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    Refund Transfer: Offering Multiple Tax Prep Payment Options

    May 06, 2020 - 3 min read
    Refundo - Refund Transfers_ The Benefits Of Offering Multiple Tax Prep Payment Options (1)

    Offering Alternative Payment Methods

    As a tax preparer, you are balancing your responsibilities for clients and the need to run a successful and profitable tax preparation business. Running a successful tax preparation business involves attracting new clients and keeping your old clients happy and satisfied with your services.

    The reality is the tax preparation industry is highly competitive and each of your clients has several options available to them for tax filing. Rather than get lost in the crowd, it is important that you are able to keep up with the expectations and demands of tax preparation customers. Expanding your tax prep payment options (refund transfers) for your customer base will allow you to meet the different needs of your clients.

    Tax Prep Payment Options

    It is likely your office offers a variety of traditional payment options for tax preparation services such as accepting cash, check, debit, or credit cards. However, if your tax preparation business is not accepting refund transfer as a payment option you may be missing out on a crucial opportunity to grow your company.

    How Does A Refund Transfer Work?

    refund-transfers-video (1)

    A refund transfer allows the client to pay their tax preparation fees with a portion of their tax refund. The client will pay an additional fee for this refund transfer service, which will be included in the amount deducted from their tax refund.

    The process for refund transfer is simple; after you completed the preparation of your client's tax return you will continue to e-file at which time your client will select refund transfer as their preferred method of payment.

    Once the return has been processed and a refund is issued, the refund is sent to Refundo. Immediately after receiving the refund, Refundo will deduct all tax preparation fees and the refund transfer fee.  

    Once the fees have been deducted, the tax preparation fees are sent directly to your company and the remainder of the tax refund is transferred to your client's preferred method whether it is a bank account or in the form of a check.

    Refund Transfers Benefits You & Your Clients

    Tax preparation services are a necessity for many tax filers. Depending on their financial circumstances, not all filers have the ability to pay their tax preparation fees upfront. This often leads these filers to look for alternative tax preparation services that can meet their financial needs and deduct their fees from their anticipated refund, or they delay filing their tax returns for as long as possible.Attract Taxpayers To Your Tax Business

    By offering a refund transfer service, you are expanding your offerings to a new group of clientele that can help you grow your business and revenues instead of turning these customers away.

    Benefits of including refund transfers into your payment offerings:

    • Ability to Promote Zero upfront costs for customers
    • Retain customers by offering a variety of payment options
    • Attract new customers that rely on refund transfer services to make their tax prep decisions
    • Encourages customers to file earlier in the tax season
    • Reduces the likelihood of failed payments or threat of future chargebacks

    Why Choose Refundo's Refund Transfer Service?

    At Refundo, we offer a refund transfer service that you can add to your office's tax preparation payment options for your customers. Our refund transfer service offers some of the most competitive rates in the industry with a low fee of $34.95 per transfer.

    Begin each tax season ready to go; we are available to meet the demands of tax preparation services beginning Jan. 2nd of each year with the ability to process refund transfers and advances.

    Contact us at Refundo to add refund transfer services to your payment option and take your tax preparation business to the next level.

    Jesse loves marketing and writing posts that focus on adding value to tax businesses across the country. In his spare time he enjoys playing soccer, loves to travel, and eat strange cuisines!

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