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    What are Refund Transfers?

    Jun 10, 2014 - 2 min read

    Refund Transfers Help Tax Professionals Get Paid

    Refund Transfers Empower Tax Professionals

    This post is intended for the tax preparer, regardless of experience, who is interested in learning more about “tax refund bank products,” or “bank products” for short. To understand refund transfers, it’s helpful to understand what happens at your tax office.

    When engaging a new client, tax preparers will typically ask for upfront payment and, in rare cases, a tax preparer may decide to assume a credit risk by preparing the taxes anyway and collecting payment at a later date.

    Simply put, refund transfer is a third option which allows  tax preparers to collect payments from a taxpayer’s refund with the assistance of a trusted financial services provider.Ebook BannerThe Refund Transfer Process

    What does this mean exactly and how do refund transfers work?

    It means that tax preparers can help new clients without worrying about getting paid because the financial services provider is a trusted third party whose primary responsibility is to receive and disburse funds to the appropriate parties.

    These disbursements typically come in the form of a check or direct deposit, and the financial services provider charges a fee for providing this service.

    Refund Transfer Benefits For Tax Preparer

    1. Can boost sales by serving a wider customer base

    2. No anxiety about getting paid or turning away cash-strapped customers

    3. Offering tax refund transfer is easy and fits with existing tax preparation workflow

    4. Refund Transfer providers work seamlessly with most professional tax software programs

    5. Higher customer satisfaction and loyalty

    Refund Transfer Benefits For Taxpayers

    1. Can have taxes prepared and pay out of the refund once it arrives for a small fee

    2. Quick access to refunds, even without a bank account

    3. Can cash checks for a low, flat rate at thousands of locations nationwide

    4. Refunds can be deposited into reloadable debit cards

    5. Free mobile apps are available to view balances and track refund status

    In our next post, we’ll share an infographic that best describes refund transfers.

    Do you use tax refund transfers? If so, why did you begin offering them and what do you like and dislike? Find us on twitter #taxprotalk @refundo. 

    Jesse loves marketing and writing posts that focus on adding value to tax businesses across the country.

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