eCOS pivots to new Payment on Use approach

InfoTrack have announced a unique new Payment on Use Promise for client’s using eCOS, the legal technology provider’s digital client onboarding solution.

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The change is based on feedback from eCOS clients and is designed to ensure that these firms can save time and money during the client onboarding process.

The new approach is a fundamental change to the billing process for firms, meaning firms are only invoiced once their client has completed any one of the onboarding tasks that they have been sent, such as signing an engagement letter, completing a digital ID check, submitting their Source of Funds information, or signing their onboarding forms.

Previously, firms were billed when they ordered a workspace. The new payment on use approach ensures firms are only charged when their clients begin onboarding and won’t be if they don’t.

Payment on use means that refunds won’t be required for unused any workspaces. This saves time and hassle, and in the case where unused workspaces may go unnoticed it can save firms a significant amount of money.

Sam Jordan, COO at InfoTrack, comments:

“This is a big change for us, eCOS has always charged per product when they were ordered, but some providers of these services will also load on front fees and subscriptions costs.

“Payment on use is specifically designed to benefit clients and meet the needs of their business model.

“Ultimately, it’s just about doing the right thing for our clients, which in the long run always makes good business sense because we’ll help them save time and money.”