Nicole Vullo
on
Written by the Team at Family Shield Credit
As many funeral home owners and directors would agree, sometimes it can be hard to talk about payment with families during an arrangement. Because of this, funeral homes often times will perform a service and then look to collect payment afterwards. Next things next, your accounts receivables start to pile up and now you are spending more time on collections than you are focused on running your business and meeting with families. If this sounds like a familiar problem, it might be time to look for another solution to help. Family Shield Credit has made strides to address this very problem, and while they have only been around for just 3 years, they have already helped over 500 funeral homes across 24 states. By offering affordable loan options to families ranging from $2,500 to $25,000 for funeral expenses, they are able to see a difference in both the services families choose and the experience they have. Since launching the program, the biggest takeaways have been:
- Allowing families to ‘buy time’ by providing a loan option so families can spend more time on grief and less time on gathering funds
- Increase the average revenue per service
- Reduce accounts receivable
Lets dive into each one of these:
Buying Time
“Family Shield Credit delivers exceptional care to the families we serve. Their payment plans give the family the time they need when they need it most.” – Jimmy Altmeyer, President – Altmeyer Funeral Homes
For many families, the emotional toll of losing a loved one is compounded by the immediate financial obligations that accompany a funeral. When families have to come up with the total cost upfront, it can cause undue stress. Family Shield Credit offers an effective solution by allowing families to “buy time” and spread out the payments over a monthly period.
By offering 36-month and 60-month terms, Family Shield Credit gives families the breathing room they need to grieve and make decisions without feeling pressured to pay everything at once. With this financial flexibility, families can focus on their loved ones and the emotional journey of planning a funeral, rather than worrying about how to pay for it all in a short amount of time. In fact, one-third of the loans issued by Family Shield Credit have been paid off in the first 90 days, reinforcing how some extra time can make all the difference in their ability to manage their finances and cope with the loss.
Increased Revenue
“Since onboarding with Family Shield Credit, we have noticed a dramatic increase in average revenue for families that opt to utilize their services. This has been a gamechanger for our operation.” – Chad Snyder, 3rd generation funeral home owner – Charles F. Snyder Funeral Homes
In addition to allowing families to “buy time”, the Family Shield Credit program is a great way for funeral homes to increase their revenue while providing much-needed financial relief to families. By eliminating customer sacrifice, it has allowed families to perform the service that they truly desire leading to an increase in revenue per service. In particular, funeral homes that offer Family Shield Credit have experienced a significant increase in their average service revenue. Additionally, many funeral homes have seen families borrow money in addition to paying with a traditional payment source. That is, families may use $10,000 of a life insurance policy and take an additional loan for $5,000 to experience the service they truly desired. As a result, funeral homes can attract more customers, enhance their reputation, and ultimately boost their bottom line.
Eliminate Accounts Receivable
“Family Shield Credit transforms delayed payments into immediate support, empowering funeral homes to focus on compassionate care while maintaining financial stability.” – Allen Dave, Chairman & President – Allen Dave Funeral Homes and Crematorium
One of the most significant benefits of Family Shield Credit is that it helps funeral homes eliminate accounts receivable. Traditionally, funeral homes often have to wait for payment from families, which can create a financial strain for the business. With Family Shield Credit, the funeral home is paid upfront within 48 hours, ensuring that the business receives full compensation promptly.
This shift from delayed payments to upfront funding allows funeral homes to maintain a healthy cash flow and focus more on providing compassionate care to families during their time of need. In turn, this can help ensure that funeral homes stay financially stable, allowing them to offer their services without the worry of delayed payments or unpaid bills.