<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=1633986543543221&amp;ev=PageView&amp;noscript=1">
Login
Sign Up
Search

    Refund Transfers: The Growing Popularity Of File Now, Pay Later

    Refund Transfers Are The Modern Day "Buy Now, Pay Later" ‘Buy now, pay later’ might sound like the makings of ...

    2 min read

    Refund Transfers: 3 Ways To Help Taxpayers Feel More Comfortable

    Helping Taxpayers Feel More Comfortable With Refund Transfers Comfortability comes with time, understanding, a...

    Understanding The Appeal Of Refund Transfers

    Refund Transfers: The Benefits Of Multiple Payment Methods Refund transfers are a specific payment method that...

    2 min read
    Recent

    How Can Refund Transfers Grow Your Tax Business?

    Sep 05, 2019 - 2 min read

     

    how-can-refund-transfers-grow-your-tax-business (1)-1

    Refund Transfers: A Missed Opportunity

    It's safe to say that most tax preparers prefer to get paid upfront, and when they do, it's a missed opportunity. Sounds a bit cynical to say it like that, but here's why. 

    Since most tax pros prefer to get paid upfront, they inevitably structure their business around it. In other words, all of their marketing efforts, processes, and strategies revolve around that main goal. In doing so, they miss the chance of offering refund transfers and reach a wider audience.

    Essentially, you pigeon hole your tax business into one specific audience...only those that can pay you upfront

    When it comes to getting paid, the refund transfer route takes a bit longer, but still has the same result. This way, tax pros allow taxpayers to file their taxes without paying upfront, and open their services to more people.Ebook Banner

    Unbanked and Underbanked

    As you consider refund transfers, you should pay attention to unbanked and underbanked trends. Unbanked means the household had no one with a checking or savings account. While underbanked means the household had at least 1 checking or savings account, and used services like pay day loans in the past 12 months. 

    Why is this significant to refund transfers

    Because it allows taxpayers who don't have a bank account to e-file and conveniently access their tax refund via direct deposit. This, in turn, lets them pay for housing, living expenses, and debt in a timely manner.

    This Map Represents Unbanked Rates By State

    Highest - TX, NM, AL, MS, GA, LA, NY

    Screen Shot 2019-06-20 at 2.04.01 PM (1)

     

    This Map Represents Underbanked Rates by State

    Highest - TX, OK, GA, AL, MS, LA

    Screen Shot 2019-06-20 at 1.51.37 PM (2)

    Having a visual of these trends and stats help you make important decisions about your tax business as it relates to refund transfers. These people are ideal clients for refund transfers, so why not create advertisements and messaging that caters to them

    When deciding on refund transfers, consider how location creates opportunity and how its helps identify a potential untapped market for your tax business. You could be missing out on a lot of business, especially if you live in states that have high unbanked and underbanked rates.    

    Jesse loves marketing and writing posts that focus on adding value to tax businesses across the country.

    Save time and money in one click

    Refundo streamlines productivity, virtual tax prep, refund transfer services, and more.

    Get the most out of your tax business today

    Subscribe to our blog newsletter

    Get the latest tips on productivity and management sent to your inbox

    Thinking of adding a virtual tax business?

    Offer customers your own app or website to securely gather their tax info and import into your tax software.

    geofencing_map