Tax software and solutions have made the life of taxpayers and tax professionals easier. That’s why most people either choose DIY tax filing or go to the tax professionals proficient in tax filing using the software.
The Reason?
Most tax software and solutions have made it easier for the filers to claim their refund on their own terms.
Whether the tax filer wants an instant refund or wants to pay a tax filing fee from the refund amount, it’s available when they choose DIY filing with tax software.
However, the real business of tax professionals gets affected in this way. That’s why many solution providers also extend their services to tax professionals.
The collaborations result in advanced tax refund services along with professionals taking care of your tax return.
Many solution providers are already in this business. To take a few names, we can mention Refund Advantage, SBTPG, EPS, Refundo, etc. Refundo is also a company that provides several B2B and B2C solutions to help tax professionals facilitate their clients.
This article will review the products and services offered by Refundo. So let’s get into it and tell you how the company can help you scale your independent tax professional career.
What Is Refundo?
Refundo identifies itself as a company established to focus on the tax professionals and low-income communities who are ignored by the generalized strategies of banks and large financial institutions.
The company set up by two immigrants, Roger Chinchilla and Grimaldy Dominguez, in New York, is committed to serving the tax professionals like them and the low-income class in tax refunds and tax filing.
The company was established in 2011. Before that, two founders operated their tax offices throughout the East Coast.
They identified the gap that banks and financial institutions lack the right technology to create a focused strategy for independent tax professionals.
Therefore, it is time to act instead of waiting for the banking partners to disrupt and bring new technologies and solutions.
From being tax professionals themselves, the founders started helping tax professionals by initiating refund advances, creating marketing content for growing tax businesses, and everything that empowers the small businesses of independent tax professionals.
In short, they provide the necessary resources to the tax professionals they lack!
Products And Services
The company was established by people in the tax business who successfully ran their practice. Therefore, they offer a wide array of products and services for the small businesses of tax professionals.
From marketing strategies to refund advances and managing your business from a simple mobile app, everything is there when you choose Refundo.
Here are the products and services offered by the tax company:
1. Refund Transfers
Refund transfers are a very attractive feature offered by any tax solution provider or tax professionals to their clients.
Refundo lets the tax professionals offer the refund transfer service to their clients and attracts more customers with the option of paying later when a tax refund is received.
With the refund transfer services, the tax filers can choose to pay the tax filing fees later when the IRS processes the refund.
In fact, the good thing about the refund transfer is that Refundo has collaborated with top tax software like TaxWise, Drake Software, Tax Slayer, ATX, etc.
The fee for Refund Transfer in Refundo is $39.95 per return, which is at par with the market competitors. The benefits of the Refund Transfer service are:
- There are no hidden costs like setup fees, delayed deposits, misc costs, etc.
- With the electronic transfer, you get instant payments(fees) as the refunds are received from the IRS.
- The increment for add-ons is very nominal at $10-$12 per product
- For the franchises and service bureaus, volume discounts are offered by the Refundo
2. Refund Advances
Refund Advances are also considered one of the best strategies to retain current customers and attract new ones. The tax filers don’t have to wait for approval by the IRS to get their refund. Instead, they can get a part of their refund in advance to meet their cash needs.
What benefit does it bring to your business?
As a tax professional, it’s a great customer retaining and attracting strategy. When a tax filer knows he can get instant access to his refund instead of waiting for months, they will surely opt for that tax professional.
With the Refund Advance option, high approval rates are offered with no worries about the credit score. Even tax professionals can print check in their tax office for the convenience of clients.
How Does It Work?
The Refund Advance works as a client visits the office and asks the professionals to prepare the return.
The next step is e-filing with the IRS and request for a refund. After this, Refundo underwrites with the NOW Advance application; it is reviewed and approved.
Finally, the tax professionals print the checks, give them to the clients, and get their fees when the refund is received. The tax filer will also receive the remainder of his refund.
3. Virtual Tax Business
Virtual Tax Business is a merchant solution by Refundo, and it facilitates the tax professionals to take control of their business from anywhere.
The Virtual Tax Business allows you to grow your business without any limitation of location or space. You can get clients online using your app or website with the clients.
You can customize everything to give it a personal touch. You can add everything from brand colors to the logo and company information to a personal profile. The fee for EFIN is $50 per month, and you can get it for $300 for a year with an annual payment.
Refundo also offers a 7-days free trial to test and check if the solution matches your needs or not. In return, you get security, an increased client base, features like live chat, payment processing on popular cards, timely deposits, and customization.
4. Marketing
The minority-owned solution also has a database of marketing tactics and proven strategies for tax professionals to leverage on and succeed in their careers.
As a tax professional, you get free access to the marketing resources to scale your tax business by enrolling in the Refund Transfer Program.
Here is what you get to stand out from your competition:
- Printed marketing material
- Personalized direct mail
- Access to a digital marketing library with 150 digital ads to promote your business
- Ads in multiple languages
- SMS and Email Marketing
- Your Own Tax Website
- Appointment Scheduling
- Review Widget to show how satisfied your clients are
- Lead Generation
- And a lot more
5. Audit Protection
One of the biggest struggles and challenges for a taxpayer is making sure his financials are accurate to avoid any delay in refund processing or penalties for misinformation.
What if the tax professionals solve the problem?
Of course, it won’t only create an additional income stream for you as a tax professional but also increase customer retention. When your client knows you have a solution to his problems, he will come again and again.
It’s all about the Audit Program offered by Refundo.
You can offer your clients audit assistance and let the professionals at Refundo take care of the matters. You can earn a good amount of profit by providing your clients with a platform.
6. ERO Advances
If you are thinking of upgrading your office equipment, purchasing tax software, paying staff salaries, recruiting more employees, or launching a marketing campaign, you need capital.
With Refundo on your side, you can get the cash required to do anything to scale your business and attract more clients.
With high approval rates, you can get as much advance as up to $100K, which can be easily returned from the fees you collect during the tax season. Get your advance on easy terms, and don’t let your business scalability wait.
Conclusion: Is It Worth It?
The services and products we have discussed are not all that Refundo offers. The company also offers easy payment processing through cards for tax professionals.
With Refundo, the tax professionals can accept any card, be it VISA, MasterCard, or American Express. Besides, the Service Bureau feature lets you get insights into your office performance via the dashboard and updates about your offices or franchises.
What is the final verdict?
Is it worth using the service for tax professionals?
The short answer is Yes.
Why?
It’s a tax solution created by the tax professionals for the tax professionals. The platform offers you everything you are looking for to grow your business as a tax professional