With an abundance of tax software and tools, individual tax filers usually depend on them. The only reason to use the tax tools is not a DIY solution, and easy to do taxes from home.
The solutions like refund advance, pay tax fee by refund, etc., are alluring enough for the individuals.
One of the main reasons why people go after these solutions is the claim of the solutions to help you get the maximum refund on your terms.
But how can the tax software and tools provide their customers with these additional services?
In most cases, the tax solution provider collaborates with financial institutions, banks, or companies offering financial solutions. SBTPG, Refund Advantage, EPS Financial, etc., are some of the popular solutions providers in the USA.
Refund Advantage is a Meta Bank division providing tax-related solutions to tax professionals, tax software, and consumers.
This article will overview the products and services offered by Refund Advantage and who it is for. Is it worth buying their debit cards or getting the refund in advance? All of these questions will be answered in this blog.
So let’s get into it.
What Is Refund Advantage?
Refund Advantage is a B2B service provider focused on empowering independent tax professionals and helping them be competitive with advanced solution providers.
With more than 30,000 tax offices and solution providers on board, and $1 billion in advance loans to taxpayers, Refund Advantage sees itself as the market leader in the future.
The solution differentiates itself from others with its simplicity to use, quick access, assistance, and tailored solutions.
The company’s primary goal is to help tax professionals grow their business and take it to the next level by increasing the number of clients as well as revenues.
The company has a very inspiring tag line that says,
We Don’t Just Stand By Our Tax Offices. We Walk With Them. Every Step Of The Way!
About Meta Bank
Meta Bank is a fully-owned subsidiary of the Meta Financial Group, Inc., and they have been providing banking services to consumers and businesses for years. Meta Financial Group is a South-Dakota based financial company.
Meta Bank is a promising organization that strives to provide banking solutions with security, responsibility, and maintaining the quality of services. The company endorses the mission of Financial Inclusion for All.
They offer different solutions in niche markets with four primary focuses: payments, tax services, commercial finance, and consumer lending.
The payments line of the bank works in line with fintech, third-party providers, and companies for prepaid cards, deposit accounts, payment-related solutions, and services.
The tax services of Meta include advances to the taxpayers as well as merchant services for the tax professionals and solution providers.
The company also advances loans to small, medium, and large businesses on flexible terms. They offer asset-based lending, equipment financing, insurance premium financing, etc.
The B2C side of the business focuses on providing consumers with reliable and secure ways to access the funds and get more control over their finances.
Products And Services of Refund Advantage
Most of the services offered by Refund Advantage are for tax professionals and solution providers. However, the focus of services is facilitation for the end consumer. Here is the portfolio of different products and services Refund Advantage offers:
Refund Transfers are always a hectic issue for tax professionals. Clients are always asking when they can expect to receive the refund and will they be able to get the expected amount of refund. All of this is solved with the refund transfers solution of the Refund Advantage.
Tax professionals can offer clients fast, convenient, and secure refund transfers when they choose Refund Advantage. The company offers three options for the clients of tax professionals:
- Direct Deposits
- Fastermoney Discover Prepaid Card –Fastermoney Discover Prepaid Card is a fast, secure, and safe way to get your money. You don’t have to go through the process of getting your checks and clearing them from banks.
Tax Office Loans
Tax Office Loans program is for the tax professionals who want working capital during tax season to attract more clients and retain the existing ones.
The company is committed to assisting professionals by providing solutions for a smooth tax season. Once the season is over, the tax professionals can pay back the loan from the proceeds.
There are three solutions under Tax Office Loans that the professionals and practitioners can capitalize on:
- Pre-Season Office Startup
- Fee Advantage: In-Season Fee Assist
- Software Purchase Assistance
Taxpayer Refund Advance Loans
Taxpayer Refund Advance loans is a zero ERO Marketing Fee advance program that the taxpayers can capitalize on.
It is an excellent option for the taxpayers who are in need of a cash inflow. They can get instant access to the funds. The service lets you get a loan of between $250 and $6000 depending on the expected refund from the IRS.
The key features of Taxpayer Advance Loans are as follows:
- There is no cost to getting a loan of $250, $500 or up to $1000.
- If you choose an advance between $1250 to $6000, there is a 36% APR fee in addition to the refund transfer fee.
- There is a high approval rate, and you don’t have to worry about your credit scores.
- You can even get pre-acknowledgement loans available on Jan. 2
The clients can enjoy same-day access to loan proceeds through prepaid cards, pre-acknowledgement, no ERO in-season fee, and no hidden charges. However, the refund transfer fee is still applied as advertised by the company.
All In One Solution
What if a tax professional, firm or solution provider wants to capitalize on all services the company offers?
Well, even this option is available when you are working with Refund Advantage. The All-In-One Solution of the Refund Advantage is for the tax professionals and service providers to get affordable, simple, and flexible solutions to incentivize their clients, grow their business, and increase their revenues.
The all-in-one solution includes:
- Tax-Related Solutions(Advance, Fund Transfer, etc.)
- Simplified Software Integration For The Professionals
- Business Reporting Programs
- Taxpayer Loyalty Program
- Marketing Support
- Bilingual Customer Support
Customer Card Program
Want to reward your repeat clients who always come to you for tax return preparation?
It’s possible with the Customer Card Program of Refund Advantage. It lets you incentivize your loyal customers to increase customer satisfaction and retention.
Tax professionals can reward their repeat customers with a visa gift card and incentivize them with a referral program.
Credit & Debit Card Processing
RA-payments is a credit & debit card processing service for tax professionals. They can integrate the payment solution to facilitate their clients’ fee payments.
This also improves the business cashflows and decreases the financial risk. There are three payment options for the businesses:
- At-terminal payment –Connect to phone or internet to print receipts
- Computer payment –Accept payment through a website or USB connection
- Mobile payment –Accept payment on your mobile
There are no monthly fees, but every transaction is charged depending on the amount. The lowest rate is 1.74% for every transaction.
Conclusion: Is It Worth It?
Is Refund Advantage worth it for the tax professionals?
Many reputable tax software and solution providers are already capitalizing on the tax solutions of Refund Advantage.
The prominent names include Intuit Lacerte Tax, Intuit ProConnect Tax, QR TaxPro, Sigma TaxPro, Drake Software, TaxSlayer Pro, TaxWise Online, etc.
The solutions and charges schedules are similar to that of EPS Financial, and it’s working as a division of the same bank.
It’s safe to say that the solution is legitimate, their products have competitive pricing, and Meta Bank has a good reputation when it comes to tax-related solutions for tax professionals.
Tax professionals can consider the solution when they are planning to expand their business by improving the services, want to retain current customers or attracting new clients.
Review the services, get assistance from their representatives, understand the terms, and integrate the solutions with your business to grow sales.