The facilitation you get by using the tax software, whether as a professional or a taxpayer, is great. From the DIY filing of your returns to getting a quick refund, the tax solution providers are facilitating you in every way.
The best thing in place at tax professionals’ ends as well as tax software is the provision of services like refund advances and refund transfers.
Most tax software and solutions have made it easier for the filers to claim their Refund on their own terms.
Whether the tax filer wants an instant refund or wants to pay a tax filing fee from the refund amount, it’s available when they choose DIY filing with tax software or at some tax professionals.
How has it been made possible?
The banks, financial institutions, and financial services startups are providing solutions to companies and independent tax professionals alike.
The collaborations result in advanced tax refund services along with professionals taking care of your tax return.
Many solution providers are already in this business. To take a few names, we can mention Refund Advantage, SBTPG, EPS, Republic Refund, etc.
Republic Refund is also a company that provides several B2B and B2C solutions to help tax professionals facilitate their clients.
This article will review the products and services offered by Republic Refund. So let’s get into it and tell you how the company can help you scale your independent tax professional career.
What Is Republic Refund?
Republic Refund is a fully-owned subsidiary of the Republic Bank set up to provide the most competitive and affordable tax refund solution to tax professionals, solution providers, and ultimately the taxpayers.
That’s why the end consumer’s tax refund fee is $0 when you choose Republic Refund as your refund partner.
The Republic refund aims to provide solutions for the tax office to empower them to work at the highest caliber. The company offers different tax products and services to the tax software as well as tax professionals.
Refund Transfer and Refund Advance are the most popular products offered for consumers. EROs Support and Training are popular among independent tax professionals seeking support to scale their businesses.
About Republic Bank And Its History
Republic Bank and Trust Company are recognized as the largest locally owned community bank and top performing bank in the country.
If we talk more about the parent company, it is headquartered in Louisville, Kentucky, with more than 42 banking centers spread in 5 states. The net assets of the company are valued at $6.2 billion.
Republic Bank has 20 years of experience in the tax e-filing industry, and it’s safe to call it a pioneer in the industry. Some of the milestones Republic Bank is achieving on a yearly basis are as follows:
- Million of taxpayers’ refunds are processed every year via thousands of tax offices and solution providers
- EROs(Electronic Return Originators) choose Republic Refund for the services and support provided to end consumer
- With the ERO Support Program, tax professionals can get all resources needed to scale their small business
- On-time refund processing and affordable processing fees are what differentiate Republic Bank’s tax refund solution from others
- They have collaborated with the top tax solution providers across the nation.
Products And Services Of Republic Refund
Like most of the other competitors, Republic Refund also offers the same solutions for tax professionals and software to facilitate their customers. We will briefly discuss every product and service and tell you how it works and for whom.
So let’s get into it.
1. Refund Transfers
Refund is most awaited once a tax filer has submitted his return through mail or e-filing. The e-filers choosing any software or ERO partnering with Republic Refund gets quick access to their refund transfers with the fast processing and security provided by Republic Bank.
Besides, the benefit of Refund Transfers is that the end consumer can choose to pay their tax filing fees, not from their pocket but wait for the refund processing. The fees are deducted from the refund amount, and the balance is transferred to the taxpayer.
Another aspect of Refund Transfer is that the Transfer Fee is charged when the first funding is received regardless of state or federal refund. Every subsequent funding is subject to a subsequent funding fee.
The fast processing time of refunds is also a benefit of the Republic refund, and it takes less than 21 days to get the job done. However, the taxpayers with Earned Income Tax Credit or Additional Child Tax Credit might take more time than normal.
2. Easy Advance
If you are a tax professional, you can use Easy Advance as a strategy to retain and attract clients. Easy advance is also a feature that the clients might want to capitalize on.
And if you are a taxpayer, you can get a part of your tax refund in advance to meet your immediate cash needs.
Unlike other solution providers, Republic Refund offers four ways to get your Refund in advance from Republic Refund:
- Easy Advance Plus –get a refund advance ranging from $500 to $6000 based on the expected refund amount. The cost is divided between taxpayers and tax professionals.
- Easy Advance Office Pay –you can get advances ranging from $500 to $3000, and the taxpayer pays no additional cost.
- Easy Advance Standard –an advance between $500 to $3000, and the cost is divided between the taxpayer and the tax professionals
- Easy Advance Customer Pay –$500 to $3000 advance depending on your tax refund amount with all costs born by the customer. EROs don’t have to pay anything.
- PreACK Easy Advance –with preACK Easy Advance, the EROs can offer their clients any of the four cash advance options based on the amount of Refund. You can pay advance to approved customers even at the beginning of January.
3. ERO Support
ERO Support Program offers year-round support to the approved EROs working in collaboration with Republic Refund.
The best thing about ERO Support of Republic Refund is that it’s not only for the tax season, but you can ask them for help anytime in the year. What is included in the ERO Support Program of Republic Refund?
- Marketing Assistance provides you with professional marketing tools and resources to run your marketing campaigns, increase sales and revenues, and expand your client base.
- You can get all the information necessary to run your office with the right Reporting Tools. Whether it’s about refund transfer notifications or easy advance applications, access everything from ERO Dashboard or mobile app.
- Other ERO Programs include the Receivable Assistance Program, PreseasonRPAP, Software Purchase Assistance(SPA), and Taxpayer Text Alert. Whether it’s collecting fees from your taxpayer clients or getting your resources up to date before the tax season, you can get it with ERO Support.
The Republic Refund also provides ERO Training to enable them to understand the requirements for processing Bank products.
It’s an annual training that every contractor or affiliate endorsing Republic Refund is required to undergo. Besides, it also contains webinars for the tax professionals to stay up to date on compliance requirements and other aspects of the banking products to facilitate their customers.
Whichever service you choose, some features of the Republic Refund go along with all services. Here are the best features of Republic Refund to help you make a decision:
Multiple Payment Options
There are multiple disbursement options that tax professionals and taxpayers can capitalize on. You can choose to receive payment via bank check, direct deposit, or Netspend Visa Prepaid Card.
Check Cashing Facility
The check cashing facility is available at multiple banks and retailers, including all local banks, Republic Bank, Wells Fargo, and Walmart.
The convenience of using the services of Republic Refund is better than at any other place. You can always ask the teams to help you understand any aspect of the banking products. Besides, the fast processing time of all services is also applaudable.
If you’re an ERO, you are going to love their round-to-clock service no matter what time of the day. With 24/7 support, Republic Refund is always on your side to help you facilitate your customers.
Conclusion: Is It Worth It?
After reviewing the services and features of the Republic Refund, we can safely say that this product is indeed a game changer for the EROs and tax professionals looking to scale their business and increase their revenues.
With the end-consumer-centric solutions and services, Republic Refund is going to be your business partner at a very low stake(fees). You can purchase their solutions and integrate them with your tax business to make it big.