"Pay legal fees via link"... Toss Payments targets legal market

[Financial News] Toss Payments announced on the 2nd that it is launching an exclusive payment service for affiliated law firms and law offices through a partnership with the Korean Bar Association (KBA). Toss Payments is a payment gateway (PG) affiliate of Viva Republica (Toss).
Until now, digital transformation in legal services has been slow, as payments were primarily limited to bank transfers, in-person visits, or manual confirmations. Since legal fees are generally larger than those for general goods or services, payment methods were inevitably restricted. However, there was a significant gap as most clients were accustomed to simple payment methods.
This new payment service was established in response to market demand for convenient and secure payment methods, especially for high-value transactions like legal fees. It is specifically tailored to the environment of law firms. Clients can make payments directly via credit card or bank transfer using a payment link sent via text message or KakaoTalk, without having to visit the office. If a client is unfamiliar with digital devices, a staff member can assist with the payment after a phone consultation.
For association member firms, there is also the advantage of being able to handle everything from fee payments to transaction verification and management in one go. Even if both office-based and portable payment devices are used at business trips and consultation sites, payment history can be consolidated and managed on a single screen. This system enhances both payment convenience and security, tailored to the nature of legal services that handle large sums of money.
There are also benefits for association members. These include a reduction in credit card payment fees of up to 1%p or more, and a full waiver of membership and annual fees. Support measures have also been prepared for clients, allowing them to pay legal fees in interest-free installments for up to 12 months.
This service is also significant as it marks an example of digital payment infrastructure, which has primarily spread among general merchants such as restaurants and retailers, expanding into specialized service sectors like law. Starting with this partnership, Toss Payments plans to foster a payment environment for the professional service field.
"As legal services involve large sums and trust is critical, a convenient and secure payment experience is necessary," said a Toss Payments official. "We will help reduce the hassle of the payment process for both lawyers and clients."

[email protected] Kim Tae-il Reporter