Every tax season, more tax professionals are beginning to use Bank Products. The use of Bank Products can be rewarding for tax offices and their clients alike. Mid to high volume offices should definitely consider the use of Bank Products due to the variety of benefits they provide.
One of the most popular benefits of Bank Products is their ability to provide cash-access to tax offices via non-interest bearing cash advances. Advances to tax offices can be given pre-season and in-season to assist with all kinds of expenses. Pre-season advances are especially valuable in helping tax offices fund marketing costs that helps attract new clients and retain current ones. In-season advances can also be leveraged to help with operating costs such as salaries; this helps tax offices stay cash positive until returns begin funding. Depending on funding volume, Bank Products can also offer attractive incentives that help boost tax office revenue.
Bank Products not only help keep tax offices cash positive, but also help keep taxpayers cash positive as well. Taxpayers are not required to pay any upfront fees with the utilization of Bank Products. Any fees owed to the tax office can be deducted from the client’s return when funded. Additionally, Taxpayers benefit from the convenient disbursement options associated with Bank Products. Clients can choose from Debit Cards, Checks, Direct Deposits, and some Bank Products even offer Money Cards.
In summary, Bank Products are a valuable option that most tax professionals should leverage. The most important take-away here is this: Tax offices that offer their clients more options are more likely to retain those clients and attract new ones.