our global legal payments experts.
How to integrate with Elite Enterprise
Using Future Pay, or any feature of WU® GlobalPay for Law Firms, the Western Union Business Solutions’ digital platform, is simple when paired with existing Elite Enterprise accounts.
- A fixed exchange rate can be arranged on Western Union Business Solutions’ online platform or via a representative
- Information is directly sent to Elite Enterprise or 3E
- The law firm can bill clients as per their usual process
About Western Union Business Solutions
With over 30 years of experience helping over 700 law firms worldwide, we specialize in streamlining domestic and cross-border payments for the legal industry. Your dedicated client manager will partner with you to develop a payments solution tailored to your firm’s individual needs, working to drive efficiencies for you and your clients.
* This comparison is a general overview of a Future Payments. Always use your independent judgment in evaluating hedging tools based on your business needs. Consult with Western Union Business Solutions to discuss particular transaction restrictions including maturity and notional amounts. It is important to note that Future Payments can also come with risks and may not always be suitable. It is important that risks are properly understood and Western Union Business Solutions can help address any questions or concerns about Future Payments.
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