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<br />Memo <br />City Council <br />RevTrak <br />2 <br /> <br />implementation costs in 2007. The other costs associated with this are the credit card processing <br />fees. The current cost that we are averaging for credit card fees is about 2.2% of the amount <br />collected. Based on analysis I have run on usage ofthe new system/service would be about 2.9% <br />ofthe amount collected. This takes into account that there are different charges for the point at <br />which you accept credit cards - Card Present 1.99%, Phone/Mail Order 2.59%, and Online <br />2. 79%. We currently only accept card present transactions. There is also a $0.28 processing fee <br />per transaction, but we also have a charge similar to this at this time and we have a monthly fee <br />of$6.00. The only real cost besides the implementation cost is the increased use of the payment <br />systems, but this could be recovered through including this cost in our fees and we will include <br />an estimate of this cost in our rate studies. (I have already included this in the 2008 budget.) <br /> <br />CITY STAFF RECOMMENDATION <br /> <br />Motion to the authorize the City Administrator and Mayor to enter into a Merchant Agreement <br />with RevTrak for credit card services and web/site license. <br />