Update: 8/15/21 InterceptEFT was acquired by First International Bank & Trust and has been rebranded under a new name, Kotapay. For up-to-date information about the company, please refer to our Kotapay review for more up-to-date information. We will no longer be updating this profile.
InterceptEFT Overview
InterceptEFT, or “Intercept Corporation,” is a merchant account provider specializing in the processing of electronic transactions. There is some evidence that InterceptEFT is an ISO of either Retriever Payment Systems or FDS Holdings, which is a DBA of First Data (now Fiserv). The company has also formed ISO partnerships with other service and software providers in several industries (AdaptaSoft, American EFT, Onsharp).
Federal Complaint
In June 2016, the Consumer Financial Protection Bureau filed a complaint against InterceptEFT for “allegedly enabling unauthorized and other illegal withdrawals from consumer accounts by their clients.” According to the CFPB, InterceptEFT willfully turned a blind eye to notices from federal and state authorities, high chargeback rates, insufficient fund notices, and invalid or closed accounts. The case was dismissed in March 2017.
InterceptEFT Location and Ownership
Established in 1993, InterceptEFT can be found at 1700 42nd St S, Fargo, North Dakota 58103. InterceptEFT is a registered ISO/MSP of Wells Fargo Bank, N.A., Walnut Creek, California. Craig Dresser is listed as the CEO of InterceptEFT.
Key Points
- Sales & Marketing: InterceptEFT appears to hire independent sales representatives but has not received any complaints about its sales practices.
- Costs & Contract: InterceptEFT offers a multi-year contract with an early termination fee of $250.
- Complaints & Service: InterceptEFT has received fewer than 10 public complaints.
- BBB Rating: InterceptEFT has no rating with the Better Business Bureau and has received 0 complaints in the past three years.
- Rates & Fees: How Merchants Got The Best Rates With InterceptEFT
Customer Reviews & Sentiment
Low Complaint Total
We have found only one negative InterceptEFT review, and it does not accuse the company of being a scam or a ripoff. The complaint, which is found in the comment section below this review, accuses the company’s customer service team of being rude and unhelpful. This is the only complaint of its kind, which seems to indicate that this was an isolated incident. Given the general lack of complaints against the company, we are awarding InterceptEFT an “A” in this category. The company’s website provides an email template for reaching its support team.
Client Satisfaction Ratings
| Product & Service Complaints | 0 |
|---|---|
| Billing & Collection Complaints | 0 |
| Advertising & Sales Complaints | 0 |
| Guarantee & Warranty Complaints | 0 |
| Delivery Complaints | 0 |
Closed Profile
InterceptEFT was an accredited business of the Better Business Bureau and had been since 2008. It presently maintains no rating on the BBB and has no registered complaints, as the BBB considers them closed. The company also has not received any informal reviews, although it should be noted that these reviews are not subject to verification by the BBB.
Card Processing Rates & Fees
InterceptEFT Contract
We have located a sample InterceptEFT contract (available below) which outlines an agreement of unknown length with an early termination fee of $250 and a monthly minimum fee of $25. The paperwork for this agreement refers to Retriever Payment Systems as the company’s processor, but other documents link InterceptEFT to FDS Holdings. It is therefore unclear which company provides the service. In any case, InterceptEFT’s standard contract terms appear to be roughly average for the industry, although we have not found a high number of complaints regarding the company’s rates and fees. We will therefore assign InterceptEFT a “B” rating in this category until more merchant feedback is available. See the InterceptEFT Merchant Agreement.
Bottom Line
InterceptEFT rated as a reliable merchant services provider according to our rating criteria. The company is showing only one public complaint and appears to have been partnered with First Data (Fiserv) in some capacity. They are now closed, but those interested might want to look at their new owners Kotapay.
InterceptEFT Rating
