A computer shows the Tribute Pay page with Tribute Loans options

 

Written by Jacob Terranova

 

Tribute Pay’s newest feature — Tribute Loans — makes funeral financing easier and faster than ever for both your funeral home and the families you serve.

 

Interested in using Tribute Pay or one of its features? Call 866-372-9372 or fill out the form below to request a free demonstration!

Why Financing?

For many Americans, financing offers flexibility. Consider the Johnson family, a hardworking rural family that’s had roots in your community for several years. They’re a responsible family and have always tried to save for the future. They’ve even set aside a modest amount of money for Mr. and Mrs. Johnson’s funeral expenses.

 

Unfortunately, Mr. Johnson fell ill. After medical bills drained much of the family’s savings, they’re left with just $4,000. But Mrs. Johnson wants to honor her husband’s wishes, and bury him in the same cemetery where much of the Johnson family has their final resting place.

 

This is how financing helps. With a small loan, Mrs. Johnson doesn’t have to worry about a lump-sum payment. Instead, she can spread it out over a few months or even years. It offers her flexibility and gives her time to sell some assets or seek assistance from family members.

 

Financing Offers Flexibility

In a perfect world, everyone would have enough money set aside for funeral expenses. But let’s look at the facts. People are still recovering from the economic recession in 2008, where millions of American households saw their savings shrink or even disappear.

  • A 2016 Survey by GoBanking found that 69% of Americans have less than $1,000 in savings.
  • Young Baby Boomers are the least prepared for an emergency expense. CNBC reported that nearly one-third of people ages 53-62 have absolutely zero savings for an emergency fund.
  • A recent report from Bankrate found that around 60% of Americans can’t even cover an unexpected expense of $500.

For millions of Americans, financing is a powerful tool in the event of an unexpected death or those living on a fixed income.

And while the idea of funeral financing isn’t new, Tribute Loans does it best for both your funeral home and the families you serve. Here’s how.

 

Tribute Loans and Your Families

Tribute Loans ensure families can give their loved one the funeral they deserve. This means a family no longer needs to settle on something like direct cremation because they have no other option. So how does it work for families? Let’s break it down:

  • Families apply for Tribute Loans directly on your funeral home website. The application typically takes less than five minutes, and within seconds families will get multiple offers from multiple lenders across the U.S.
  • By using multiple lenders, Tribute Loans makes the lenders compete against each other. This helps ensure families get the best deal possible. Many times, lenders will present multiple offers with varying payback lengths and amounts.
  • If the family doesn’t want to make up their mind right then and there, no problem! The offers remain for a few days. Families can discuss their options and return to their offers at any time by logging in with their email.
  • After the family selects a loan that’s convenient for them, they are taken directly to the lender’s site to finish the application.
  • Once on the lender site, the application is auto-filled with the information from their initial Tribute Loans application. The families finish the verification process with the lender.
  • The lender will notify families of their loan approval.
  • After loan approval, Tribute Loans will send families a text message with a link that initiates the transfer of funds. After filling in their bank information, an e-payment is sent directly to your funeral home.

Tribute Loans and Your Funeral Home

Tribute Loans isn’t just easy for families, it’s easy for your funeral home. After an initial setup that takes minutes, Tribute Loans is instantly available on your website for families to use. Your funeral home only pays a nominal fee to Tribute Loans for the facilitation of the loan.

  • Your funeral home also is notified during every step of the process. You’ll receive an email and an admin notification when a family applies for a loan, when a family clicks on or accepts an offer, when the lender approves the final offer, and when the family pays you.
  • You also get to see all of the offers a family receives within your website’s admin panel.
  • With Tribute Loans, families pay your funeral home up front and simply make their monthly payment to the lender. This means your funeral home can get back to what matters — planning the funeral and helping the family heal.
  • The Tribute Loan program benefits your funeral home by improving your cash flow and allowing for new revenue opportunities. It’s a financing tool that allows you to serve more families in your community.

Tribute Loans Enrollment

If you’re already a Frazer Consultants client with Tribute Pay activated, then enrolling in the Tribute Loan program is simple.

 

  1. Access your administrator settings by visiting www.yourwebsitename.com/admin
  2. Enter your username and password
  3. Click the Tribute Pay tab
  4. From the Tribute Pay tab, click on the Tribute Loans tab
  5. Read and accept the terms and conditions
  6. Click Enroll Now
  7. Tribute Loans will now be available on your website’s homepage!

Tribute Pay Enrollment

Are you a Frazer Consultants client that’s not using Tribute Pay? No problem! Enrolling in Tribute Pay is just as easy. Follow the steps outlined below or watch this video, and you’ll have Tribute Pay up and running for your families in no time.

 

  1. Access your administrator settings by visiting www.yourwebsitename.com/admin
  2. Enter your username and password
  3. Click the Tribute Pay tab
  4. Click Tribute Pay Enrollment
  5. Fill out the three different sections
  6. Once you’ve agreed to the terms and conditions, a designer is notified about the request. They will add Tribute Pay to your website within 24 hours.