It’s no secret that, if you’re a funeral director, discussing cost with a grieving family can be one of the hardest parts of the job. You don’t want to be in a position where you feel like you have to choose between the wellbeing of the funeral home and the peace of mind of a grieving family.
That’s why many funeral homes have begun to offer financing at the point-of-sale (where a business processes a payment). It’s a fast, convenient way to connect families with an affordable payment solution in their time of need. If you’re looking for a new way to help families pay for services, here’s what you need to know.
There are many reasons to consider adding a funeral financing program. The first – and perhaps the most important – is increased customer satisfaction. But we can’t discount how many families need help with funeral costs. Without point-of-sale financing, they may not be able to afford the funeral services they really want.
Median Funeral Costs Have Gone Up
In October 2015, the National Funeral Directors Association (NFDA) released the results of a General Price List Survey conducted among their members. What did they find? Overthe past 10 years, the median cost of an adult funeral in the United States has increased 28.6 percent.
The national median cost of a funeral for calendar year 2014 was $7,181 ($8,508 if the purchase of a burial vault is included). Compare that to the national median cost of a cremation in 2014: $6,078. When you factor in any cemetery, monument or marker costs or miscellaneous cash-advance charges, such as for flowers or an obituary; those numbers can get even higher.
When a funeral home offers a financing program, everyone involved in making funeral arrangements has a wider range of services and products to consider, some of which may have otherwise been out of reach for the family.
Here’s How Point-of-Sale Financing Works
When a funeral home is enrolled in a financing program, families are able to apply online – at the funeral home, or wherever is most convenient for them, using any computer or mobile device.
The process only takes a few minutes, and we guarantee payment to our merchant partners, so services can be processed the same day the applicant is approved. The goal of the program is to give directors a way to help families who don’t have the cash on hand to pay for services, in a way that’s as seamless as possible.
How We’re Different
There are other point-of-sale financing options for funeral homes around. What makes LendingUSA’s funeral financing program different?
- Greater reach: Our program is available in 45 states (excluding NY, CT, NH, WV, and VT).
- A broader funding range: We offer a loan range of $1,000 – $35,000, giving you more flexibility with lending options
There’s something else that sets LendingUSA apart from other point-of-sale financing companies: our commitment to building strong relationships with funeral homes nationwide. Our dedication to excellence has led to LendingUSA being the only financing solution endorsed by the National Funeral Directors Association.
Financing makes it easy to provide families with the help with funeral costs they’re looking for. Want to know more? Take a few minutes to read our June 2016 post, “4 Benefits of Offering Point-of-Need Financing”. Get the conversation started by requesting a demonstration of LendingUSA’s funeral financing program.