Innovative payment management solution CareCap has launched Simple Funeral Payment Plan (SFPP), which makes it easy for funeral service providers to offer in-house payment plans to customers.
With the partnership, CareCap gains access to 22,000 funeral service providers across the United States.
The launch of SFPP is part of CareCap’s partnership with AtNeedCredit.com, an online marketplace that allows funeral homes, cemetery or cremation businesses to provide payment plan to customers.
The SFPP streamlines and automates the billing and collection of customer payments. It can also be used to collect and manage funeral accounts receivables.
Nevil Hermer, CEO of CareCap, commented, “This is a tremendous opportunity for both companies to help consumers through an already difficult period. “Setting money aside for funeral services is something that a lot of people never get around to doing. So, when a death occurs, many people are not prepared for the cost. With SFPP, families and funeral directors have an easy, affordable financial option that helps make those costs more manageable.”
Access to immediate credit is a mounting concern for many Americans. According to a recent report from the Federal Reserve, 47 percent of Americans are not able to pay unexpected bills of over $400 without borrowing money.
Sixty-percent of Millennials also don’t own a credit card and have limited access to emergency lending or financing. These factors are driving many consumers to look for easier ways to pay for services such a funeral costs.
“Having to cope with the loss of a loved one is stressful by itself,” said Jeff Harbeson, managing partner of At Need Credit. “Having the added responsibility of making and paying for funeral arrangements can make it even more so. That’s where we believe CareCap’s solution is invaluable to our network of funeral service providers and their customers.”