<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 ...

    3 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...

    3 min read
    Recent

    Understanding The Appeal Of Refund Transfers

    May 18, 2020 - 3 min read

    Refund Transfers: The Benefits Of Multiple Payment Methods

    Refund transfers are a specific payment method that is unique to the tax service industry. Simply stated, refund transfers occur when an individual's tax refund is confirmed, and they select to use a portion of that refund to pay for the tax preparation services rendered. 

    Multiple Payment Methods

    There is an abundance of appeal to selecting tax refund transfers as a payment method. The most obvious benefits are consumer facing, but prioritizing customer experience and customer benefit will in turn generate more business, repeat customers, and one of the oldest and most powerful marketing tactics there is: word-of-mouth. 

    Customer Benefits that Drive Appeal of Refund Transfers

    Customers reap a variety of benefits from selecting refund transfers as their payment method, as highlighted in Refundo’s article on implementing refund transfers, and two of the main factors driving appeal and contributing to refund transfers as a growing trend are:Refund Transfers Ebook

    Convenience:

    There really is no other payment method that’s as convenient as refund transfers when it comes to tax-prep fees. This is because there are no additional steps added to the process for the client filing, or the tax professional conducting the work.

    As the refund gets distributed from the IRS, it first passes through a refund transfer bank, like Refundo, responsible for deducting fees, and distributing the proper portions of the refund to tax pros and their clients.

    There can be some additional fees included with tax refund transfer processing, however most people view these as a nominal cost in comparison to the convenience offered by tax refund transfers. 

    Lack of Upfront Cost:

    Speaking of cost, one of the most influential factors in any industry: lack of an upfront cost is another point of appeal to customers filing taxes through tax professionals and selecting refund transfers. 

    Without an upfront cost, customers feel prioritized and like they may have gotten away with something, and while the tax professional benefits from a guaranteed payment; both parties walk away happy. However, the transaction doesn’t end there. 

    Refund-Transfer No Upfront Payment

    Leaving customers with an outstanding experience increases repeat business and loyalty in customers, which in turn will amplify referral rates, and generate additional business. 

    The Tax Pros Appeal

    The customer isn’t the only beneficiary of a refund transfer. Tax professionals and firms also benefit from this payment method on multiple levels, making tax refund transfer processing platforms more than a worthwhile investment. 

    Guaranteed Payments:

    Tax professionals want to focus on taxes; not collection efforts. Implementing tax refund transfers as a payment method for individuals due a refund is a simple solution to guaranteeing payment as the tax professional. 

    Since the refund will be automatically divided and distributed appropriately by the specialized bank; there’s no chance for customers to ditch the bill, and tax professionals can rest assured they will receive the fees due for tax services rendered.

    Reputation and Branding:

    The more reputable a company becomes, the more organic traffic and organic business will be generated. This is because customers, more than ever, want to choose brands that they can trust, brands that employ transparency, and brands that prioritize the customer experience over the bottom line. 

    Refund Transfer Help Brand Reputation

    Immersed in information, consumers have access to reviews and ratings at their fingertips with smartphones and other smart devices. Offering refund transfers is a simple step that simplifies the tax-prep payment process, and also allows tax businesses to compete at the highest market levels. 

    Larger Target Market:

    Eliminating upfront costs allows for broader and more versatile marketing campaigns that target a larger consumer base. While a large audience with general marketing tactics won’t yield the desired results, having access to a larger total audience which can be broken into smaller market segments with individualized campaigns can yield massive results. 

    Refund Transfers Reach More People

    There is a vast appeal to refund transfers for both tax professionals, and individuals, and are swiftly becoming an industry standard within the tax-industry. As a necessary and worthwhile investment, learn more about the many benefits offered by Refundo’s powerful refund-transfer processing platform.

    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!

    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