What is a bank product?
A bank product is a service that allows tax professionals to have their preparation fees deducted out of taxpayers' refunds automatically, instead of clients having to pay upfront.
Do I have to use bank products?
It's up to you to decide whether or not you'd like to use bank products. It isn't mandatory, however, it comes with a wide variety of benefits that might help your business thrive and offer more to your clients.
What happens when you use bank products?
When one of your clients gets a refund from the IRS, the money gets routed from the IRS directly to the tax bank of your choice, which automatically deducts your preparation fees and sends them directly to your bank account. At the same time, the bank issues the taxpayer's refund via one of the disbursement methods (check, direct deposit, debit card)
How does using bank products help my business?
Using bank products will not only save you the time you'd spend collecting payments, but it will also guarantee you will get paid for your preparation services. It also offers taxpayers a handful of benefits, which will place your business ahead of its competitors.
How does it
Benefit TaxPayers?
Taxpayers that can't afford to pay upfront can get their tax returns prepared, receive their refunds on time, and have the preparation fee deducted from their refunds for a small fee. Using bank products also comes with some benefits such as cash advances.
What are the popular bank products programs/benefits?
Bank products come with numerous programs/benefits such as cash advances, start-up loans, in-season loans, and pre-season loans. These programs may differ from one tax bank to another.
OUR BANKING PARTNERS ARE
TPG, Refund Advantage and Republic Bank
Tax Products Group, LLC
Santa Barbara Tax Products Group (TPG) is located in San Diego, California and was established in 2010 upon the sale of the Santa Barbara Bank & Trust tax products division. Building on a legacy of nearly 20 years of industry leadership and superior customer support, TPG, in cooperation with our banking partners, provides fairly priced quality financial products which deliver true value and satisfy consumers’ needs. TPG offers tax-related financial products through a network of tax preparation franchises, independent tax professionals and online tax preparation providers.
Refund Advantage
Refund Advantage has the distinction of starting the refund banking programs of two other national tax refund product providers and is committed to creating the best refund banking experience possible. With Refund Advantage, we have created something uniquely different – a program that enables you to customize your account in a variety of ways and earn the money you deserve. The primary focus is the Independent ERO – providing options and solutions to help the tax season run smoother.
Republic Bank
With over 15 years of experience in the e-file industry, Republic Bank Tax Refund Solutions is one of the leading national providers of tax related bank products. Republic Bank works together with several major tax software providers and thousands of professional tax preparation offices across the country. Each tax season, millions of customers choose a Refund Transfer from Republic Bank to receive their refund quickly and conveniently while paying tax preparation and other fees with their refund.
