What Are Bank Products?
Bank products are financial services tax professionals offer to help clients access their refunds faster and help pay for tax prep services. These products are typically facilitated through third-party banks and are fully integrated into your professional tax software.
Common bank products include:
- Refund Transfers (Pay‑by‑Refund)
- Refund Advances
- Prepaid Debit Cards and Disbursement Options
Why Offer Bank Products in Your Tax Office?
Here are some reasons tax preparers choose to offer bank products:
1. Make Your Services More Accessible
Many clients hesitate to pay for tax prep services upfront. With refund transfers, they can pay your fee directly from their refund — no out-of-pocket costs needed.
2. Attract More Clients
Offering bank products can be a competitive advantage. Clients might be more likely to choose a preparer who provides flexible refund and payment options.
3. Streamline Your Payments
When clients use refund transfers, your fee is automatically deducted from the refund and deposited to your account. This simplifies collections and reduces the risk of unpaid invoices.
4. Improve Client Experience
With prepaid cards, direct deposit options, and even refund advances, you’re giving clients flexibility and faster access to their money — increasing satisfaction and loyalty.
Drake Pay: A Modern Payment Solution Built for Tax Professionals
Designed specifically for tax preparers, Drake PayTM gives your firm a seamless way to accept payments directly within the tools you already use every day. Whether clients are in your office or paying remotely, Drake Pay can streamline the payment process so you get paid faster and with less friction. 7687u
Built for Tax Workflows — Integrated & Easy
Drake Pay (hyperlink to Drake Pay) works right within the Drake Software® ecosystem — including Drake Tax®, Drake Portals®, and Drake Accounting® — (hyperlink to product pages) so there’s no need to juggle separate payment systems. You can request and accept payment:
- Directly in your tax software during return preparation
- Through a secure email invoice your client can pay online
- In person via card swipe or contactless payment
- And even via ACH bank transfers if the client prefers
Because everything is integrated, invoicing, transactions, and reporting are automated and easier to reconcile — saving you valuable time and reducing administrative headaches.
More Ways for Clients to Pay
Drake Pay lets you offer the payment options your clients expect:
- Credit & Debit Cards: Accept major card brands in person or online.
- Contactless Payments: Tap-to-pay options for fast, modern checkout.
- ACH Payments: Clients can pay directly from their bank account.
- Drake Refund Pay: Give clients the option to use their tax refund to cover fees (where eligible).
These flexible options can help improve your collection rates and client satisfaction by meeting people where they’re most comfortable paying.
Security and Support You Can Trust
Drake Pay is built on a secure platform powered in partnership with Launchpay®, with technology components certified to meet the PCI Secure Software Standard. Drake also provides free educational resources to help you keep your payment processes compliant and safe.
There are no setup fees or long-term contracts — you pay only transaction fees as you process payments. Approval to get started is often quick, helping you begin accepting payments efficiently, whether it’s tax season or any time your firm is open for business.
Try Drake for Free.
Watch Our Bank Products Webinar (On Demand)
If you’d like a more visual walkthrough of how bank products can benefit your tax practice, watch our on-demand webinar below. In this video, our experts demonstrate key features of integrated bank products and share practical tips for offering refund transfers, refund advances, and other options with confidence — all inside Drake Tax.
How Refund Transfers (Pay‑by‑Refund) Work
A refund transfer, also known as Pay‑by‑Refund, allows clients to:
- File their taxes without paying you upfront
- Have your prep fee automatically deducted from their IRS refund
- Receive the remaining balance via check, direct deposit, or prepaid card
You, as the preparer, get paid directly by the bank when the refund is issued, making it seamless and secure.
Refund Advances: Fast Cash for Clients
Refund advances are short-term loans backed by a client’s expected tax refund. They allow clients to get funds within 24 to 48 hours — often before the IRS even processes the return.
With no interest in many cases, these products appeal to clients facing urgent expenses or those eager to get access to their funds.
What to know:
- Approval is typically based on expected refund and bank partner guidelines
- Drake’s integrated setup allows for easy processing within the software
- You can offer refund advances without risking your own funds
Disbursement Options That Meet Every Client Need
Through bank products, you can offer multiple refund disbursement methods:
- Direct deposit to a personal bank account
- Paper check printed in-office or mailed
- Prepaid debit card, a popular choice for unbanked or underbanked clients
These flexible delivery options help improve convenience and client satisfaction, especially in underserved communities.
Best Practices for Tax Pros Offering Bank Products
Want to help drive success with bank products in your office? Keep these tips in mind:
- Start early: Complete applications before January to avoid delays
- Train your team: Make sure your staff understands how to explain options and fees
- Promote your services: Advertise refund advance and Pay‑by‑Refund options to attract clients
- Educate clients: Use printed materials or email templates to explain how refund transfers work
Drake Software’s Integrated Bank Product Solutions
Drake Software makes offering bank products simple. Here’s what you can expect:
Easy Setup
Drake’s interface walks you through enrolling with a bank partner, completing necessary forms, and activating refund transfer or advance products in your software.
Trusted Bank Partnerships
Drake partners with leading financial providers to promote secure, compliant, and fast service — including EPS Financial, TPG (Santa Barbara), and others.
Seamless Client Experience
Clients don’t need to visit multiple platforms. Their bank product experience is fully managed through your Drake workflow — from refund filing to disbursement.
Need Help? Drake offers a helpful bank partner comparison chart and a full guide for new users.
Bank products are more than a client convenience — they’re a powerful tool to help expand your client base, get paid faster, and enhance your professional offerings.
To learn more about Drake Bank Products, please visit our bank products page.
