For Tax Professionals: How To Choose Your Bank Products

June 10, 2020

For tax preparers, your tax refund solutions are the final piece of the puzzle to allow your clients to receive their tax refunds in a satisfactory manner. A good refund bank product will merge seamlessly with your other tax preparation solutions, and ensure your clients receive their tax refunds.

The Rapidly platform offers integrations with various bank products, and we want to share that expertise to help you make the right decision for your tax preparation practice.

Keep reading for your bank product checklist.

Tax Refund Products

The two main reasons a tax professional would look into bank products to add on to their tax filing services is to better meet the needs of clients who are expecting a tax refund. Two key bank product options are refund transfers and refund advances. A refund transfer allows your clients to pay for their tax preparation services directly from their refund amount at the time of disbursement. Please note this service may incur an additional fee for your client. A refund advance will allow your clients to access their tax refund early. Please note this service may incur additional interest charges or fees for your client.

Disbursement Methods

For various reasons, your clients may have a strong preference for how they receive their tax refund. Some clients may prefer direct deposit due to ease and speed of deposit, or some clients may prefer a paper check for security purposes. Other clients may prefer a flexible method of refund disbursement, such as a prepaid card. After assessing your clients’ needs, you can pick the best combination of disbursement features that will keep your clients happy.

Integrations

If you are a Rapidly user, our platform integrates with several bank products, some of which you may already use.

Bank Product Checklist

Tax Refund Products

  1. Do my clients prefer refund transfers or paying for tax preparation services immediately?

  2. What is the refund transfer fee for my clients?

  3. Do my clients want early access to their tax refund before scheduled disbursement?

  4. What are the refund advance fees for my clients?

Disbursement Methods

  1. What disbursement methods do my clients typically use: bank checks or direct deposit?

  2. Do my clients require alternative methods of refund disbursement?

Integrations

  1. What integrations will I require for: the Rapidly platform, tax preparation software, or document storage solutions?

With these considerations in mind, the Rapidly team hopes you will pick the best bank products for your needs, to simplify your operations and propel your tax preparation productivity.

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