Wednesday, May 1, 2019

Bitpay and Refundo Now Provide Tax Return Payouts in BTC


On April 30, the global cryptocurrency payment processing firm Bitpay announced its partnership with the tax-related financial products and services provider Refundo. The collaboration will give U.S. residents the ability to receive all or a portion of their federal and state tax refunds in crypto.

Federal and State Tax Refunds Using Blockchain Payments
U.S. taxpayers now have the ability to get all or a portion of their federal and state tax refunds back in bitcoin core (BTC), according to the latest announcement from the Atlanta-based company Bitpay. The firm recently partnered with Refundo, a leading tax service provider founded in 2011. Refundo provides taxpayers with professional financial services alongside refunds, advances, and refund transfers.

The company says the partnership with Bitpay allows for a transparent and seamless experience during tax season. Refundo believes the underbanked could benefit from a refund experience tied to crypto because it could help bridge the gap for individuals with alternative banking needs.

"Refundo offers several options to help taxpayers receive their tax refunds safer, faster and more conveniently," Roger Chinchilla, CEO at Refundo, said during the announcement. The tax service provider 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."

'Demand for More Digital Choice'
The new Coin-RT product offers taxpayers an account and they are given a unique routing and account number to input on their tax return. Refundo users who want a refund in BTC must provide identification for KYC purposes and a valid BTC address. When the federal and state deposit comes in, Bitpay sends the crypto to the taxpayer's wallet. Rolf Haag, head of business solutions at Bitpay, remarked that the Atlanta company is thrilled to help power Refundo's new solution.

"Refundo can now offer their customers a bitcoin payout for their tax refunds, meeting their customers' demand for a more digital choice," Haag pointed out. The Bitpay executive also emphasized that the Refundo and Bitpay collaboration bolsters Bitpay payouts and payroll used in the global marketplace.

The partnership with Refundo follows Bitpay's recent partnership with the leading global technology solutions company Avnet (Nasdaq: AVT). Avnet has also decided to accept crypto through Bitpay's services for various products and services. Bitpay believes Avnet clientele and customers getting refunds from Refundo will benefit from the high-speed settlement and low-cost payouts delivered by blockchain payments. Speaking with a representative from Bitpay, asked the company whether the Refundo payouts will support bitcoin cash (BCH), to which Bitpay responded that at this current time they will only be in BTC.

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