For more than 20 years, use of bank products have grown tremendously. Not only do bank products provide a simple solution for taxpayers to pay for their tax-preparation fees out of their refund, but they also act as a marketing tool to help drive customers through a tax preparer’s doors.
e-Collect, introduced to the marketplace in 2010 by EPS Financial, LLC, received rave reviews after just one year. In that first year, EPS processed over $750 million through its system. Preparers looking for a competitive advantage were able to offer bank products for as little as $5.00 per product.
“We found that many tax preparers who did not offer bank products in the past were pleasantly surprised at how easy it was to process an e-Collect product and have tax-preparation fees deducted from taxpayers’ refunds and direct-deposited into their bank account,” said Clark Gill, President of EPS Financial, LLC. “We don’t know of any less expensive and more streamlined program than e-Collect. What was interesting was how many tax-preparer partners moved away from RALs (Refund Anticipation Loans) in favor of a “price-sells” theory. To be able to let your customers know that you can provide a bank product solution at prices so much lower than other competitor programs had driven business and been used as a viable competitive advantage.”
One preparer who used EPS stated, “I have previously worked with other financial institutions to provide clients with refund options. However, it is my opinion that the e-Collect program is by far the best option in the market. [EPS offers] the best price and lowest prices for the customers—which keeps them happy and coming back.”
The e-Collect program allows taxpayers to choose from three options to have their refund proceeds disbursed to them:
- Directly deposited into their own bank account
- Loaded on an E1 Visa® Prepaid Card (an instant-issue card provided in the tax preparer’s office)
- A check printed in the tax preparer’s office
For those offices that are new to bank products and have customers who are typically banked, e-Collect Basic has been a successful solution. e-Collect Basic is direct deposit only, allowing the e-Collect system to directly deposit tax-preparation fees into the preparer’s bank account. The remaining refund proceeds go directly to the customer’s bank account.
For those offices already involved in bank-product programs, e-Collect Deluxe and e-Collect Elite have been good options. e-Collect Deluxe offers direct deposit to the customer’s account and allows the preparer to print, in the office, a check for the refund proceeds less tax preparation fees (which are directly deposited into the tax preparer’s account).
e-Collect Elite offers all three disbursement options for your customers: direct deposit into the taxpayer’s account, the E1 Visa® Prepaid Card, and a check that can be printed in the office.
Regardless of the option selected, the preparer receives all the necessary supplies—such as check stock and instant-issue E1 Visa Prepaid Cards—well before tax season begins. EPS has a reorder process so preparers can replenish supplies as needed during the season. With all options, preparers may also charge for the forms associated with
the e-Collect program.
Visit us online at http://www.epsfinancial.net/