Top Benefits of Funeral Funding
Many funeral homes are now using funeral financing as a way to allow individuals to pay for their loved one’s funeral without having the cash on hand to pay for everything upfront. While this has become a valuable tool for individuals who have not yet received their insurance payments, economic times have made this a risky option for many funeral homes. However, it can be helpful to offer funeral funding for your clients. Learning the top benefits for providing funeral finance options will help you make the right choice.
Eliminate Accounts Receivable
When you work with a funeral financing company, you won’t have to worry about your accounts receivable. They will handle it all for you. This can significantly reduce your operating costs by hiring less staff and dedicating less time to completing the accounts receivable processes.
Little Risk to You
If you trust your clients to make their payments on time, it can create a high level of risk. Working with a funeral funding service that helps with funeral finance options, you will eliminate this risk. You will have someone working for you to gather the funds directly from the insurance payout.
A Web-Based Claims Process
Processing claims can be a tedious process. Working with a company on funding options will allow you to utilize a web-based claims process. All you need to do is enter the information online, and they will handle the rest for you.
Payments Sent Directly to You
When you get payments from any other source, you must send out invoices and wait for the clients to send their payments to you. If they don’t pay, you will have to go through the process of collections. Instead, all you need to do is to wait for the payments to be sent directly into your account once the claim is processed.
Deal with One Company
Individuals often use one of many insurance companies located throughout the country. This can create a time-consuming process for funeral homes. Instead, working with a funeral financing company allows you to deal with just one company that will handle all the various insurance companies for you.
Low Fees
One of the biggest complaints companies have when they work with a funding company is the fees that are charged. If you choose your funeral funding company carefully, though, you can enjoy low fees that will net more money for your funeral home.
Fast Funding Options
Giving families a break by allowing them to plan and hold the funeral before the funding is complete reduces their stress. However, it can be difficult for funeral homes to absorb the costs for a period of time. With a funeral financing company, you don’t have to. They typically provide the funding within 24 hours after verification.
Using a company that specializes in funeral finance is the ideal option to keep your operating costs down and improve your cash flow for your funeral home. If you are interested in helping your clients plan a stress-free funeral, contact us for more information on how funeral funding can help you and your clients. |
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