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CC Regular Session <br />Date: 03/22/2011 <br />By: Diana Lund <br />Finance <br />Item #: 5. 13. <br />Information <br />Title: <br />Authorize Credit Card Contract with RevTrak <br />Background: <br />The Finance Committee met on February 22, 2011 and were presented with the costs associated with the city <br />accepting credit cards for payments (summary is attached). The data presented was based on last year's revenue <br />collections in the city and a "what if' costs if a certain percentage of customers would have paid via credit card. <br />The associated fees would amount to approximately $13,500 annually. This amount could be higher or lower based <br />on actual usage. <br />Three credit card firms were presented - those firms that offered the capability of being able to interface with the <br />City's utility billing system (OPUS 21). <br />The finance committee made the recommendation to choose RevTrak who offers utility billing interfacing and web <br />store capabilities. The finance committee also made the recommendation that the associated credit card fees would <br />be absorbed by the city as part of the costs of doing business. <br />RevTrak and Opus 21 will be present at the workssession on March 22, to demonstrate how the credit card - utility <br />billing and other payment processings will work. The city is looking at offering the credit card option for all city <br />payments - utility billing, building permits, special assessments, fines, etc. <br />RevTrak only offers a monthly contract with a 1.99% "swiped" rate and $.35 per item. Staff had concerns <br />regarding the possibility of an interest rate changing monthly. RevTrak, who currently contracts with 52 cities, <br />(listing attached) gave the example of Shoreview. They begin credit card services with Shoreview in 2002 with a <br />1.99% "swiped" rate and $.33 per item. As of today, they are still charging the 1.99% "swiped" rate and $.35 per <br />transaction. <br />RevTrak would need two weeks for implementation with the city and Opus 21 four weeks. <br />Recommendation: <br />Staff recommends award of contract (based on City Attorney's review) to RevTrak for city credit card services. <br />Council Action: <br />Motion to award contract (based on City Attorney's review) to RevTrak for city credit card services. <br />Credit Card Analysis <br />RevTrak Contract <br />RevTrak MN City Listing <br />Attachments <br />Form Review <br />