Best for
eCommerce, high-risk businesses, retail, B2B, high volume transaction businesses.
Specializes in
Kotapay is a credit card processing company specializing in software solutions to processing issues. It mainly specialize in ACH processing, direct deposit, online processing, and secure handling of high-risk transactions. It also offers POS and terminal services.
Pricing Summary
Setup Fee: $0
Monthly Fee: Variable
Swipe Rate: Variable
Keyed-in Rate: Variable
Early Termination Fee : $250
Contract Terms:
Kotapay was founded in 1993, as InterceptEFT, in Fargo, North Dakota. It services thousands of clients each year, and over 70,000 businesses use it as a processing solution. It employs 21 people. It primarily focuses on secure online transactions and ACH processing/direct deposit. In 2018, it was acquired by First International Bank & Trust and rebranded as kotapay.
Kotapay is an older credit card processing company that focuses on secure online processing. It specializes in ACH processing, direct deposit, standard forms of card processing, and POS services and terminal services. its industry focus is on retail, e-commerce, and high volume stores. It also serves mom & pop style businesses and businesses on the smaller end.
its overall reputation is positive. It has almost no complaints available to be found, which is strange for a company with a history of about 27 years. It also has a noticeable lack of positive reviews. Considering there is not a list of complaints about frauds or scams, however, it's likely that kotapay does legitimate, quiet business, and no one has a reason to speak out about it--positively or negatively.
its pricing model isn't public, but a copy of one of its more generic contracts is available online. It seems to have reasonably standard rates, including a locked-in contract with an early termination fee of $250.
Head Quarters
Fargo, North Dakota
Year Founded
1993
CEO
Stephen Stenehjem
Employees
21
Merchant Provider Risk Tolerance
Zero setup fee.
Gift and loyalty program.
Domestic telephone support during domestic business hours.
Documentation knowledge base.
Has a high risk business tolerance.
Early termination fee.
Three year contract.
Public pricing not available.
Does not disclose all important terms.
Monthly minimum fee.
Point 1: ACH Processing and Direct Deposit
Kotapay offers ACH Processing and direct deposit services. It integrates these services entirely into your business and makes it convenient for the merchant to use it. ACH is useful in a variety of different circumstances. Direct deposit can be utilized for all kinds of things, but many merchants use it for payroll, bonuses, or commissions. Direct deposit can also be used for tax purposes or business to business transactions.
Point 2: Credit/Debit Processing, Secure Transactions
Kotapay also offers traditional credit and debit card processing. These transactions, done securely, can be done through online means, a POS device, or a terminal. One time or recurring payments are both available as options. All of its technology and services are PCI compliant. Most of this is done through its payment portal.
Point 3: Software Solutions to Processing
Most of Kotapay's processing solutions are done through its software. It has a variety of different services and software that it offers to merchants. Most of these services are provided through its payment portal software, Jolokia, or its ACH transactions portal, BankEFT. It also has numerous other software useful for other financial purposes, such as ACH Bind or ACH Encrypt, which assist with marketing, file editing, file conversion, and general security purposes.
Discloses All Important Terms
No
Public Pricing Available
No
Not every aspect of Kotapay's pricing is made clear, but a few things are available to the public. It has a contract that is of unspecified length, featuring a $250 early termination fee, a $25 minimum monthly fee, and other fees depending on what kind of services you receive from it. It also has costs based on chargebacks and other issues that a merchant can come into contact with. Some of its rates and additional fees appear to depend on what kind of business you are and what volume of transactions you process regularly.
Pricing Model
UnknownFlat Rate
Swiped Rate
Variable
Keyed-in Rate
Variable
Mobile Payment Rate
Virtual Terminal Rate
Variable
Monthly Fee
Variable
Payment Gateway Fee
Variable
Batch Fee
Variable
Early Termination Fee
$250
PCI Compliance Fee
Variable
Equipment Lease Terms
Variable
Address Verification Service (AVS)
Application Fee
Account Setup Fee
$0
Gateway Setup Fee
Variable
Annual Fee
Monthly Minimum
$25
Statement Fee
Kotapay uses a multi-year contract of unspecified length with a $250 early termination fee, a minimum $25 monthly fee, and additional fees if you tack on extra services. It also has a chargeback fee of $15. The rest of its contract covers the type of business that the merchant has and the volume of business it processes. The specifics of that business defines the rates and terms after that.
Contract Length
3 Years
Early Termination Fee
$250
Kotapay is unlike most credit card processing companies in that it has almost no negative cases against it. No instances of fraud, no notable complaints about fees or unauthorized charges, and virtually no cases of poor customer service. The one negative review online available is about rude customer support, but besides that, its record is spotless.
Kotapay has no current active lawsuits. its last name, InterceptEFT, had a case that it dealt with. It was a civil action lawsuit filed in June of 2016. It was from the Consumer Financial Protection Bureau. Still, a judge dismissed the charges as lacking evidence, stating the CFPB 'did not provide sufficient factual allegations to back up its conclusory statements.'
BBB
A+(0 complaints)
N/A
3 Stars / Based on the opinion of 2 people
Yelp
N/A
Total Online Reviews
50+
Total Online Complaints
Lawsuits
None
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