A semiconductor device has a flipchip type semiconductor die with contact pads and substrate with contact pads. A flux material is deposited over the contact pads of the semiconductor die and contact pads of the substrate. A solder tape formed as a continuous body of solder material with a plurality of recesses is disposed between the contact pads of the semiconductor die and substrate. The solder tape is brought to a liquidus state to separate a portion of the solder tape outside a footprint of the contact pads of the semiconductor die and substrate under surface tension and coalesce the solder material as an electrical interconnect substantially within the footprint of the contact pads of the semiconductor die and substrate. The contact pads on the semiconductor die and substrate can be formed with an extension or recess to increase surface area of the contact pads.