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Legal FAQ | Western Union Business Solutions

What are the Challenges Facing Law Firms in 2019?

Many large and small law firms bill clients and suppliers from around the world. While international billing and foreign invoicing is part of the legal industry, the practice can come with a set of challenges:

  • Foreign exchange risk management
  • Overseas compliance
  • Complicated payment processes
  • Limited payment options
  • Bank fees on incoming payments

How do I Invoice International Commercial Clients?

Sending an invoice or bill to a foreign vendor is often part of everyday accounting for law firms. If you pay international invoices or associates in the same way as a local one (through a bank or check), the transaction can take a significant amount of time, incur fees and be subject to exchange rates. You may not be able to track the payment while it is in progress. If the currency fluctuates you may have to rebill the client or write off the extra cost.

Using our WU® GlobalPay payment system, you can pay clients from across the globe in their own local currency.

How Can I Lock in a Currency Exchange Rate?

We can help your law firm lock-in exchange rates for up to 240 days to help control foreign exchange exposure, enabling you to bill clients fixed amounts, efficiently manage cash flow and improve reconciliation. Find out how!

How Can I Automate Legal Billing?

We can simplify your law firms’ invoice workflow with our automated billing system. It allows you to capture, submit, pay and track invoices. It also provides customized reports to help to simplify audits and comply with your firms’ controls.

How do I Pay Foreign Associates?

You can pay foreign employees in over 130 currencies in 200 countries and territories, using your home currency, without the need for overseas bank accounts. For more information, contact a legal solution expert.

How do I avoid incoming bank fees?

The amount you invoice may not be the amount you receive, due to additional bank transfer fees and service charges.

Our in-country banking relationships enable transfers to be treated as local currency transactions, helping reduce wire charges and expenses. Bank reconciliation can be quick and easy with fully referenced payments and statements.

How do I eliminate the use of paper checks?

With our Payee Manager system, you can make the switch to electronic payments and away from checks. You can enroll a vendor into the system in as little as a few minutes and allow clients to enter and update their own banking details through an encrypted website. The entire system will be customized with your branding and allow you to schedule recurring or one-time payments.

How do I reduce international transaction fees?

Because a foreign transaction may travel through several different parties before arriving at its destination, a variety of transaction fees and foreign exchange costs may be deducted from the original amount. Because some charges might be levied by the receiving bank, it can be difficult to determine the full cost of the transaction in advance.  

Working with Western Union Business Solutions allows you to effectively and transparently send money to overseas recipients with confidence. You can send over 130 currencies in 200 countries and territories, using your home currency, without the need for overseas bank accounts. This allows you to confirm your final cost before completing a transaction and avoiding uncertainty and extra fees.

How do I have vendors self-manage banking details?

Use the Western Union® GlobalPay online platform to make payments to your enrolled vendors. Once a vendor is enrolled you can schedule payments – either one-off payments or recurring – through our GlobalPay payments system which is linked to Payee Manager. You can have a new vendor enrolled onto the system in a few simple steps – a process that can be completed in as little as a few minutes! Your vendors are automatically listed within the system so it’s quick and easy to select them for payment. You simply log into GlobalPay, go to the Pay Today screen and place the order. Once the payment has been submitted, the beneficiary will automatically receive a Pay Alert e-mail notification and details of how they can track their payment online.

Your vendors have access to amend their banking instructions and company contact details, track incoming payments, and manage user access rights, all through Payee Manager’s online interface. Any requested amendments trigger an e-mail to you, prompting you to log into Payee Manager and approve the changes before the system is updated. This approval process keeps you in control of your vendor database at all times.

How do I keep vendor data secure?

We are a trusted partner regulated in 200+ countries and have a global team of 2,500 compliance professionals. With $200 million spent on compliance measures in 2017, we are dedicated to helping you manage your compliance processes as efficiently as possible.