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Get Ahead of the Competition by offering Refund Advances
Aside from very few industries, the marketplace is bustling with an abundance of options from which customers can choose. The tax prep industry is more competitive today than ever before. Understanding consumers have a buffet of options in front of them, should also raise the priority of offering a competitive advantage. Paying attention to consumer needs acts as a guide to building an effective list of services. Refund advances make you more competitive by offering a service with substantial demand, and relatively few competitors.
Refund advances make you more competitive because it allows you to deliver funds due from refunds directly to your customers. This a sought-after service that appeals to customers looking for a quicker turnaround on tax refunds. It also benefits you as the tax professional. Tax advance refunds go hand-in-hand with tax refund transfers as the payment method, securing your payment.
Read Refundo’s article on understanding the appeal of refund transfers for more information on the popular buy-now-pay-later method and the many benefits it offers customers.
Why Refund Advances Make you More Competitive
Some of the competitive advantages of offering refund advances have already been touched on, but there’s more to the story. Securing payment for your services, and offering consumers direct access to their funds is only the beginning. In regards to how refund advances make you more competitive, we dig a level deeper.
Refund advances help grow business and increase customer loyalty and retention. In order for refund advances to effectively grow business and contribute to customer loyalty, they need to meet certain criteria.
Positive Customer Experience: Always a priority, creating a positive customer experience is integral to any service-based industry. Whether a fine-dining restaurant, or a tax preparation business - customer service and customer experience should be a main priority. In terms of refund advances this is just as important. Customers should leave with a smile on their face, fulfilment in their heart, and a pocket full of cash after an authorized tax refund advance. According to a Zendesk Customer Service Study, good customer experiences lead 42% of consumers to repeat purchases.
Delivering on Promises: Delivering the services promised is a main contributor to building brand-reputation. Failure to meet customer expectations is a bad path to start on. Lee Resources cites that 91% of customers that receive a bad experience, including a misrepresentation of services, won’t do business with that company again.
Bad reputations are an easy way to kill business. The White House Office of Consumer Affairs reports that unhappy customers will share their dissatisfaction with at least 15, if not 20 people.
Convenience: Almost the entire appeal to a refund advance is the convenience of immediate access to the tax-refund owed. Pair this with the convenient refund transfer payment method, and a logical conclusion emerges. The quicker the process, the more value is offered to the customer.
With Refundo’s NOW Advance program customers can expect a sensational 70%+ approval rating when it comes to filing tax advances. Additionally, approval takes a mere 15 minutes on average. Comparing those to other programs that offer under 40% approval ratings, and can take up to 48 hours to approve - Refundo stands out amongst the competition.
Tax refund advances make you more competitive for a whole slew of reasons. Being able to offer this service builds business, attributes to repeat customers, and leaves customers satisfied. Get more information on Refundo’s NOW Advance Program that offers over 70% approval rates in less than 15 minutes. Or get in touch with Refundo, and join the community of tax-professionals dedicated to growing their business.
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