We’ve repeatedly talked about the importance of offering online funeral payment options to your client families. By offering convenient online options, your firm can earn extra revenue. While your families can funeral plan without worrying about how they’re going to pay for it.
But don’t just take our word for it! We’ve compiled some must-know statistics about online payments. This way, you can make more educated decisions about what funeral payment options make sense for your firm, while also getting a better understanding of why families want online payment options.
Check out these blog posts for more eye-opening funeral technology statistics!
Online Card Payments Increased By 20% Throughout 2015 to 2018.
Per the
2019 Federal Reserve Payments Study, online card payments increased by 20.5% annually throughout 2015 to 2018. This is significantly higher than the 5.8% annual increase throughout 2015 to 2018 for in-person card payments. However, in-person card payments during 2018 had a higher total than online card payments, with 86.1 billion in-person card payments and 33.5 billion online card payments.
But it’s important to keep in mind that these statistics are from before we started practicing social distancing due to the COVID-19 pandemic. We’ll talk more about pandemic-related statistics in the next section.
84.4% of Consumers Chose a Business Because of Contactless Services.
This is according to Podium’s
The State of Local Business Report, which also found that 53.3% of consumers are avoiding businesses without contactless services. Even after the pandemic, this trend is here to stay, as 80.3% of consumers who have used contactless services want their local businesses to continue to offer them in a post-pandemic world.
Contactless services like for payments are simply more convenient for families. Instead of making a trip to your funeral home, they can pay from the comfort of their home.
79% of Smartphone Users Made an Online Purchase in the Last Six Months.
Per
OuterBox, almost 80% of smartphone users made an online purchase with their smartphone in the last six months. This doesn’t come as a surprise, since
one in five Americans
access the internet only from their smartphone.
That’s why it’s so important that your funeral home’s website has a
responsive design, meaning that it responds to all device types. Having an excellent user experience is especially important when entering information for online payments.
In 2018, More Than 50% of American Adults Made a Payment on a Smartphone.
Pew Trusts
also found that many people don’t trust mobile payments with protecting their personal information. They found that 53% of people who
don’t
use mobile payments think they’re not well protected, while 25% of people who
do
use mobile payments think they’re not well protected.
To ease these worries, your funeral home’s website should be
SSL-secured. This means that sensitive data, like credit card numbers, are scrambled so hackers can’t steal them.
About 56% of Bills Are Paid Online.
That's about 8.2 billion bills, according to
Yahoo! Finance. To break it down by generation, they found that these percentages of each generation pay their bills online versus by mail:
- 42% of seniors
- 52% of Baby Boomers
- 60% of Generation X
- 61% of Millennials
While younger, more tech savvy generations like Millennials aren’t your target audience now, they will be in the future. When it comes time for them to funeral plan, they’ll likely prefer to pay their funeral bill online versus in person.
To make sure your funeral home keeps up with the times, offer multiple options for online payments with
E-Pay! With this payment platform, families have many choices, such as paying directly on your
SRS Website, through an emailed voice, or with
life insurance funds.
Click here
to try a free demo of E-Pay!