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Case Study

Unlock success stories: discover how BillPro drives business growth

BillPro case study section, highlighting business growth achieved through the platform with a 350% growth chart and successful payment confirmation

Prosperous Life and BillPro

Prosperous Life is a later life services company established to provide funeral plans to customers in the United Kingdom with a mission to deliver peace of mind and ease the burden on family and loved ones in their time of need on the passing of a plan holder.

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Market introduction

The cost of funerals has increased disproportionally over time, outpacing gains in household expenses and other costs. Bereaved family members experience stress and duress when faced with the burden of planning a funeral when a loved one passes and are often challenged to make the necessary financial arrangements.

A pre-planned funeral is a responsible way to make these arrangements in advance, alleviating the burden on loved ones - with the benefit of being cost effectively priced at today’s rates.

A timely opportunity

The founders of Prosperous Life had amassed a significant body of experience driving growth in a similar business and were keen to launch their own venture. They were confident they could deliver an industry leading service at the market’s best prices.

Prosperous life logo

Before BillPro

In the months following launch Prosperous Life was growing, but not at the pace anticipated. Growth was constrained by an initial limitation to sell fully funded plans to the small number of customers who could afford to make full payment at the time of sale. The up-front capital commitment priced the product out of reach for many willing customers, challenging the sales team with many missed opportunities.

Early challenges

Growth was also limited by capital constraints endemic to their industry. On one hand strict operating protocols required that all sales were funded to an independent funeral plan trust, while a higher-than-expected volume of refund requests limited the free funds available to invest in growth. Due in large part to the significant up-front cost, some customers who committed and paid then reconsidered, apparently deciding to defer this expense until later in life.

A further occasional challenge involved some customers, perhaps embarrassed to request a refund after agreeing to purchase, instead charged back their transaction, claiming to their bank or partner that they didn’t recognise the purchase or had been mis-sold. An impact of receiving such high value chargebacks, even in very low numbers, was that the acquirer’s risk team was in a state of high alert.

Results with BillPro section showcasing an installment payment plan with flexible options like manual and split payments, emphasizing its impact on Prosperous Life's growth and pricing optimization.

Results with BillPro

Prosperous Life successfully navigated the early challenges and was maturing into an industry leading position. The considerable capital base they had now funded to trust provided the leverage to experiment and iterate to optimise pricing. They already offered several product versions serving different price points (eg. silver, gold, platinum), and now BillPro delivered a practical way to establish extremely flexible instalment payment plans on almost any terms.

Unprecedented billing flexibility

On adopting BillPro, the sales team could offer customers the flexibility to lodge an affordable down payment for any amount as low as £199 and then pay off the balance on a bespoke instalment schedule, at any interval (weekly, monthly, fortnightly, etc.) over any duration to make the plan affordable to every customer. The affordability barrier was removed, the product was now imminently accessible to all.

Unprecedented billing flexibility highlighted by a customer payment plan, showcasing BillPro's ability to set low down payments (£199) and customizable installment schedules with options for frequency, interval, and duration, breaking affordability barriers

Goldilocks billing plans

Sales skyrocketed by over 350% between years two and three, the refund to sales ratio reduced considerably as more customers settled into a “goldilocks” payment plan that fit them perfectly. Moreover, the chargebacks issue was completely mitigated, with disputes averaging just 0.04% of sales, effectively zero percent.

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Sales skyrocketed

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increase in recurring revenues

Unprecedented growth

The company’s instalment paying customer base grew. Over the course of several years recurring payment volumes increased over 12x, by which time Prosperous Life had established more than 30,000 instalment payment plans on the BillPro platform with collection schedules ranging from a few months to up to 10 years.

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Recurring payment volumes increased

An expanded business opportunity

Happy customers had a trusting relationship with the company and more free capital. The founders identified a new opportunity to offer a range of ancillary products providing a more comprehensive suite of later life services. The natural synergy led to the creation of a new and larger business opportunity which is thriving today.

In the face of shifting industry tides, Prosperous Life was eventually sold to one of the UK’s largest and longest running funeral plan providers. Orchestrating one-off and instalment payment plans through the BillPro platform reduced operational overheads and freed up resources to pursue alternative lines of business, playing a pivotal role in the success of one of the UK’s most prolific and successful funeral plan providers.

BillPro Limited is a company registered in Gibraltar under company number 115795. Registered office address Suite 1 Burns House | 19 Town Range | GX11 1AA | Gibraltar. BillPro Limited works with a number of Merchant Acquirers. These acquirers undertake the processing of card transactions. Businesses will be required to enter into and maintain a separate contract with an acquiring bank nominated by BillPro for the processing of card transactions. Under the contract with the acquiring bank, transaction charges and other fees will apply. Fees are described in the pricing section of our website are representative of the fees charged by our nominated acquirers, but may not be exhaustive.

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