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May 2017

In this issue:
  • Know Your Customer
  • Same Day ACH Transactions
  • InterceptEFT vs CFPB Dismissed!
  • Inactivity Fees
  • Payroll Fraud Continues to Rise
  • Employee Spotlight

Did you know?

Memorial Day was originally known as Decoration Day for the practice of decorating the graves with flowers, flags, etc. It didn't legally become known as Memorial Day until 1967.

Customer Support Tips

To access the most up-to-date contracts, log in to our website, click on Documentation and then Agreements.

InterceptEFT Calendar

Accountex
September 6-8th
Boston, MA

Adaptasoft Users Conference
September 12-15th
Indianapolis, IN

IPPA Business Excellence Conference
September 13-15th
Portland, OR

Kronos Partner Community Workshop
September 13-15th
Orlando, FL

Apex Payroll Conference
September 22-23rd
Atlanta, GA

Webinar

Introduction to the Third Party Payment Processors Association (TPPPA)
June 6th, 1:00pm CST
Click here for more information
Memorial Day  All of us at InterceptEFT want to wish you a safe and happy Memorial Day Weekend. As a reminder, we will be closed on Monday, May 29th to honor and celebrate the veterans and all of our active service members.
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Please complete the Know Your Customer Assessment

In order to stay compliant with regulations governing electronic transactions and Know Your Customer (KYC) requirements, we need your help to verify the information we currently have in our system. If you haven't done so, please take a few moments and fill out the short assessment available after logging in to our secure website.

Going forward: Please notify InterceptEFT of any changes to your company's information including ownership, tax ID or address changes. Thanks for your cooperation!

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Are you prepared if you need to send a Same Day transaction?

Things happen. Sometimes payroll doesn't get out in time. Prepare yourself by having the Same Day ACH Agreement filled out and on file at InterceptEFT. In the event you need to pay the same day, this will save you a step. Contact our support department and ask about the Same Day Agreement.

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The lawsuit filed against InterceptEFT by the Consumer Financial Protection Bureau (CFPB) has been dismissed!

Gavel  As you may already know, a federal judge ruled that the CFPB "did not provide sufficient factual allegations to back up their conclusory statements." This is a significant victory, not only for InterceptEFT, but for all third party payment processors and every participant in the payments industry. It is extremely rare for a court to dismiss a government agency's case so early in the process.
We, at Intercept, have always considered ourselves to be at the forefront of risk mitigation and take compliance very seriously. As you know, we have a strong underwriting process, robust systems and skilled staff to provide the best service possible. We want to say THANK YOU for trusting in us. We look forward to continuing to serve you! divider

Memorial Day is Monday, May 29th, 2017.

Memorial Day  Because Federal Reserve Banks and InterceptEFT will both be closed, ACH transactions cannot be dated for May 29th. Memorial Day is a non-processing holiday. To avoid additional charges/penalties, please allow an extra day for processing.
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Inactivity Fees

A monthly minimum charge of $25/month per Processor will be charged after 12 months of no processing. If your monthly fee is less than $25, the fee will be the difference between $25 and the monthly fee. There is also a $3/month fee per Client that remains inactive longer than 6 months. To avoid these fees, please keep your account active and continue to send transactions. You can view your active companies by going online to Reports > Other > Active Company Report.

Are you looking at new software?

InterceptEFT is able to process for most payroll and accounting software platforms. Make sure to speak with our Sales Department if you are looking to change your processing software, and we will help make the transition as easy as possible!

Check, ACH Debit and Email Fraud Continue to Rise

A recent study shows an increase in check, ACH debit and email fraud with 74% of respondents saying their organization was targeted in 2016. What are you doing to protect your business?

Click here to read more about the study

Tips for Preventing Fraud
InterceptEFT wants to remind you of the importance of validating transaction data. All transaction information sent from your customers should be validated via a different method than it was sent to you. While this does take time and effort to do, all it will take is one fraudulent transaction being stopped to realize its importance. Learn more!

Pay key on keyboard 

Add a Pay-Now Button to Your Website

InterceptEFT will design and build a custom payment portal to allow you to accept payments via your website. Get started!

 

*Employee Spotlight*

Picture of AAPs at InterceptEFT  Did you know InterceptEFT has 4 AAPs on Staff?

According to NACHA, the AAP (Accredited ACH Professional) accreditation establishes an individual's credibility, professional competency, and expertise within the payments industry. These staff members are a great resource and provide guidance for our employees and customers.
(from left to right: Christy Stock, Connie Mosier, Leanne Jung, Brian Dresser)