A Forward-Thinking Funeral Financing Program
A cash-only customer model doesn’t make sense in today’s economy. Just look at any big-ticket item — cars, furniture, homes — they’re all typically financed. So why not funerals?
After the recession, many families are still left recovering. Very few have the funds needed to cover a large expense. In fact, a 2016 GoBanking Survey found that 69% of Americans have less than $1,000 in savings, and a new 2017 Bankrate survey found that nearly one-third of people ages 53-62 have absolutely zero savings.
For these households, an unexpected expense is devastating. Say a family is living on a fixed income and is faced with an unexpected death. With the cost of the average funeral at $7,000, many will turn to direct cremation because it is their only option. But financing provides families flexibility. By stretching the costs out over a few months or years, the family alleviates the stress of an immediate upfront payment. That means a family won’t have to forego tradition — they can choose the funeral their loved one deserves.
Funeral financing isn’t a new concept. But what if your funeral home could go beyond the traditional financing program and offer something that truly benefits families? That’s what Frazer Consultants had in mind when they recently launched Tribute Loans.
Frazer Consultants’ Tribute Loans
When Frazer Consultants set out to create the Tribute Loan program, they had two goals — create a modern and simple way for families to finance funeral expenses for a loved one, while creating a hassle-free process for funeral homes.
“Tribute Loans is a part of our broader, ongoing mission to provide funeral homes and their client families a reimagined funeral experience,” said Matt Frazer, president of Frazer Consultants. “The Tribute Loan application process is simple and easy, taking just a few minutes. Financing opens the door to a more flexible payment process for families and will help them worry less about the upfront cost of a funeral.”
Tribute Loans And Families
With Tribute Loans, families can focus on planning the funeral they want for a loved one.
Best of all, it’s an easy process. Families simply fill out an online application directly on the funeral home’s website, which takes less than five minutes.
Then, within minutes, families get multiple offers from lenders across the U.S. These lenders are competing against each other, which means families get the best deal possible. Rates start as low as 4.99% APR, and payment plans can be extended up to 60 months depending on the families’ FICO scores and other factors.
It’s fast, efficient, and it ensures families the flexibility they need to cover funeral expenses.
Tribute Loans And Funeral Directors
Financing programs are an essential asset to funeral homes. A smart financing program helps a funeral home improve cash flow and grow revenues.
As a partner to funeral homes, Frazer Consultants wanted to offer a financing program that also was easy for funeral directors. During the Tribute Loan process, funeral homes are notified when a family applies through the Tribute Loan program, when they accept an offer, when the offer is approved, and when the family transfers their payment to the funeral home.
The Tribute Loan pays the funeral home upfront, and families simply make their monthly payment to the lender they accepted the offer from. The funeral home gets paid quickly, ensuring both the funeral home and the families can get back to what matters — planning a meaningful funeral.
“Hats off and thank you to Frazer Consultants for yet another tool in serving our families,” said Irene Dahl, owner of Dahl Funeral & Cremation Service in Bozeman, Montana. “We have had great success with Frazer crowdfunding and we are grateful for Tribute Loans as well. The Tribute Loan tool will help relieve families’ financial anxiety and give the families we serve more options.”
Tribute Pay: An All-in-One Payment Solution
Tribute Loans is just one of the payment features of Tribute Pay, Frazer Consultants’ payment center for funeral homes. Tribute Pay offers families multiple ways to pay — from crowdfunding, to credit card payments, to financing — right on a funeral home’s website. Frazer Consultants also will soon be launching an easier process for life insurance assignments.
Frazer Consultants is a technology company that helps funeral professionals reimagine the funeral experience for their families. For more information about Tribute Pay or other website features, call Frazer Consultants at 866-372-9372 or email [email protected]