Residual Balance Management & Reduction
- Complete register of your residual balances, with detailed history of the steps taken to return funds to your clients
- Variety of workflows for contacting clients, depending on the size of the balance and contact information available
- Auto generation of forms and letters, including SRA withdrawal authorisation requests and charity indemnities
About SafeRemit
The complete outsourced service for proactive management of residual balances.
Law firm regulators require client money be returned promptly. Use SafeRemit to demonstrate to your regulator the steps you have taken to return client money.
SafeRemit is an end to end solution for managing and clearing residual balances on behalf of your law firm - removing the administrative burden from your team and freeing up valuable time.
1) IDENTIFY
Your accounts team runs a report on a monthly basis to identify any residual balances your firm holds. You upload these balances into our platform:
- Last known client contact details
- Matter reference
- Residual balance amount
- Details about what the balance is for
2) CONTACT
For each new residual balance we follow a structured workflow to make contact with the client through a variety of channels and make them aware of the balance.
3) MANAGE
We maintain a central register on your behalf, that shows the status of all residual balances you hold and the steps taken to return them.
CLEAR BALANCES
If the client is contacted, bank details are obtained so you can return funds to them. If all attempts to contact the client are unsuccessful, you can choose to donate the balance to charity (we can generate an authorisation request letter to the SRA when needed too).
PREVENT BALANCES
Use SafeRemit in conjunction with SafeAuth and return residual balances more easily in future.
Our Charges
How we work
We work with your firm on a “pay on success” basis.
You only pay when you are able to close off a balance, either because you could send the money back to the client or were in a position to give it to a charity.
Each balance you add onto our system enters our residual balance reduction workflow. Steps will vary depending on the contact information you share with us (e.g. no phone number, no phone call).
For customers using SafeRemit as a standalone service, a monthly platform fee of £100 + VAT applies. For customers with a SafePay or SafeAuth subscription there is no additional platform fee.
To find out more information about our workflow and pricing tiers download our brochure.
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