Title
Credit Card Processing - Approval
History
The Village currently uses Fifth Third Bank to process all credit card payments, except those made on-line through the Class system utilized by Recreation. As the Village moves forward with the implementation of various Innoprise modules, Finance staff has determined that the Village will not be able to use the full functionality provided by the Innoprise software with the current credit card processor.
There are three processors that Innoprise partners with that will allow the Village to utilize the full functionality of the Innoprise software. Finance received a scope of services and price quote from each of the providers and has determined that Paymentus will interface directly with Innoprise and allow staff to use the full functionality of the software. Paymentus also offers a communication manager that would allow the Village to communicate directly with customers to notify them of payment due dates, late payments, etc. The Paymentus price quote for qualified cards is 2.45% of the transaction amount. The fee for non-qualified cards (business and commercial credit cards) is 2.95% of the transaction total. Recreation credit card payments, except those made online, would continue to be processed by Fifth Third Bank.
Financial Impact
Sufficient funds are budgeted in the General Fund and Water & Sewer Fund for credit card fees.
On June 3, 2013, this item was reviewed by the Finance Committee, recommended for approval, and referred to the Village Board of Trustees for consideration.
Recommended Action/Motion
I move to approve Paymentus to provide credit card processing services for a period of three years, with an automatic renewal for an additional two years.