Tips to Streamline & Grow Your Funeral Home
Posted December 12, 2018
4 min read
One of the most surprising factors that many business owners don’t realize can increase the amount of administrative burden they face: the payment processing solution they’ve selected.
You need a payment provider that will support your day-to-day business operations, will help you find a solution for your specific funeral home, and that will provide a solution that integrates with your existing systems.
Knowing this, we spoke with Perry Tatooles, Vice President of Strategic Partnerships for TransNational Payments (TNP), a leader in payment processing who we’ve recently partnered with.
We sat down with Perry to talk about how a payment processing solution should streamline your business’ operations and how it can—somewhat surprisingly—influence a families’ experience with your firm.
Here are 3 things you should know when choosing (and streamlining) your payment processing:
1. The bottom line benefits to being able to accept credit cards.
Perry can’t emphasize enough how accepting credit cards as a form of payment will significantly impact how a funeral business collects its payments. “Funeral home transactions are a high average ticket, and many times are an unexpected or unprepared for expense. Limiting to cash or check severely limits a funeral home from collecting it’s costs and fees in a timely manner,” he says.
While funeral directors may know this is the case, they might not have considered just how much it can hurt the business if they don’t have a seamless, reliable way to accept credit cards.
This can also reduce the cost of time and resources it takes to collect payments—and that can be weeks, months, or years after services. “Know that collection costs generally are significantly greater than the cost to process a credit card,” explains Perry.
2. The benefits of using a credit card for the families’ experience.
In today’s world, consumers are used to being able to use credit cards almost anywhere. At the time of sale, being able to utilize a customers’ line of credit can take stress out of the situation, as credit to a consumer is a deferred payment that may not have an immediate impact on their finances.
“Especially in a time of mourning, reducing the immediate financial impact to a customer can help to take a large stressor out of an already very stressful situation,” adds Perry.
3. The benefit of real-time transparency for your funeral home.
Having integrated payments can help consolidate a good portion of financial reporting, which reduces reconciliation time for business owners or for admin personnel. See if your provider shares paper statement reports, and check to see how often those are shared with you.
If they are sent on a monthly basis, for example, you’re able to have full transparency to up-to-date financial information that can help you make better business decisions. TNP offers access to additional reporting tools through a dashboard, which in includes transaction history, client databases, recurring bill payment, and e-receipts. The result is meaningful business metrics that can add value to your business and give you greater oversight on your business’ health.
Make One Part of Your Operations Simpler…Not More Complex
“You want to streamline, grow, and future-proof your funeral home. Generating business revenue and sustainable growth is tough, and can be complex; taking payments from your families shouldn’t be,” says Perry. Be sure you have the ability to streamline your operations and to see a return on investment for your funeral home.
“Generally, with payments there is an incumbent provider, and as a result, funeral professionals should look for a service that’s designed to reduce cost which can easily be allocated to other business expenses,” adds Perry. “For funeral homes that have never accepted credit cards as a form of payment, the key indicators to observe can include time to collect, enhanced customer experience, and generation or retention of business due to accepting or not accepting credit cards as a form of payment.”
When you see these indicators positively impacting your bottom line, the ROI for the business is made clear.
CRäKN is Proud to Partner with TransNational Payments
We’re proud to be partnered with TransNational Payments, a leader in payment processing. This not only means you’ll have seamless integration for payment processing, but the partnership also includes:
- Streamlined operations by processing and tracking credit cards all in one system
- Integration through CRäKN with your accounting system–meaning no double entry
- The ability to run transactions anywhere, anytime
We help funeral professionals save time, prevent duplicate work & reduce errors. Focus on the family, let us focus on helping you. Request a demo today!