Western Union (NYSE: WU) recently announced the launch of its WU Incoming Payments for Legal, which is geared towards small and medium-sized law firms to help manage the administration and foreign exchange volatility often associated with foreign invoices.
According to Western Union, the new solution addresses a “pain point” in the industry, which is law firms that incur bank processing fees with incoming foreign payments. Western Union further explained:
“Foreign receivables, regardless of the amount, often have a bank or processing fee associated with them. The Incoming Payments for Legal solution helps eliminate those fees. By setting up the law firm’s invoicing system through Western Union Business Solutions, firms can invoice an overseas vendor in their local currency.”
Western Union then noted that the payment is directed to a Western Union Business Solutions account held in the local currency, helping avoid currency exchange volatility and bank fees. The company added:
“Once Western Union Business Solutions receives payment from the law firm’s vendor, it initiates the process of moving the foreign currency to the law firm’s account, crediting the firm’s account in USD.”