ACI is the first vendor to offer Venmo as a payment option for taxpayers
ACI Worldwide, the global leader in mission-critical, real-time payments software, announced that ACI Payments Inc.* is now offering PayPal and Venmo payments to federal taxpayers. ACI will be the first vendor to offer Venmo as a payment option for federal taxpayers.
“By providing these convenient payment options, we are enabling taxpayers to send payments through the methods that suit them best and reducing the need for the IRS to process paper-based payments, which is more time consuming and costly.”
By expanding the mobile payment options available to include PayPal and Venmo, ACI is helping to drive digital tax payments for the IRS, thereby reducing costs and increasing taxpayer satisfaction. More taxpayers are embracing digital payments – including mobile – to pay their taxes and receive refunds for myriad benefits, including speed, convenience and security. Ninety (90) percent of IRS electronic payments made through ACI are made online or via a mobile browser. Moreover, IRS payments through mobile alone saw an increase of 85 percent from 2021 to 2022, according to ACI data.
Latest Fintech News: FinTech Interview Series with Priti Rathi Gupta, Founder, LXME
“ACI provides taxpayers with more payment choices; since the launch of PayPal and Venmo tax payment options in 2022, we’ve already seen a shift, with more of our customers making payments through these methods,” said Sanjay Gupta, head of biller segment, ACI Worldwide. “By providing these convenient payment options, we are enabling taxpayers to send payments through the methods that suit them best and reducing the need for the IRS to process paper-based payments, which is more time consuming and costly.”
When selecting Venmo, taxpayers receive a QR code to scan using their Venmo app and select their preferred payment method, whether Venmo balance, credit or debit card. With PayPal, taxpayers are taken directly to their PayPal login, where they can choose their preferred payment method and complete payments.
Latest Fintech News: Daily Fintech Series Roundup: Top Fintech News, Analytics and Insights
“Electronic filing of tax returns is beneficial for taxpayers as it ensures their payments are sent and received more securely compared to paper-based payments, which require postal mail and are therefore easily intercepted by a fraudster,” Gupta concluded.
ACI is the longest-tenured service provider for the IRS and has processed more than $25 billion in IRS tax payments securely for more than 20 consecutive years.
Latest Fintech News: Everest Group Recognizes Accenture as a Leader in Platform IT, Salesforce and Duck Creek Services in Insurance
[To share your insights with us, please write to sghosh@martechseries.com]
