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P.H. 2019-62: (PUBLIC HEARING 2ND READING)
AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF POMPANO BEACH, FLORIDA, APPROVING AND AUTHORIZING THE PROPER CITY OFFICIALS TO EXECUTE A FIRST AMENDMENT TO THE AGREEMENT FOR MERCHANT PAYMENT CARD PROCESSING AMONG THE CITY OF POMPANO BEACH, PAYMENTECH, LLC AND JPMORGAN CHASE BANK, N.A.; PROVIDING FOR SEVERABILITY; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: $31,000 annually)
FIRST READING: MARCH 26, 2019
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(Staff Contact: Andrew Jean-Pierre)
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Summary Explanation/Background:
JPMorgan Chase Bank was selected to provide the City's general banking services per the
issuance of RFP H-62-13, and Paymentech LLC is authorized through JP Morgan Chase Bank to handle the City's merchant credit card payment processing. This Ordinance is to execute a first amendment to the agreement for merchant payment card processing among the City of Pompano Beach, Paymentech, LLC and JPMorgan Chase Bank, N.A. for one additional five-year period. The original agreement was entered into on March 17, 2014, approved by Ordinance 2014-25.
Origin of request for this action: Finance Department
Fiscal impact and source of funding: Estimated $31,000 annually allocated to various accounts based on actual activity. Estimated credit card processing fees are based on current volume of credit card transactions.
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