EPS Financial Products And Services Review in 2022

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.

EPS is a fully-owned subsidiary of Meta Bank, providing different tax-related solutions to tax professionals, tax software, and consumers.

This article will overview the products and services offered by EPS 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 EPS Financial?

EPS Financial is currently known as EPS or EPS Tax. EPS is called EPS –a Division of Meta Bank.

The company has the vision stating Every Financial Transaction In Your Tax Office –Simplified. It signifies that they are focused on B2B services that indirectly focus on the consumers through tax software and professionals.

The company that started in 2009 has the vision to empower independent tax professionals and equip them with all the tools for attracting and retaining tax clients.

The company found a gap in that tax professionals were unable to retain their clients as tax tools had more advanced solutions.

Now tax professionals can also use user-friendly and reputable solutions. More than 25000 tax offices are enrolled with the EPS to provide solutions to their clients.

History of EPS Financial

Let’s walk through the company’s journey from EPS Financial To EPS Tax.

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EPS was founded in 2009 with the same focus on facilitating tax professionals. It was established by privately held Drake Enterprises, Ltd and worked as a fully-owned subsidiary.

The portfolio services included different refund options, credit card processing, payroll processing, etc. The company’s competitive edge was low cost, flexible electronic payment systems, and no other solution focused on facilitating tax professionals.

In 2016, Meta Financial Group, Inc. announced the acquisition of Drake Enterprises and EPS Financial LLC. This acquisition occurred by Meta Financial Group, Inc., its fully owned subsidiary.

The company was sold for $42.5 million, half of which was settled as cash and half with the common stock. The purchase was completed in the fourth calendar quarter of 2016.

After the acquisition, EPS Financial was changed to EPS Tax, and now the company works as a fully-owned subsidiary of Meta Bank. The portfolio of services has been expanded with more options than it had previously offered.

We will discuss the products and services of EPS in the next section.

Products and Services

EPS has several tax-related financial products and services and stand-alone financial products like debit & credit cards.

The company also offers some B-2-B solutions for tax tools and professionals. We will discuss all products and who should go for each product. So let’s get into it.

1. Refund Transfer

Refund Transfer, as the name specifies, is a consumer service but goes through the tax professionals. It means that tax professionals and tools collaborate with EPS to provide their clients with refund transfer services.

The company has further sub-divided the Refund Transfer service into many tiers that are as follows:

i. E-Collect

E-Collect is a low-cost refund transfer program. The fee for transferring your refund with e-Collect is way lower than other solutions.

The processing fee of this option is only $20. Therefore, tax professionals can build long-term relationships with clients by offering them affordable options.

What are the benefits that can allure tax professionals to get e-Collect solutions for their clients?

  • There is a very low fee for the transfer
  • Clients will love it because other software and tools provide way expensive options
  • Convenience and ease to use
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ii. E-Bonus

e-Bonus is an incentive-based refund transfer program where taxpayers can get a bonus of up to $20. The fee for a refund is higher than that of an e-Collect option.

However, with the refund bonus, the amount is adjusted to set lower than what you pay for e-Collect.

Tax professionals can offer this solution to their clients as an effective way to increase your instant cash flows. There’s no minimum transaction limit for getting eligible for the refund.

iii. E-Advance

e-Advance is a zero ERO Marketing Fee advance refund 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 e-Advance service lets you get a loan between $250 and $6000 depending on the expected refund from the IRS.

The key features of e-Advance are as follows:

  • There is no cost to getting an e-Advance 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-acknowledgment loans available on Jan. 2

With e-Advance, the clients can enjoy same-day access to loan proceeds through prepaid cards, pre-acknowledgment, no ERO in-season fee, and no hidden charges.

iv. Refund Disbursements

Refund Disbursement is a solution for the taxpayers that lets them decide how they want to receive their tax refunds. It offers three ways: direct deposit, check to cash, and Fastermoney Discover Prepaid Card.

2. Advances

Advances are for the independent tax professionals who come on board with EPS. Tax professionals can access advances in two ways: taxpayer advance loans and tax office loans. We will discuss how each of these works.

i. Taxpayer Advance Loans

With Taxpayer Advance Loans, the tax professionals can retain current clients and attract new ones. How it works is that tax professionals can pay their clients with early refunds as an incentive.

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To fund the advances, they can get a loan from EPS Financials. You don’t have to pay any marketing fees with this no-cost option of in-season advances.

Tax professionals can enjoy benefits like:

  • A growth strategy for their business
  • Staying competitive with the advanced tax software and tools
  • Retain their clients
  • Get an advance loan with a high approval rate

ii. Tax Office Loans

Tax Office Loans are also for the tax professionals to get ready for the tax season. The pre-season loan facility can be utilized for updating your office equipment, spending on marketing, or any expense you think is necessary.

You can get access to the funds for maintaining the working capital when the tax season approaches. You can get loans ranging from $2000 to $50,000 with a fast processing time of 2 days.

The loans are as follows:

  • In-season fee advance
  • Software purchase assistance
  • Pre-season taxpayer loyalty cards

3. Merchant Services

ePay is a merchant service that is available for the tax offices. You can get ePay to integrate with your system to accept customers’ different debit and credit card payments.

It’s a quick and efficient way to get payments from your clients and reduces the financial risk of defaulting clients. The processing fee for this service is as low as 1.74% of the total amount.

Merchant services for independent tax professionals also involve programs(software, tools, etc.) for fast preparation of taxes, getting equipment for the office, and all assistance you need to keep your tax preparation business running.

Conclusion: Is It Worth It?

The most important concern of taxpayers and tax professionals is whether the services of EPS are worth subscribing to or not.

After reviewing all of the products and services offered by EPS, we can safely say it’s worth subscribing to them. We highly recommend the service to tax professionals who want to attract more clients and retain existing clients for their business.