Western Union Lets Americans Receive Tax Refunds on Prepaid Card

by Mercator Advisory Group 0

Western Union announced it will make the MoneyWise Prepaid MasterCard available to the 200,000 tax professionals that utilize the either SFS tax software programs. This will enable Western Union to participate in the tax refund market currently dominated by H&R Block, Jackson Hewitt, and Intuit.

American taxpayers will be able to receive their income tax refunds on a reloadable prepaid Western Union MoneyWise MasterCard as a result of a new relationship between The Western Union Company (NYSE:WU), a global payments leader, and CCH Small Firm Services (SFS), a leading provider of software for tax and accounting professionals.

The agreement will enable the nearly 200,000 tax professionals who use TaxWise and ATX, the two SFS tax software programs, to help taxpayers receive their federal and state income tax refunds on the Western Union MoneyWise Prepaid MasterCard – a prepaid debit card. Professionals using the SFS programs prepare more than 20 million tax returns annually.

Additionally, the MoneyWise Prepaid MasterCard will also be available to more than 11,000 Volunteer Income Tax Assistance (VITA) sites, which are sponsored by the Internal Revenue Service to assist low-income and elderly Americans. These sites handle tax returns for millions of taxpayers annually, at no charge, with the help of volunteers.

Consumers who choose the MoneyWise Prepaid MasterCard also will be able to have their paychecks direct deposited onto the card as well as add money on the card at any participating Western Union Agent location in the U.S. and use the card, as a general purpose reloadable prepaid card.

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http://www.finextra.com/news/Announcement.aspx?pressreleaseid=35283