DEPARTMENT: Finance
DEPARTMENT HEAD: Troy Elliott
COUNCIL DISTRICTS IMPACTED: City-wide
SUBJECT:
Merchant Banking Services Contract Amendment
SUMMARY:
This Ordinance approves a contract amendment with JP Morgan Chase Bank, N.A. and Paymentech, LLC to extend the term of the contract for an additional year, commencing on July 1, 2019, and ending on June 30, 2020 with the option to renew and extend for one (1) additional one (1) year term under the same terms and conditions.
BACKGROUND INFORMATION:
On June 21, 2012, Ordinance No. 2012-06-12-0520, approved 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 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, approved the renewal and extension of the contract between the City, and 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.
On June 15, 2017, Ordinance No. 2017-06-15-0452, approved the renewal and extension of the contract between the City, Chase Paymentech for merchant banking (credit card) services for a renewal period of two (2) years, commencing on July 1, 2017 through June 30, 2019.
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 exceptional cust...
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