At its core, the tax resolution industry works to mitigate problems that people or businesses may have with the IRS or state tax authorities. However, businesses in this industry face challenges in collecting service fees from customers. High payment decline rates, limited integrations with payment processing systems, and the high-risk nature of the tax resolution industry all hinder revenue growth. In response, payment processing solutions, powered by AI and machine learning, are emerging to help tax resolution merchants maximize their revenue collection.
One example of a payment processing platform that aims to tackle these issues is Revolv3. By being directly integrated with reputable payment processors like WorldPay and Adyen, Revolv3 addresses the challenges tax resolution businesses face.
“Our platform thoroughly checks transactions before approval, reducing declines and revenue loss,” Revolv3 CEO Frank Arellano said. “Our focus at Revolv3 is to get payments approved on the first pass. Unlike traditional approaches that rely on retry logic or decline management, our platform optimizes approval chances without retrying payments or reaching out to customers. This approach minimizes revenue loss from declined payments, ensuring merchants capture their revenue on the initial attempt.”
While maximizing approval chances, 100% of Revolv3’s merchants cited an increase in their revenue collection rates, according to a case study on Guardian Tax. Furthermore, merchants were inherently able to boost bottom lines by cutting costs.
“Our platform doesn’t just increase revenue collection, it also delivers major cost savings for tax resolution merchants,” Arellano said. “Merchants can optimize payment approvals and minimize declined payments, leading to cost savings in retry attempts, decline management, and customer churn.”
Also, payment optimization, powered by adaptive technology and intelligent payment routing, analyzes and improves tax resolution processes.
“The platform also provides valuable insights and KPI tracking to measure strategy effectiveness. This helps tax resolution merchants to maximize their revenue collection rates and reduce customer churn,” Arellano said.
In today’s industry, ensuring a platform is secure is top of mind for consumers. In accordance, Revolv3 prioritizes security and compliance to ensure the protection of sensitive financial information for tax resolution merchants and their customers.
“Tax resolution merchants can trust that their transactions are processed securely and in compliance with relevant regulations, ensuring the safety and privacy of their customers,” Arellano said. “We are PCI Level 1 compliant and CCPA compliant. As we expand our services to Europe, we will align ourselves with GDPR regulations to ensure compliance.”
Looking forward, Arellano envisions an advanced future for payment processing in the tax resolution industry. As the industry evolves, payment processing will continuously adapt to meet the needs of tax resolution merchants.
“This will provide tax resolution merchants with flexibility and access to the most advanced payment processing solutions available,” Arellano said. “We’re dedicated to maintaining our leadership position in payment processing for tax resolution merchants and we plan to remain at the forefront of industry trends, regulations, and compliance to ensure our platform continues to evolve.”
Revolv3’s impact on the tax resolution industry highlights the growing utilization of AI-powered payment processing solutions. As technology expands, businesses across various sectors can leverage AI to enhance operational efficiency. The future of payment processing holds immense potential, and solutions like Revolv3 are at the forefront, empowering businesses to navigate the complexities of payments and drive financial success.