Refund Transfers and Instant Gratification
Do you guys remember layaway?
It was that old-fashioned system of shopping that allowed consumers to pay for items over the course of several installments. It gave consumers a fixed price, guaranteed availability, and best of all, no interest.
The only setback was that consumers had to wait to own the item.
Today, things operate a little differently.
Technology has made us more accustomed to getting things quickly, and thus, more impatient as consumers. Since companies are aware of how instant gratification affects our decision making, they established a buy-now-pay-later service that caters to this feeling.
Interestingly enough, refund transfers serve the same purpose.
Refund transfers essentially allow you to get your taxes professionally prepared with no initial out of pocket expense. Instead of waiting because you can't pay the prep fees up front, you can get the satisfaction of completing your taxes quickly (literally the same day filing season starts) and from a professional that is focused on maximizing your refund.
Why hasn't this mindset trickled into the thoughts of more tax preparers?
Probably because they would prefer to get paid up front. And if thats the case, tax pros are being pretty short sighted.
Purchasing decisions and behaviors are constantly changing over time, and it's the responsibility of small business owners to adjust accordingly. Even though refund transfers have been around for some time and offer the instant gratification we need during tax season, it wasn't until we got accustomed to getting things quickly (1 day shipping or building a website in minutes) that it started to make more sense.
Refund transfers provide the instant gratification taxpayers need during tax season, and tax pros can benefit from showcasing a product that resonates with the time in which we live.