Saturday, June 15, 2024

BitPay Partners with Refundo for Federal and State Income Tax Refunds in Bitcoin

BitPay, the largest global blockchain payments provider, today announced Refundo, a leading provider of tax related financial products, is making federal and state tax refunds available in Bitcoin directly to taxpayers through BitPay’s Payouts. Refundo taxpayers can receive all or a portion of the federal and state tax refunds in Bitcoin using Refundo’s CoinRT product.

“We are thrilled to power Refundo’s CoinRT product. Refundo can now offer their customers a Bitcoin Payout for their tax refunds, meeting their customers’ demand for a more digital choice,” said Rolf Haag, Head of Business Solutions at BitPay. “Refundo’s integration joins existing BitPay Payouts used in global marketplace, affiliate programs and payroll, highlighting the high-speed and low cost of Payouts in Bitcoin. Whether they’re going around the corner or around the globe.”

Refundo emphasizes speed, low transaction fees, and serving the underbanked. By creating transparent and seamless experiences during tax season, underbanked customers are feeling more comfortable with payout processes. Most importantly, Refundo focuses on listening to the banking needs of low-income communities and serving them the best way possible, so anything that promotes and bridges this gap, is always on their radar.

“Refundo offers several options to help taxpayers receive their tax refunds safer, faster and more conveniently,” said, Roger Chinchilla, CEO at Refundo. “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. CoinRT enables them to get Bitcoin quickly and easily for one flat fee.”

Through Refundo, taxpayers create an account and are assigned a unique routing and account number to input on their tax return. Customers also provide all necessary background details for Know-Your-Customer Regulations as well as a Bitcoin wallet address. Once the IRS or state deposit the refund, BitPay processes the payment and the cryptocurrency is deposited into the taxpayers’ Bitcoin wallet.

Global businesses use their Dollars, Euro or other currency to fund BitPay’s Mass Payouts to Bitcoin for a simple 1% fee. Bitcoin is ideal for domestic and cross-border Mass Payouts because it is quicker, easier and more transparent than most mass payment methods. Bitcoin provides transactional transparency as every transaction is verified, recorded and stored on the blockchain. The transaction itself contains no sensitive personal information.

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