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ACI is the first vendor to offer Venmo as a payment option for taxpayers
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Additional payment options through PayPal and Venmo provide convenience and security for taxpayers
MIAMI--(BUSINESS WIRE)--Mar. 8, 2022--
ACI Worldwide (NASDAQ: ACIW), the global leader in mission-critical, real-time payments software, today announced that ACI Payments Inc.* is now offering PayPal and Venmo payments to federal taxpayers. ACI will be the first vendor to offer Venmo as a payment option for federal taxpayers.
By expanding the mobile payment options available to include PayPal and Venmo, ACI is helping to drive digital tax payments for the IRS, thereby reducing costs and increasing taxpayer satisfaction. More taxpayers are embracing digital payments – including mobile – to pay their taxes and receive refunds for myriad benefits, including speed, convenience and security. Ninety (90) percent of IRS electronic payments made through ACI are made online or via a mobile browser. Moreover, IRS payments through mobile alone saw an increase of 85 percent from 2021 to 2022, according to ACI data.
“ACI provides taxpayers with more payment choices; since the launch of PayPal and Venmo tax payment options in 2022, we’ve already seen a shift, with more of our customers making payments through these methods,” said Sanjay Gupta, head of biller segment, ACI Worldwide. “By providing these convenient payment options, we are enabling taxpayers to send payments through the methods that suit them best and reducing the need for the IRS to process paper-based payments, which is more time consuming and costly.”
When selecting Venmo, taxpayers receive a QR code to scan using their Venmo app and select their preferred payment method, whether Venmo balance, credit or debit card. With PayPal, taxpayers are taken directly to their PayPal login, where they can choose their preferred payment method and complete payments.
“Electronic filing of tax returns is beneficial for taxpayers as it ensures their payments are sent and received more securely compared to paper-based payments, which require postal mail and are therefore easily intercepted by a fraudster,” Gupta concluded.
ACI is the longest-tenured service provider for the IRS and has processed more than $25 billion in IRS tax payments securely for more than 20 consecutive years.
*ACI Payments, Inc. (formerly Official Payments) is an ACI Worldwide company.
About ACI Worldwide
ACI Worldwide is a global leader in mission-critical, real-time payments software. Our proven, secure and scalable software solutions enable leading corporations, fintechs and financial disruptors to process and manage digital payments, power omni-commerce payments, present and process bill payments, and manage fraud and risk. We combine our global footprint with a local presence to drive the real-time digital transformation of payments and commerce.
© Copyright ACI Worldwide, Inc. 2022
ACI, ACI Worldwide, ACI Payments, Inc., ACI Pay, Speedpay and all ACI product/solution names are trademarks or registered trademarks of ACI Worldwide, Inc., or one of its subsidiaries, in the United States, other countries or both. Other parties’ trademarks referenced are the property of their respective owners.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220308005390/en/
Media Contacts
ACI Worldwide:
Dan Ring
dan.ring@aciworldwide.com
Nidhi Alberti
nidhi.alberti@aciworldwide.com
Source: ACI Worldwide
