Updated 3/15/2019: In April 2018, 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, look out for our Kotapay review in the coming months.
InterceptEFT, or “Intercept Corporation,” (intercepteft.com) 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. The company has also formed ISO partnerships with other service and software providers in several industries (AdaptaSoft, American EFT, Onsharp). 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.
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.
- 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 an “A+” rating with the Better Business Bureau and has received zero complaints in the past three years.
- Rates & Fees: How Merchants Got The Best Rates With InterceptEFT