Allow clients to receive their tax refund in crypto with CoinRT
As technology increases in functionality and practicality, so evolves the way financial transactions take place. In recent years crypto currency has been gaining traction as a popular virtual-currency that is encrypted, secure, and normally untraceable.
However, cryptocurrency is gaining mainstream traction, and is starting to become an acceptable form of currency in more and more industries. Cryptocurrency as one of your refund options might seem a little bizarre, but remaining competitive means staying up to date with consumer trends.
In the era of information, more and more power has been transferred from the companies to consumers. Consumers, sometimes unwittingly, are able to control and influence the marketplace in a significant capacity. With more and more consumers migrating to cryptocurrencies, the market has no other option but to follow suit and normalize the use of cryptocurrency in everyday transactions.
Benefits of Cryptocurrency
Consumers wouldn’t be migrating to cryptocurrency without some sort of perceived benefit to implementing the new currency and spending the time and effort on transitioning to crypto. With that, there are three main perceived benefits to cryptocurrency.
The first is the security that it promises. Cryptocurrency, unlike credit card and debit card transactions, can be encrypted, and tracking the transactions can be much more difficult. This added layer of security is enough to convince some people to transition to the new currency by itself.
However, there are two other significant benefits that people using crypto will speak about. Beyond security is the universal aspect of the currency. These currencies are theoretically accepted world-wide, unbound by borders, region-specific currencies, or other limiting factors. This allows users of crypto to spend on a global scale without involving conversion rates.
Finally, cryptocurrency can be viewed as a financial investment. Because cryptocurrency is essentially brand new, there is a lot of potential for investors to see the value of the currency grow significantly. Investing in crypto as an investment strategy can be both rewarding, and very risky.
Tied to international economies and a blend of currencies that rise and fall in value regularly, cryptocurrency is seen as a semi-volatile market. Early investors can come into a financial windfall, or could see their investments plummet - depending on the type of crypto they invest in.
Crypto as a Tax Refund
Naturally, since cryptocurrency is becoming so much more popular, there are more and more market opportunities for companies and consumers to utilize the virtual coin. Tax firm’s that want to stay ahead of the curve and serve the most modern and tech-savvy demographics should seriously consider Refundo’s CoinRT.
CoinRT is Refundo’s tax product that allows tax professionals and tax offices to offer their clients tax-refunds in the form of cryptocurrency. This can be a huge differentiator for you and your tax firm that sets your far apart from the competitors in your region.
Additionally, because of the demographics that cryptocurrency appeals to the most, there is a good chance that your tax firm can gradually increase their average price for tax-prep services to ensure that you’re competing in the correct price range for a higher-end demographic.
The process to deliver a coinRT tax-refund to your clients is relatively basic.
Create Account - Create a Refundo Coin account, and receive your unique routing and account number.
Prepare Return - Prepare the tax return through your favorite provider - but do not file yet.
Enter Account Number - Enter your assigned account number on the appropriate form, whether 1040, or 8888.
E-file - E-file the return with the IRS.
Refund Processing - The IRS then processes the refund, usually this takes about 21 days or so.
Refund Received - Once processed, the refund is sent to Refundo where they document receipt, and move it forward.
Bitcoin Exchange - In moving the refund forward in the context of a cryptocurrency refund, the refund is exchanged into Bitcoin, and passed along.
Sending to Wallet - After the exchange - Refundo moves the cryptocurrency to the indicated address that was assigned at sign up.
Cryptocurrency Refund - Just like that, your tax-refund is in accessible and flexible cryptocurrency, directly in your account.
Diversify Your Refund Options with CoinRT
The marketplace is constantly shifting, as are consumer trends. Keeping updated on the most recent and most prevalent consumer trends will help your business remain competitive and differentiated.
With cryptocurrency growing steadily in popularity and use, it makes sense that consumers would want to receive their tax-refund in the form of cryptocurrency. Visit Refundo today to get started with CoinRT and start offering crypto returns to your customers.