Accepting Credit Card Payments For Your Tax Business
The days of carrying cash are almost completely extinct. A once very standard practice, that’s slowly been phasing out of societal norms over the past few decades, transactions involving cold hard cash have all but disappeared from the mainstream. Most businesses that remain ‘cash-only’ provide customers in-store atm’s. This way card-carrying customers can still shop and make purchases even without processing credit card payments.
However, there’s really no reason not to accept credit card payments anymore. With the elimination of most cash-based transactions, limiting the credit cards your tax-office accepts hinders your ability to grow. Plus, the consumer base is swiftly becoming more and more digitally integrated, meaning that businesses need to accommodate a more digitally-minded consumer.
Benefits of Accepting Credit Card Payments
There are many benefits that come with routinely accepting credit card payments. The results leave tax-prep offices with more sales, higher profits, and a larger book of business on average. Not only that, but customers see a big benefit as well. Customers will feel inconvenienced if their credit card isn’t accepted, and have a poor customer experience as a result.
Customers with a negative experience are much more likely to post bad reviews, or tell their friends and colleagues about the bad experience than they would be an average, normal, or above average experience. This means that negative reviews are extremely impactful, and can significantly impede customer retention, customer loyalty, and company growth.
Finding Extra Sales
Refundo’s software allows your tax-prep-office to accept any and all of the major credit cards that consumers are likely to carry. This allows the tax-office to be more open and inclusive in their marketing efforts, as well as ensure that they’re able to win any customer that walks through their door.
The capability to win a customer, however, is separate from the act of actually winning the customer. In other words, a company can have all the tools they need lined up and ready to serve their customers, but with a poor reputation for bad customer service, that company simply won’t win clients over competitors that have higher rates of customer service, and similar pricing.
These extra sales that are garnered through accepting credit card payments compound on one another, and add up to significant profits over the course of the fiscal year. Implement the process of accepting all credit card payments, and watch as your sales begin to soar.
Consumers don’t want to be inconvenienced. The rise of Amazon is proof of that in and of itself. Inconvenience is actually one of the strongest driving factors when it comes to consumers choosing brands. In fact, many consumers reported that they would rather shop at a competitor than deal with lengthy queue times and poor customer service. In other words, the customer’s time is your money.
Keeping goods and services convenient and accessible benefits both the end-consumer, as well as the business entity, no matter the industry.
Of course there will always be some sentiment on the “days of old”. However, operating in 2020, means considering the specific challenges and business standards of the current marketplace.
According to data published by the American Bankers Association, as of November 1st of 2019, there were 374 million credit card accounts open in the U.S.
This means that the average consumer in America is making some portion of their monthly purchases with a credit card. Come tax-season, this demographic is a goldmine for tax-professionals equipped and prepared to handle credit card payments, or any other modern and popular tender.
Running With Refundo
Refundo’s dashboard is already situated to allow tax-prep firms to accept any of the major credit cards. This is to facilitate and encourage your tax-firms expansion and growth, as Refundo is here to assist with all of your tax-tech needs and more.
Refundo is the premier tax-firm owner's resource. From updated information on the industry, to the best of the best in tax software, and the technology you need to elevate your tax-prep firm - Refundo is the place to go. Get in touch with Refundo today to start tackling all of the challenges that you and your tax-prep office face on a daily, weekly, and yearly basis.