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Happy 5th Anniversary EPS Financial!

Happy 5th Anniversary EPS Financial!

EPS Financial began in 2009 with mounting pressures on the bank product industry.

As a large number of bank product providers exited the industry, clearly there was an opportunity for new ideas, for new vision, for a fresh approach to financial transactions.

Enter EPS Financial, “EPS was formed five years ago with a business model focused on a simple refund transfer program, a simple financial transaction.” says Clark Gill, president of EPS Financial. Most other programs in the industry were built and centered around the Refund Anticipation Loan.   EPS and the e-Collect program have flourished ever since. The time was right for change and e-Collect drove much of that change. With e-Collect, now preparers could offer a very low cost alternative to their taxpayer customers. e-Collect was the first to offer a no-cost bank product and has grown to be one of the largest refund transfer programs in the business.

There are plenty of taxpayers that benefit every year (upwards of 20 Million) from the convenience of paying for their tax preparation fee out of their refund. EPS is providing that service to them at a cost lower than they have ever seen before. Processing over $4 Billion in refunds annually, EPS has established itself and is making a transition to other financial transaction services that are helping tax preparers in innovative ways.

“As a result of the systems and processes that we have built, developed and established, EPS has the opportunity to leverage our strengths and offer a wide array of financial transaction services to uniquely serve the tax industry,” says Clark Gill. EPS is now offering a suite of financial service offerings to compete with the likes of the largest transaction processors.

EPS Services now fall into three categories:

  • EPS Tax Services includes the industry-leading e-Collect program and new for 2015, e-Bonus program. e-Tax services allow taxpayers to pay for their tax preparation fee out of their refund.
  • EPS Payments includes e-Pay merchant services credit card processing. e-Payments now offers the only program of its kind, no recurring monthly fees outside of the tax season. EPS has been the low cost leader with their e-Collect program and now they are doing the same thing with credit card processing offerings.  
  • EPS Pre-Paid includes a comprehensive suite of Payroll Cards, Travel and Expense Cards, and General Purpose Reloadable Prepaid Cards.

“In a market as vibrant as tax preparation, the ability to thrive takes three things,” says Clark Gill. “You have to offer straightforward, effective financial solutions. You have to constantly innovate in order to keep pace with the marketplace. And you need effective partnerships. Our partnership with Drake Software and its customers has helped EPS to experience 640 percent growth since 2010, and has positioned us to meet the needs of the industry in the years ahead.”

 

For more information about Drake Software banking services and partners, see http://www.drakesoftware.com/site/products/BankProducts.aspx.

 

For more information about EPS and its services, see http://www2.epsfinancial.net/ .

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The Taxing Subjects staff is proud to cover the latest in tax-industry-related news, from tax law and IRS updates to technology and business strategies. If you have questions about an article or just want to reach out to the Taxing Subjects staff, email comments@taxingsubjects.com.

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