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BANK PRODUCTS
Using bank products isn’t mandatory. However, it can be a great option for your business and your clients.
What is a Bank Product?
A bank product is a service that allows tax professionals the option of having their preparation fees taken out of the client’s refund instead of charging their fees upfront.
How does a Bank Product Benefit my business and my clients?
Using bank products ensures you will receive your preparation fees. It also helps boost your business thanks to the various services you can offer. You can focus on growing your client base rather than spending your valuable time collecting payments.
Bank products also help facilitate paying for tax preparation services. With bank products, taxpayers that can’t afford to pay upfront can still get their tax return done early and pay from their refund. It also offers taxpayers the option to receive cash advances.
How does it work?
Money is routed from the IRS to the tax bank of your choice, and then the bank distributes your preparation fees directly to you. Simultaneously, the bank issues the taxpayer’s refund via their preferred disbursement method(check, direct deposit, debit card).
Bank Product Loans
Bank products offer tax preparer loans. This can help your business start and stay cash-positive during the tax season.
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