All the struggle and fatigue every tax filer goes through while filing the tax return is for only one reason: getting a handsome refund in their account!
However, you can easily lose that refund money if you don’t know the right way to file your tax returns.
That’s why many tax software and tax professionals are there to help you go through the tax season every year. TurboTax, H&R Block, Jackson Hewitt, etc., are the tax service providers to guide the tax filers to file returns so they can claim refunds from the IRS.
Fair enough! The software told you that you are going to get a refund from the IRS. Now you are desperately waiting for your refund to be deposited in your account!
But do you know there is an option to bypass the waiting time and get instant access to your tax refund? Also, you can get your refund processing faster than normal.
Different tax refund-related financial products and solution providers promise to make the refund processing faster and smoother for you. Santa Barbara Tax Product Group LLC is also one of the solution providers in the USA.
Although people raise many questions about the legitimacy of the solution, credible tax software like TurboTax and H&R Block have partnered with the company.
In this article, we will discuss if SBTPG is legit and what other alternatives you can look forward to.
So let’s get into it.
What Is SBTPG?
SBTPG stands for Santa Barbara Tax Product Group. The company’s full name is Santa Barbara TPG LLC, headquartered in San Diego, California.
SBTPG provides different tax-related solutions to tax professionals and tax software. These solutions are usually end-consumer-focused, but SBTPG deals with the business providing direct services to end-consumers.
If we talk a little about the history of the company, it was established in 2010 as Santa Barbar Tax Product Group after the sale of the Tax Products Business Unit of Santa Barbara Bank & Trust.
However, the SBTPG was acquired by the Green Dot Corporation just four years after its inception. Therefore, SBTPG has been operating as a subsidiary of Green Dot Corporation since 2014.
What Services Do They Offer?
Before we can give a verdict about the legitimacy of the company, it’s important to talk a bit about the products and services of the company.
So here we are with a brief overview of different tax-related products offered by SBTPG LLC.
Any business needs to retain existing clients and attract new clients to grow the business. But it’s even more crucial for the tax professionals and solution providers because their customers are their brand.
And faster the refunds are processed, the happier the customers are.
FastCash Advance is a solution of SBTPG for their business customers where the solution providers can avail refund advance of up to $6,000. The solution with a higher acceptance rate and no ERO fee is what you need to keep your business going.
The company is providing another solution for the tax professionals and software to collect their fees from the customers. Many customers opt Pay-By-Refund option for paying the tax fees. SBTPG provides a refund service to the customers.
The purpose of the AutoCollect tool is to deduct the fees of tax professionals and software before processing the refund to the customer. The remaining amount of refund after deduction is processed according to the deposit method.
Refund transfer or pay-by-refund is a service focused on the end consumers where they can defer the fee of tax professional or software.
When they choose the option, they don’t have to pay anything upfront for tax preparation services. When the IRS issues the refund, the SBTPG will deduct the tax fees before processing the refund toward the end consumer.
Go2Bank Visa Debit Card
Go2Bank is a time-saving solution for issuing refund transfers to clients. Clients get instant notification when a refund is deposited in their accounts.
Tax professionals and service providers can focus on their core business and save time & cost by eliminating the need to print and issue checks to customers.
The main features of Go2Bank are:
- No monthly fees if eligible direct deposit is available
- Clients can get paid earlier for salaries & government benefits
- Overdraft protection
- Cashback of up to 7%
- You can cash checks with the app and get your money within 10 minutes
- A nationwide network of ATMs
Simply Paid For Tax Professionals
Just like how customers can choose to pay by refund, the tax professionals can also get their fees in advance from the SBTPG in that case.
Simply Paid allows you to get 70% of the tax fee in advance and the remaining fee once the IRS issues a refund for the customers.
When a tax professional relies on the solution, the major part of the fee is kept by the company after the refund issuance. The remaining funds are sent to the customer and tax professionals.
Pre Season Funds
Pre Season Funds is a solution to tax professionals’ credit problems as the customer will only pay the fee once the services have been provided.
However, the office needs of tax professionals have to be supplied. From office space to staffing, marketing to customer services, pre-season funds are the working capital for your tax business.
Software Purchase Assistance
Software Purchase Assistance is also a solution for tax professionals who want to purchase tax filing software and need an upfront amount.
The SBTPG helps the professionals by loaning an amount to purchase the software. The loan has to be repaid after receiving a fee from the customers. However, you must have processed more than 20 returns in the last tax season to qualify for the program.
Is SBTPG Legit?
Finally, is the company and its solutions legit?
Many people question the legitimacy of the solution, but the truth is that it’s a legitimate solution. SBTPG is the second largest company regarding tax refund-related financial service providers in the USA.
The company partners with the tax professionals, process your refunds, and deposit them in your accounts.
In between, they provide attractive services to consumers and tax professionals. All they do is charge a minimal fee for the services they are rendering.
It’s a legit company established under the law of the U.S. and has been facilitating customers for over ten years now.
Best Alternatives of SBTPG
It’s always a good idea to keep spare eggs in your basket because you never know when you might want to eat an omelet. Therefore, we are listing the best five alternatives of SBTPG for you.
1. H&R Block Bank
If Santa Barbara Tax Products Group is the second largest refund-related solution, H&R block refund is the largest one.
The tax refund solution by H&R Block offers maximum refund, fast processing, and advance access to your payroll and tax amount.
You can purchase an emerald card to get your pay earlier, just like how it works in SBTPG. Refund Transfer is the solution provided by H&R Block in collaboration with MetaBank. You can receive your refund without applying for the refund transfer.
2. EPS Financial
EPS Financial is also a tax refund-related solution provider and an end-consumer-focused company. However, it works with the intermediation of tax professionals and tax filing software.
There are three different solutions as provided by the EPS-Financial. You can choose a method from the three given below:
- E-Collect –Pay-by-refund service to collect taxes from the customers
- E-Advance –taxpayer advance refund transfer program to retain current customers and attract new customers
Whatever solution you choose, you can choose one of the three disbursement methods: bank deposit, Fastermoney Prepaid visa card, or bank check.
3. Refund Advantage
Refund advantage is also a tax-related financial service provider but is more than just a refund service provider.
The solution with a full suite of bank products has a lot for the refund issues. It offers different refund products and disbursement solutions.
For disbursement, you can choose from different methods like bank checks, direct deposits, low-fee debit cards, etc. You can check the official website to know more about their refund products.
4. Republic Refund
Republic Bank is also serving in the same niche with their refund-related products to accommodate the customers.
Refund Transfer is their product that the customers can capitalize on for paying their fee out of the refund issued by the IRS.
After the IRS issues the refund, Republic bank will deduct the fee and issue you the remaining amount. Besides, you can also get an Easy Advance after filing your tax return. It’s the same solution by MetaBank as capitalized by H&R Block.
Last, Refundo targets low-income taxpayers and focuses on these communities’ banking needs.
Where many solution providers work in integration with the tax professionals and banks, the solution ensures that the rights of end consumers are not exploited in any way.
The products offered by Refundo are:
- Refund transfers via direct deposits or checks
- Now Advances(works like easy advance)
- Prepaid Debit Card
You know that SBTPG is a legit and worth-it service when you want quick processing of your refunds or early access to your paychecks.
Besides, we have listed the best alternatives and competitors of the solution that you might want to check out and opt for. Do let us know if you have any more questions.