74% say they prefer an online, automated system like TurboTax vs. using an offline system like an accountant because it saves time and eliminates physical paperwork
Preparing and filing your taxes can be a tedious task, but thanks to solutions that automates and digitizes the process, it’s become less stressful – and consumers are here for it.
GoCardless, a leading fintech in direct bank payment solutions, recently conducted a survey of 1,000 American consumers aged 18 and over to understand their tax filing preferences. They found that nearly eight in ten (79%) consumers prefer to receive their tax refunds via ACH payment vs. a check in the mail because of the convenience and security. Of those who chose ACH:
- 62% like ACH because they don’t have to physically cash a check
- 54% feel ACH is safer and more secure than receiving a mail-in check
- Another 53% say they like receiving their funds quickly with ACH and that it’s easier to keep track of a payment when it’s directly deposited into their bank account
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Online tax system – 1, accountant – 0
American consumers today are looking for ways to simplify all of life’s burdensome chores, and this is especially true when it comes to their taxes.
For filing their taxes, three-quarters of consumers (74%) say they prefer an online, automated system like TurboTax vs. using an offline system like an accountant. Top reasons for this include:
- Filing taxes online “saves so much time” (63%)
- Online systems automate the process so that they don’t have to worry about physically mailing in forms (54%)
The idea of manually filling our forms, calculating deductions, and waiting for what seems like years to receive their refund via check by mail is exhausting to consumers. This year, in particular, will be even more painful for taxpayers due to delays and backlogs. Consumers want an easy way to file and receive their money and are looking for online services that can make that happen.
“We are in the age of digital, where clicks and direct payments far outweigh paper forms and mailed checks,” said Vanni Parmeggiani, Global Director of Open Banking and Real-Time Payments at GoCardless. “The idea that we can receive our refunds quickly and safely via ACH payments, without having to cash a physical check, is really exciting and what consumers now expect.”
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