From all of us at Kotapay, we would like to extend our best wishes for a joyous holiday season and a happy new year. We appreciate your continued business and look forward to a successful 2020!

Be mindful that Holiday Bonus transactions may cause a delay

As a reminder, Kotapay's procedures regarding payroll over $500,000 per payroll or $100,000 to an individual will require additional action on your part. The following options are available:


Upcoming Holiday Hours and Non-Processing Days

reminder  Tuesday, December 24thAccept files until 1:00 pm CST
 Wednesday, December 25thClosed
 Tuesday, December 31stNormal processing cut-off (10 pm CST)
 Wednesday, January 1stClosed

Because Federal Reserve Banks and Kotapay will both be closed, ACH transactions cannot be dated for December 25th or January 1st. To avoid additional charges, please allow an extra day for processing.


Setting up new payroll clients: allow 48-72 hours

The busiest time of year for new client set-ups is December and January. Client set-ups may take longer than normal so be sure to allow 48-72 hours before sending files.

As a reminder, ALL fields are required on the Customer Information Form. Please send in complete paperwork to ensure timely client set up. When signing clients up for payroll, the Payroll Transaction Estimates box is also a requirement. Using e-contracts (Docusign), will also help avoid incomplete paperwork and expedite setup.

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To view all of your active clients, log in to the Kotapay website and go to Reports > Other > Active Company Report

Correcting Entries/Adjustments

FYI 

Effective January 1, 2020, Kotapay will not accept requests for Correcting Entries/Adjustments. Requests for reversals will continue to be accepted within the five (5) day reversal time period allowed for by the ACH Rules, but no requests after the five (5) day time period will be accepted. Resolution will need to occur outside the ACH network.


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Add a Pay-Now Button to Your Website

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

 

Tis the Season for Fraud

With the holiday season upon us, fraudsters also ramp up their efforts hoping you won’t notice until it’s too late. It’s more important than ever to increase security measures.

Be on alert for payroll fraud! As the processor, it is your responsibility to cover the lost funds so it’s important to be diligent and know your customer.

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Red Flags:
  • Employee accounts are PAYCARDS
  • Hurried set-up requested by new payroll customer
  • Communication only via email from payroll customer or communication that seems abnormal
  • Customer and its employees are in geographically diverse locations
  • And more...

Be diligent about protecting your business by knowing your customer! To learn more and to find solutions click here.


Check out what some of our customers have to say about Kotapay!

Watch our testimonial video here!

  Kotapay Testimonial Video

Additional Benefits of Using Wire Drawdown

Kotapay’s wire drawdown service allows you, the processor to apply rules for your clients when a drawdown should occur. This rule can be a specific dollar amount that once exceeded, would automatically trigger a wire drawdown. For example, the rule is that your client can submit a payroll up to $25,000, therefore any payroll batch exceeding $25,000 would automatically trigger a drawdown request for those payroll monies.

In addition to this service working for Payroll Direct Deposit, rules can also be applied for Tax Payments, Vendor Payments and Net Pay Impound. Contact the Support Department to get started using this wire drawdown service.