December 2019In this issue:
- Holiday Bonuses
- Holiday Hours
- New Clients
- Make Payments on your Website
- Season for Fraud
- Kotapay Video
- Wire Drawdown Benefits
Did you know?One of the best ways to avoid business email compromise is to teach employees what to spot and to be leery about any email attachments or links.
Customer Support TipsUsing e-contracts will help avoid incomplete paperwork and expedite client setup.
ACH RulesStay up-to-date with the most current NACHA Rules. The NACHA Rules are available for FREE online by simply setting up a Basic User account. Click here.
Kotapay CalendarThomson Reuters Gear Up
Drake Software Update School
Drake Software Update School
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
|Tuesday, December 24th||Accept files until 1:00 pm CT|
|Wednesday, December 25th||Closed|
|Tuesday, December 31st||Normal processing cut-off (10 pm CT)|
|Wednesday, January 1st||Closed|
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.
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.
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.
- 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...
Check out what some of our customers have to say about Kotapay!
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.