When one owns an accounting or tax prep business, a bank product (refund transfer) helps tax preparation professionals and non-efin tax professionals offer fast refunds to their clients. Clients love this feature, as it allows them to deduct the tax preparation fees from the refund and quickly receive what they came for: their tax refund!
Clients will benefit due to no out-of-pocket cost, access to pre-acknowledgement loans, choice of how to receive their refund, and can receive that refund securely. Your business will benefit because the sign up takes minutes, payments are received faster, and more customers will choose your business.
To offer bank products, you must be preapproved for this service.
Here is how you get started:
Once your business is approved, it’s easy to offer bank products.
Start with your client’s return, and find out whether they have a refund or owe taxes. If they owe taxes, you will need to charge fees up front. It is illegal to hold a post dated check for your services without a license. You must get payment upfront via cash, check or card. If your client has a refund, you have another option for getting paid for your service. You can offer to take payment the same way, or you can offer to take your fees out of their refund.
To process a return with a bank product:
Refund transfers are a popular offering in the tax industry’s leading providers of tax software. To help you understand your options, we created a quick guide showcasing some of the more popular offerings and helping you understand the value of each:
Keystone Tax Solutions is an industry leading tax prep provider software that provides bank products. Our tax software partnership with several leading banks allows us to provide a comprehensive and value-packed suite of tools to tax professionals. When processing a client’s tax return, they get a refund advantage with no bank fees .
You can offer refunds of up to $5000 advance to clients via direct deposit, debit card or check. We partner with Refund Advantage Bank, Republic Bank, and TPG bank.
Our pricing packages start at $299 and go up to $2,499 depending on subscription,.
Tax Slayer pro has been around since 1989 and is well known in the industry. We have had experience using and testing their software, and while we like it, we believe it is not the most competitive for the budget, nor does it the most features. Depending on the bank product used, fees apply and it can cut in to business profits.
Tax Slayer Pro pricing starts at $1,395 and goes up from there.
Ultimate Tax Service has existed since 2006. It offers bank products with different packages that vary upon the yearly subscription level. To use this product does requires an EFIN for certain subscriptions. Ultimate Tax also requires that all clients use TPG bank for certain benefits, but also is partnered with EPS bank. The EPS fees are $59.95 per return, and the TPG fees are $86.95 per return.
Their price offerings are $588, $828, and $1,788 per year
Ultimately, when it comes to choosing a tax software solution that comes with bank products, you’ll want to go with Keystone Tax Solutions. We proudly offer the most value and serve tens of thousands of tax professionals annually. Reach out to us today and let us walk you through our software packages.
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