Placement: Consent Agenda
Action Requested: Motion / Vote
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Approve Amendment #1 to Contract #20210100 with Invoice Cloud, Inc. for Electronic Bill Presentment and Payment Services for the Utility Systems Department.
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Submitted By: Kevin R. Matyjaszek, Utility Systems Director
Strategic Plan Link: The City's Mission to be financially responsible.
Summary Brief (Agreements/Contracts only)
1. Prepared by: Utility Systems Department ("USD")
2. Parties: City of Port St. Lucie and Invoice Cloud, Inc., a Florida registered foreign corporation ("Vendor")
3. Purpose: This Amendment to Contract #20210100 allows the rates for processing credit and debit card transaction fees, Electronic Fund Transfer ("EFT"), and Automated Clearing House ("ACH") to "pass through" the costs to customers that were previously incurred by the USD for processing certain utility payments.
4. New/Renewal/Modified: Modified.
5. Duration: The Contract continues for a period of three years from December 13, 2022. The Contract automatically renews for additional successive three-year terms unless terminated.
6. Benefits to Port St. Lucie: The USD will no longer absorb the costs of the credit card, debit card, and other convenience fee transactions when electronic payments are made by its customers.
7. Cost to Port St. Lucie (Annual and Potential): The current model estimates an average expenditure to the City of $1,630,180.64 over 12 months. This Amendment, if approved, will result in an annual savings of $1,597,056.64. The cost of the services is anticipated to be reduced to $33,124.00 for a 12-month period.
Presentation Information: N/A
Staff Recommendation: Move that the Council approve Amendment #1 to Contract #20210100 to transfer the cost of processing credit card, debit card, and other transaction fees to the customer.
Alternate Recommendations:
1. Move that the Council amend the recommendation and approve Amendment #1 to Contract #20210100 with Invoice Cloud, Inc.
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