Did you know you can finance just about anything? Cars, couches, and even vacations. Yet a smart, practical financing program has yet to really take hold in the funeral profession.
We’ve mentioned before some of the ways that a funeral financing program can benefit the families you serve. A loan program can offer flexibility and allows a family to focus on the planning, not the price.
But a smart financing program should also aim to benefit your funeral home as well.
Let’s look at some of the traits of a smart financing program and its benefits.
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Premium and Quality Services for All
Families who can easily finance a funeral now have access to your premium services. The same families who wouldn’t have the luxury of considering it before. This is especially important to families who live on a fixed income. They now have the opportunity to explore your top services by spreading out the payments in a manner that is much easier to them.
Help from a Whole Family
No funeral home wants to see a family take on a debt just to bury a loved one. That is why a smart plan would allow for multiple guarantors on a loan. Most family members would leap at the opportunity to help. By allowing more names on the loan, interest rates can remain lower.
Putting the Money in Your Pocket
How the funds get distributed can make an important difference for financing programs. A smart program would have the funds go directly into the hands of the funeral home itself. It’s similar to the issues faced with crowdfunding. Having the funds deposited to the funeral home speeds up the whole process. Funeral homes don’t get stuck waiting on a payment from the family.
Speaking of speeding up the process, a smart financing program would get the funeral home the funds within 24 hours of the family’s application. Other financing programs can take up to five days or longer to deposit the money into the family’s account. This slows down the whole process and leaves less time for planning.
With a smart, quick deposit, a funeral home can have the money in place before the funeral even takes place. The ideal solution is to provide our funeral homes with an easy to access form on their website. From there, families can start the application process. The process itself would be simple, taking no more than five minutes and wouldn’t even hurt the families credit score.
Funeral Financing That Works for You
These are some of the issues we feel can separate a poorly implemented financing program from a smart one. A financing program should aim to make life easier for everyone involved, and Frazer Consultants is on the path to do just that.