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 fewer staff and dedicating less time to completing the accounts receivable processes.

Little Risk to You

Trusting your clients to make their payments on time can create a high level of financial risk. Working with a funeral funding service that helps with funeral finance options will eliminate this risk. You will have someone working for you to collect the funds directly from the insurance payout.

A Web-Based Claims Process

Processing claims can be a tedious procedure. Working with a company on funding options will allow you to use a web-based claims process. All you need to do is enter the information online, and the funeral finance company will handle the rest for you.

Payments Sent Directly to You

When you receive 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 use your collections system. Instead, all you need to do is to wait for the payments to be sent directly into your account once the claim is completed.

Deal with One Company

Individuals often use one of many insurance companies located throughout the country. This can be tedious and time-consuming 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 funeral homes have when they work with a funding company is the high cost of fees charged. If you choose your funeral funding company carefully, though, you can enjoy lower fees, which mean more net income 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 long 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 an ideal option to keep your operating costs down and improve the cash flow for your funeral home.

If you are interested in helping your clients plan a stress-free funeral without the usual financial risk involved, contact us for more information. Mortuary Financial Services has provided clients with all of these funeral funding benefits for more than 30 years.