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May 2018

In this issue:
  • Kotapay!
  • New Agreements
  • Beneficial Ownership
  • Memorial Day
  • Fraud Tips
  • Make Payments on your Website

Did you know?

Kotapay was chosen for the connection to our home state of North Dakota and the sense of pride we have for the northern prairie.

Customer Support Tips

How to inactivate clients
Log in to our website, log in to our website, click on Documentation and then Agreements.

Kotapay Calendar

WEX Health Partner Conference
April 30th – May 2nd
Scottsdale, AZ

The Payroll Group
May 2nd - 4th
Hollywood, CA

PASBA Spring Marketing
May 7th – 10th
Miami, FL

Prism HR
June 10th – 13th
San Antonio, TX
InterceptEFT is becoming Kotapay!

We recently announced that InterceptEFT was acquired by First International Bank & Trust, Member FDIC and we are changing our name to Kotapay.

Next week, you will see changes as we update to our new brand. The website and our email addresses will be changed effective May 1st. Our InterceptEFT email and website will still work but please add our new email address to your safe senders list so you don’t miss any important information from us.

Picture of Kotapay Solutions First
Read the Announcement to our customers and the Press Release.

Picture of Kotapay Solutions First  Leadership from First International Bank & Trust and InterceptEFT Owners

Left to right, Front Row: Stephen Stenehjem (CEO), Michael Toy (Chief Operating & Strategy Officer)
Back Row: Gretchen Stenehjem (Public Relations Officer), Peter Stenehjem (President), Craig Dresser (previous CEO of InterceptEFT), Bryan Smith (previous President of InterceptEFT)

When setting up new clients, the new Kotapay Agreements must be used. Previous versions will no longer be accepted after May 1st.

Picture of Kotapay Solutions First Any new ACH clients MUST provide the new Kotapay agreement. Current clients are grandfathered in if they were set up prior to May.

Agreements submitted after May 1st, but dated prior to May 1st, will not be accepted.

The most current versions are always available on our website under Documentation > Agreements or by using e-contracts.


If you haven’t already, please submit a new ACH Processor Agreement

New Customer Agreements do not need to be signed at this time for any existing customers but a new processor agreement is required for all ACH customers. Click here for the agreement.


Beneficial Ownership Rule

Effective May 11, 2018, FinCEN (Financial Crimes Enforcement Network) is issuing a rule on beneficial ownership that governs the funds in bank accounts. This new rule is aimed at preventing financial crimes and to protect consumers.


Memorial Day is Monday, May 28th

reminder 

Memorial Day is a non-processing holiday as the Federal Reserve Banks and Kotapay will be closed. ACH transactions cannot be dated for May 28th. To avoid additional charges/penalties, please allow an extra day for processing.


Pay key on keyboard 

Add a Pay-Now Button to Your Website

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