DEPARTMENT: Finance
DEPARTMENT HEAD: Troy Elliott
COUNCIL DISTRICTS IMPACTED: City-wide
SUBJECT:
Merchant Banking Services Contract Amendments
SUMMARY:
This Ordinance approves a contract amendment regarding the Merchant Payment Instrument Processing Agreement with Paymentech LLC and JPMorgan Chase Bank, N.A. to extend its term for an additional two years ending June 30, 2019 with an optional additional one year extension to end June 30, 2020; and approves two new fees that will be incorporated into the amended Agreement.
BACKGROUND INFORMATION:
On June 21, 2012, Ordinance No. 2012-06-21-0520, passed and approved the Merchant Payment Instrument Processing Contract ("Contract') between the City, and JPMorgan Chase Bank, N.A., a national banking association, and Paymentech, LLC, a Delaware limited liability company ("Chase Paymentech") for merchant banking (credit card) services for a period of three (3) years, commencing on July 1, 2012 through June 30, 2015, with an option to renew for one (1) additional two (2) year period.
On June 4, 2015, Ordinance No. 2015-06-04-0492, passed and approved the renewal and extension of the Contract between the City, and JPMorgan Chase Bank, N.A., a national banking association, and Paymentech, LLC, a Delaware limited liability company ("Chase Paymentech") for merchant banking (credit card) services for a renewal period of two (2) years, commencing on July 1, 2015 through June 30, 2017.
Chase Paymentech assumed the responsibility of end-to-end merchant banking services customarily provided in processing credit card transactions, to include but not be limited to: provision of equipment/software; credit and charge transaction authorization; routing, clearing and settlement services for all major credit card brands, debit cards, smart and/or stored value cards; and if necessary, subcontracting with firm(s) to provide additional services. Chase Paymentech has provided good customer service for all operationa...
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