Frazer Blog

The Different Types of Funeral Payment Options Explained

by | Feb 22, 2021 | Funeral Payment Options

A man taking money out of his wallet

For your client families, offering multiple funeral payment options may be the difference between settling on arrangements and creating the funeral that their loved one deserves. With options like financing and life insurance assignments, families don’t have to worry about paying the costs all at once if they can’t afford it. Instead, they can focus on grieving their loss and creating a funeral personalized to their loved one. 

Having multiple payment options doesn’t just benefit your families; it benefits your firm too — perhaps in several ways that you haven’t thought of. If you have local competitors, it can be a way to differentiate your firm from your competition. More families may come your way if you offer multiple payment options. Not only does this make things easier for families, but it also shows them that you care about more than just your bottom line. 

Families don’t just need multiple payment options; they need online options. Per Podium’s The State of Local Business Report, even post-pandemic, 8 out of 10 consumers want their local businesses to continue to offer online services like contactless payments.  

As for what funeral payment options you can offer, there are several great options out there to appeal to families of all financial backgrounds. Let’s discuss them below. 

Credit Card Processing 

One contactless payment option that your funeral home can offer is credit card processing. With this option, families can pay funeral expenses online with a credit card. An easy way to do this is to have a payment platform directly on your funeral home’s website that accepts all major credit cards.  

Just make sure that you provide your families with a secure connection for entering their credit card information. By having a Secure Sockets Layer (SSL) certificate for your website, it scrambles up families’ sensitive information so hackers can’t steal it. 

Electronic Checks 

Another payment option that families may prefer is an electronic check. Oftentimes, they can make the payment online directly on your website like they would for a credit card payment. For families who prefer to pay by check, it’s more convenient than physically writing and mailing or delivering a paper check. An electronic check simply replaces the paper check and moves the funds electronically between two bank accounts. 

It’s also less time consuming. Your families don’t need to drive to your funeral home to meet with their funeral director and give them the check. You also don’t have to wait for it to arrive in the mail or worry about it getting lost. With an electronic check, it’s delivered almost instantly with just the click of a mouse or tap of a finger. The processing fees for electronic checks are typically less than other online payment methods, so your firm saves money when families choose this option. 

Instead of using costly third-party services, use a tool that’s built directly into your website. With Tribute Pay on your Frazer-powered website, you can offer families credit card processing and electronic checks as funeral payment options, as well as the other methods discussed below. 

Funeral Crowdfunding 

Your funeral home doesn’t have to just stop at credit card processing and electronic checks. Another option that allows families to reach out to their community for support is funeral crowdfunding. With this payment option, you can help families raise funds for the funeral expenses, medical bills, memorial fund, children’s college funds, and other necessary living expenses. It’s an easy way for family, friends, and even kind strangers to show their support. 

Rather than using a third-party service, the best solution is to offer crowdfunding directly on your funeral home’s website. With Tribute Crowdfunding on your Frazer website, your funeral home is in control of the funds raised. It also keeps traffic on your funeral home’s website, which means more potential client families. 

Funeral Financing 

For families who can’t afford to pay the expenses all at once, they may benefit from financing. With 63% of Americans not having enough savings to cover an unexpected expense of just $500, per Forbes, this may be more families than you think.  

With a funeral loan, they can pay back the expenses over time instead of all at once if they can’t afford it or want to keep their emergency savings. Families get peace of mind that their loved one’s funeral is taken care of and that they can take their time with the payment. While your funeral home gets peace of mind that you’re still paid right away. 

With Frazer, you can offer Tribute Loans directly on your website! We work with 10 different lenders across North America, so your families get competitive rates. They pay back the lender over time, so your funeral home gets paid up front. 

Life Insurance Assignments as Funeral Payment 

For families who don’t want to take on a loan or be at risk of not raising enough crowdfunding funds, life insurance assignments may be right for them. If their loved one has a life insurance policy, they may be able to submit a claim as funeral payment. With this option, they can pay the expenses right away and not have to worry about paying anything back later. 

Your employees shouldn’t have to spend hours of your day filling out the paperwork. That time is meant to be spent with families. Instead of working with a provider that requires a lot of paperwork, time, and money on your end, it’s best to use a digital solution that saves you time and money. That’s why we partner with Tribute Insurance Assignments, so everyone gets paid faster than ever before. 

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