Intuit Partners Payment Source to Simplify Tax Payments

Intuit INTU recently teamed up with Payment Source to simplify tax payments for Canadians. Payment Source’s online tax and bill payment service, PaySimply, will offer TurboTax customers a secure and convenient platform to pay the Canada Revenue Agency (CRA) using their preferred mode of payment.

Reportedly, TurboTax users can pay taxes online through credit card, Interac e-Transfer, PayPal PYPL or by cash or debit card at any Canada Post outlet across Canada.  

Per Jeff Cates, president, Intuit Canada, the company has “integrated PaySimply into the TurboTax payment experience to save people time, make it easy to ensure their payment goes to the right account, and offer multiple options to use the payment method of their choice.”

TurboTax on a Roll

Intuit has two main products, namely QuickBooks and TurboTax. While the former offers financial and business management online services and desktop software to small businesses, the latter provides income-tax preparation products and services.

Notably, growing demand for financial software to prepare taxes is a key driver for the company. Reportedly, the company generates nearly 30% of its total revenues from do-it-yourself (DIY) consumer software like TurboTax.

Strength in the company’s Consumer Segment, which houses TurboTax income tax preparation products and services, depends on its ability to attract customers to the self-preparation tax category or to the new assisted offering — TurboTax Live.

The company announced on its last conference call that it is building innovative solutions to better serve customers in the upcoming tax season.

Intuit’s focus on expanding its DIY tax segment as well as the assisted tax category with TurboTax Live is encouraging.

Per Internal Revenue Service data, the total number of self-prepared returns filed this tax season is up 3.3% year over year through April while the returns filed by accountants and other tax professionals dipped 1%, reports CNN.

However, with customers looking for less expensive options, competition from H&R Block HRB, Blucora’s BCOR TaxAct and other professional tax preparation companies is a persistent concern.

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Currently, Intuit has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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