Western Union and CCH Small Firm Services Sign Agreement
Wednesday, August 25, 2010
Posted by: Boomer Consulting, Inc.
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 MasterCard – a prepaid debit card. Professionals using the SFS programs prepare more than 20 million tax returns annually.
Additionally, the MoneyWise card 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 card 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 United States and use the card, as a general purpose reloadable prepaid card.
The agreement builds upon Western Union’s strategy in the United States, and complements Western Union's consumer experience by giving consumers the convenience of being able to receive their tax refunds through a Western UnionMoneyWise MasterCard Prepaid Card.
“This relationship will help millions of American taxpayers with a simple and seamless way to receive their tax refunds,” said SFS President Jeff Gramlich. “Additionally, the IRS has been promoting this type of prepaid card as a way to provide unbanked taxpayers with access to the financial system.”
“Today’s announcement is one example of how two major brands can leverage their presence and strengths to work successfully together to benefit consumers throughout the United States,” said Stewart A. Stockdale, President, The Americas and Executive Vice President, Global Key Accounts and Global Cards, Western Union.
“As prepaid cards and services continue to gain momentum, particularly in today’s economy, Western Union sees its prepaid services platform as an opportunity to strengthen both its relationship and value proposition with consumers.”
Taxpayers who choose to obtain a card will direct the IRS and state revenue agencies to send their refunds directly to the card. The personalized Western Union MoneyWise MasterCard will be mailed to the taxpayer within days of his or her tax return being filed with the IRS, so that the taxpayer will have the card before the IRS issues the refund.
The Western Union MoneyWise Prepaid Card was awarded “Outstanding New Entrant” in the Best General Purpose Reloadable Card Program category at the 2010 PayBefore Awards ceremony at the Prepaid Expo in Las Vegas.
The Western Union MoneyWise MasterCard
Reloading the Card:
- Reload money1 in-person at any of the over 46,000 participating Western Union Agent locations in the United States.
- Use direct deposit through an employer.
- Load a Western Union Money Transfer® transaction directly to the cards.
- Add funds online using a bank account.
About Western Union
- A fee-friendly card.
- The ability to use the cards anywhere MasterCard debit cards are accepted including online and at ATMs. 1
- The cards are protected by MasterCard’s zero liability policy.
- No credit check or bank account required to sign up for the card.
- The ability to manage the card account both online and over the phone.
The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta, Pago Facil and Custom House branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, as well as send payments and purchase money orders. The Western Union, Vigo and Orlandi Valuta branded services are offered through a combined network of approximately 430,000 Agent locations in 200 countries and territories. In 2009, The Western Union Company completed 196 million consumer-to-consumer transactions worldwide, moving $71 billion of principal between consumers, and 415 million business payments. For more information, visit www.westernunion.com.
About CCH Small Firm Services, a Wolters Kluwer business
CCH Small Firm Services (SFS) is a provider of tax and accounting software solutions, research products and training to 45,000 small professional firms throughout the United States and Puerto Rico. SFS offers both the ATX™ and TaxWise® product lines and also provides tax software to the Internal Revenue Service for use at volunteer tax assistance sites. SFS is part of Wolters Kluwer Tax & Accounting, the global leading provider of tax and accounting solutions. For more information, visit www.cchsfs.com .
Wolters Kluwer is a market-leading global information services company. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.