In my previous post, we discussed the perception of refund advances, good and bad, and focused on how it can be improved. The good represented the options it gives consumers. The bad revealed itself in how it was being executed.
Whether you’re constantly keeping track of industry news or catch the occasional Facebook link, the purpose of the series is to provide real examples and thoughtful insights, so that you can form your own opinion.
With that said, here's how and why Refundo introduced the Refundo NOW advance program for consumers.
Perception of Refund Advances
As I mentioned before, refund advances have been around for quite some time. Until recently, it's been kept pretty quiet. That is to say, the tax industry viewed it as a headache, and the government, as a program that robbed people.
This is me putting it mildly. From a consumer standpoint, refund advances kinda felt like trying to find a good mechanic.
“If I don’t fix the timing belt, wipers, and brakes, then I wont be able to guarantee my work”. “But sir, all I need is an oil change”.
It’s probably why they didn’t have the best reputation. So, you can imagine the endless talks we had as a company to pursue the NOW program.
Taking Action with Refund Advances
So why would Refundo invest in a seemingly ill advised task? Traditionally, most companies would stay away from the bad perception, but in Refundo's case, they embraced the challenge, for the sake of people who desperately need it.
Preparation fees hindered taxpayers from completing taxes, so we used refund transfers to eliminate out-of-pocket expenses at filing.
Junk fees hurt the taxpayers, so we introduced a “No Junk Fees” refund transfers program.
With NOWs, our focus is finding an alternative to help our communities, while instilling a different mindset, and showing how refund advance process works. In order to do that, we had to trust the public and make sacrifices of our own. So, we proposed both $500 and $1000 refund advances and removed all fees from taxpayers.
Doer not a Talker.
Now, even though being a “doer” sounds interesting, it does come with it's challenges. As innovators in the industry, we are bound to come across higher risk; even overcome hurdles that are unknown to other companies.
It comes with the territory. And when we give our goals some perspective, it's all worth it.
Whether it’s a single mother putting food on the table, a family trying to make this month's rent, or an unemployed father looking for work, the goal is to help.
Refund Advances Moving Forward
Throughout the post, I’ve referenced a particular theme. Whether it's “don’t talk about it, be about it”, or the familiar “actions speak louder than words”, I hope Refundo's message to take action is clear.
It’s evident how refund advances create discussion. So much that, it helps identify those trying to make it better, and those who manipulate it in their favor.
The next posts will depict how it affects both the tax professional and the taxpayer, particularly on a tax professional's competitive edge and the relationship with their clients.
Perhaps that will further our understanding and even heighten our perspective. Still, remember, that it’s our actions that will make the difference.