Global payment processing services firm BitPay teams up with tax-related financial products and services provider Refundo. With this new partnership, U.S. taxpayers will be able to receive their tax refund back in Bitcoin (BTC).
Refundo is the most popular service provider founded in 2011 which offers taxpayers with professional financial services which involves refund transfers, advances, and refunds. Refundo's latest product called CoinRT enables taxpayers to get their portion of federal and state tax refunds in BTC via Bitpay's Payouts, thus ensuring low transaction fees, speed and serving the underbanked.
In order to start using this platform, taxpayers have to make an account, offer bitcoin wallet address, and get a special routing and account number to enter on their tax return. Customers have to verify the Know Your Customer process, and when Internal Revenue Service (IRS) or state deposit the refund, BitPay carries out the payment and transfer's it to the taxpayer's crypto wallet.
The tax-based company also believes that its recent partnership with the Bitpay will allow developing transparent and seamless experience during the tax season. The company also hopes that the underbanked population will be benefited most from the refund experience tied to crypto. This will allow reducing the gap for individuals with alternative banking needs.
Roger Chinchilla, who is the CEO of Refundo said,
“Refundo offers several options to help taxpayers receive their tax refunds safer, faster and more conveniently,”
He further added:
“Adding bitcoin was a natural fit for our customers who often do not have traditional checking accounts, pay high check cashing fees and regularly send money internationally. Coin-RT enables them to get bitcoin quickly and easily for one flat fee.”
This merger with the tax service provider is happening just after Bitpay teamed up with the popular global technology solutions firm Avnet.
Due to this new collaboration, Avnet now accepts crypto via Bitpay's services for different products and services. Bitpay believes that Avnet clients and customers receiving refunds from Refundo will have the benefit of high-speed settlements and low-cost payouts.
Currently, Bitcoin (BTC) is the only coin available with the Refundo platform. However, the firm plans to add BCH and various other cryptos in the near future.