In difficult times, families always want what’s best for their loved ones. Unfortunately, however, planning a funeral can be a costly endeavor. In fact, recent reports show that funeral prices have more than doubled over the last decade. And, although more retirees are making initiatives to set aside money for their funeral through life insurance policies and pre-paid funeral plans, a large number of bereaved persons still have to make some compromises due to financial constraints.
Luckily, consumer financing is slowly making its way into the funeral services industry. These programs are designed to offer monthly payment solutions to families that need help to cater for unexpected funeral costs. But, while consumer financing may seem to benefit customers more than your business, you also stand to benefit a great deal.
- More customers
Funeral expenses can be too much for bereaved families to meet upfront. Without a financial program, therefore, they’re likely to take their business elsewhere or do the planning themselves.A consumer financing scheme will allow even the financially stretched clients to access funeral services. More people will, therefore, choose your firm because they won’t feel pressured to make payments immediately.
- Client satisfaction
No joy comes from losing a loved one, but streamlined funeral arrangements can make the grieving process a little more bearable. In addition to friendly payments, financial programs will give you a chance to ease your customers’ pain by offering each client the financing plan that’s most favorable to them.
Giving customers the option to choose any type of funeral they want, depending on their needs, preferences, and budget, will do a lot to improve their satisfaction. It’ll also reduce the chances of them not affording to pay in full, making it a win-win situation.
- Predictable income
Like most service-oriented businesses, it’s hard to gauge how much will be in a funeral planning business’ cash register at the end of the day. Consumer financing records will give you a clear glimpse of how much money is owed to your company, and the amounts to expect in your account in a given month. You can, therefore, make more informed plans for the future of your business.
- Less collection wastes
Tracking payments from insurance companies will require you to incur costs on expenditures like administrative personnel and accounts management. They’ll also take significant time away from business activities.Offering financial programs will localize the payments collection process to just your firm, making it much easier to keep client records.
Funeral planning can be difficult for families, but with funeral home consumer financing, you can lend a helping hand to your grieving customers, while reaping a few benefits yourself.