Roundtable Discussion with TPG, Metabank, and Republic Bank

If 2020 taught us anything, it was to be prepared for everything.

As the world turned upside down, tax preparers went on their own rollercoaster ride. In the new normal, nothing in their world was even remotely normal:

• Filing deadlines were shifted—and shifted again.
• Unprecedented changes to the tax code created confusion that drove many tax DIYers to seek professional tax preparation help.
• The ability to work from home became not just a work-life balance benefit, but a mandate.
• All transactions had to be touchless.

Bank products were one solution that helped both tax preparers and taxpayers get through a rocky year. They’re a solution that’s been around for 30 years and one that could serve your office well into the future. In a recent webinar, industry experts helped explain the “Past, Present, and Future of Bank Products” and the four key benefits they can bring to your tax preparation business when used in conjunction with a a cloud-based tax preparation software like TaxWise Online.

Key Benefits of Combining Bank Products with Cloud-Based Tax Prep Software

1. YOU GET PAID FASTER.

“Refund transfers ensure that you’re paid for your work,” says Carter Dempsey, VP and director of tax refund solution sales at Republic Bank. A client’s refund goes to the bank, then the bank pays your tax preparation fee first before it pays the client. You’re not waiting for a client to file, get their refund, receive your invoice, and then (maybe) pay you. Everything is automatic and nearly instantaneous as soon as you file a return.

2. CLIENTS HAVE MORE OPTIONS.

Bank product tools like refund transfers give your clients a way to pay their tax prep fees from their refund, not out of pocket, explains Jermaine Shearin, VP of sales at MetaBank tax division. And because refund transfers are available in just minutes, bank products are particularly attractive to millennial and Gen X taxpayers who want everything quickly and conveniently.

3. YOU SPEND LESS TIME PER CLIENT.

Eric King, VP of strategic alliances at Santa Barbara TPG, emphasizes the time and overhead expenses you can save with bank products. “You can reduce costs because you don't have to have a team of folks in your office processing accounts receivables and processing payments coming through the mail.”

Bank product solutions work seamlessly with TaxWise, too, and they’ll continue to benefit to your bottom line even when things return to normal. With the TaxWise mobile tool, e-signing and e-paying, and the ability for preparers to work from anywhere, anytime, every step of your tax prep process is faster and more efficient.

4. YOU CAN ATTRACT NEW CLIENTS EASIER.

“You want to have those things that differentiate you,” King says. “It doesn’t cost anything to enroll and have [these bank product tools] available.” Banks will even help your tax office market refund transfers and other bank products with banners, brochures, social media, and webinars. 

To learn more about how bank products work, early enrollment, and how to select a bank product in a tax return, watch the webinar.