More than 50% of Americans have less than $1,000 in their savings account, per a 2017 GOBankingRates survey.
With the average funeral costing $7,000 or more, there’s no way that these families can pay their funeral expenses up front. Not only do they need alternative funeral payment options, but they also care about convenience. Having online funeral payment options provides them with an easy and convenient way to pay their funeral expenses from the comfort of their home.
Let’s further discuss the benefits of offering multiple ways to pay for funeral expenses.
Offer Online Payment Options
It’s almost 2019; people these days not only want but expect to have online payment options. By 2021, it’s estimated that there will be 230.5 million digital shoppers in the U.S. per Statista, which will be up from 209.6 million in 2016. The numbers are quickly increasing and will only continue to grow.
Don’t let your funeral home fall behind the times. If you’re not offering online payment options and your competitors are, families may choose them over you.
With more than 75% of U.S. adults owning smartphones per Pew Research Center, you also want your website to be mobile-friendly. Many families will access your website to make payments from a mobile device, so it needs to have a responsive design.
Offer Alternative Payment Options
Opening the door to online payments brings about offering alternative payment options such as financing, crowdfunding, and life insurance assignments. Many families simply can’t afford to pay for funeral expenses up front, so these alternative payment options are vital for them.
So how can your funeral home most efficiently offer all these options?
Tribute Pay — Multiple Payment Options
With our all-in-one payment platform Tribute Pay, your funeral home can offer your families multiple convenient payment options: Tribute Crowdfunding, Tribute Loans, Tribute Insurance Assignments, credit card processing, and eChecks.
With Tribute Crowdfunding, your funeral home directly receives the funds raised from a campaign — keeping you in control. Tribute Loans has families pay your funeral home up front and make their monthly payment to the lender, so you can focus on planning the funeral and helping families grieve.
And with the most recent addition to Tribute Pay — Tribute Insurance Assignments — your funeral home receives the funds in as little as 24 hours, and our insurance team with more than 65 years of experience keeps you informed during the entire process.