In Fargo, North Dakota, Kotapay was first established in 1993 under the name InterceptEFT. Each year, it provides services to tens of thousands of clients, and more than 100,000 companies use it as a processing solution. Our Kotapay review includes multiple essential factors including real feedback from real customers.
21 people work there. It mainly concentrates on ACH processing/direct deposit and safe internet transactions. It was bought by First International Bank & Trust in 2018 and changed its name to Kotapay.
Kotapay is a credit card processing firm that focuses on processing software solutions. It specializes in processing conventional card types, direct deposit, ACH transactions, POS services, and terminal services. Retail, e-commerce, and high-volume outlets make up its industry concentration. It also provides services for tiny mom-and-pop businesses.
Kotapay guarantees that every transaction is:
The ideal method for moving money and data connected to payments is through the Automated Clearing House (ACH). The advantages provide a protected electronic network for financial transactions for the user. Kotapay offers the expertise and understanding necessary to safely handle your transactions. Our procedure is seamless, precise, and practical.
Kotapay has a good reputation in general. For a business with a history of around 27 years, there are surprisingly few complaints that can be found about it. It also appears to have a dearth of favorable evaluations.
However, given that there isn’t a list of complaints about scams or frauds, it’s possible that Kotapay conducts lawful business in silence and that nobody has a motive to speak out about it, either favorably or unfavorably.
Although its pricing structure is confidential, a sample of one of its more standard contracts can be found online. It appears to offer rates that are quite typical, including a locked-in contract with a $250 early termination fee.
Few details about Kotapay’s pricing are made public, but some of them are. It has an undisclosed length contract with a $250 early termination fee, a $25 minimum monthly fee, and additional costs according to the services you use it for. Additionally, it has fees related to chargebacks and other problems a merchant can have.
Its rates and extra charges may vary depending on the type of business you run and the volume of transactions you execute regularly.
Kotapay uses a multi-year contract with an ambiguous duration, a $250 early termination fee, a minimum $25 monthly price, and additional fees for adding on more services. Additionally, there is a $15 chargeback fee. The remaining provisions of its contract deal with the kind of business the merchant conducts and the volume of business it handles.
The subsequent prices and periods are determined by the particulars of the firm.
The majority of Kotapay’s advertising and sales seem to be handled by independent contractors. The thousands of merchants that Kotapay serves don’t have an issue with this because it doesn’t appear that it receives many internet complaints that can be located. The Kotapay section of First International Bank & Trust generally seems to conduct ethical business. There aren’t any unresolved grievances, fraud cases, or reports of fraud on the internet. Kotapay has nearly no unfavorable reviews.
For processing credit and debit cards, Kotapay uses BASYS Processing. We haven’t seen a Kotapay contract, and costs may vary from brand to brand, but BASYS offers a simple pricing structure. The precise contract conditions and any potential early termination fees have not been located.
While Fiserv (Formerly First Data) uses a wide range of variable rate contracts that heavily depend on processing volume and the industry of the merchant, BASYS freely publishes its pricing online. Additionally, Kotapay utilizes Clover POS solutions for a few of its merchant accounts.
CT – Norwalk Being a partner with Kotapay, which streamlines direct-deposit payroll, makes Criterion proud. Due to the integration, just one safe file needs to be uploaded once to all participating bank institutions, simplifying the process of direct deposit.
According to Criterion CSO Steven Kuhn, “This integration will reduce administrative time overall in addition to the obvious methods of saving money through the obvious ways of reducing printed checks and mailing.” The decision was made through listening to our consumers and saving them time, as with any improvement we make.
Once set up, Criterion users can use the same system to pay commissions and bonuses, reimburse expenses, pay vendors, pay annuities and dividends/interest, collect receivables, issue 1099s, and pay the IRS.
In contrast to the majority of credit card processing businesses, Kotapay has nearly no cases filed against it. No major complaints concerning fees or illegal charges, no incidents of fraud, and hardly any instances of subpar customer service. The one unfavorable web review is regarding the company’s impolite customer service, but other than that, everything else is perfect.
No litigation is currently pending against Kotapay. It dealt with a case with the heading InterceptEFT. In June 2016, a civil action complaint was brought. The Consumer Financial Protection Bureau sent it. Nevertheless, a court threw out the accusations for a lack of proof, claiming that the CFPB “did not disclose sufficient factual facts to support its conclusory conclusions.”
Kotapay has been in operation for 29 years, according to the Better Business Bureau. However, as was already indicated, InterceptEFT has been the moniker used for the bulk of these years. The Better Business Bureau has accredited Kotapay since 2018, and it currently has an “A+” rating with 0 complaints and 0 reviews over the previous 48 months.
There are no pending class action lawsuits or FTC complaints against Kotapay that we could find.
We currently have no cause to dispute the Better Business Bureau’s “A” rating for InterceptEFT based on our records on the service and recent public complaints.
Kotapay doesn’t currently have any complaints, which suggests that the company is managing its merchant accounts well. We hope that InterceptEFT’s long-standing reputation for excellent customer service has endured the rebranding because the company often received few complaints and even fewer negative evaluations.
We now see no reason to suggest Kotapay for credit card processing and are interested in how the business will perform under the new brand.