DATE: September 1, 2015
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
SUBJECT:
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Consideration of Contract 2015-0144, a Credit Card Processing Agreement with Pinnacle Bank (09/10/15 Budget & Finance 4-0)
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Purpose
The purpose of this memo is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning an agreement with Pinnacle Bank to process credit card transactions.
Background
The Parks Department wishes to accept credit card payment for some of the rental transactions in the field. With the Fiscal Year 2015-2016 budget, approval was given to Parks to implement software that allows remote payment transactions from various sites. The software requires a bank to process the transactions and allow the City to receive funds from those transactions. This contract establishes the relationship between the bank and the City for such transactions.
Financial Impact
The bank will receive payment from the City based on the transactions and the fees established by Visa, Mastercard, and other credit providers. The cost of the bank/credit fees will be included in the fees charged for Parks rentals.
Recommendation
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Staff recommends approval of the contract.