Submitted By
Steven Drazner, CFO
Reviewed By
AMZ
Agenda Item Title
Title
A Resolution Approving Annual Expenditures For Credit/Debit Card Merchant Processing Services With Heartland Payment Systems in an Amount Not to Exceed $100,000 for Fiscal Year 2022 Pursuant to the Pricing Agreement Dated February 11, 2013, from Heartland Payment Systems
End
Overview
Overview
The Village utilizes Heartland Payment Systems (HPS) for processing credit/debit card transactions that are performed over the counter at Village Hall. The cost of each transaction depends on the amount and the brand of the card being used (Visa, MasterCard, Discover) as well as specific benefits offered by the card issuer (i.e. rebate points).
Body
Staff Recommendation
Approve the Resolution
Fiscal Impact
This expense has been appropriated in Finance operating budget 1001.41300.101.530675
Background
Heartland Payment Systems (HPS) is the merchant processor for all credit/debit card transactions conducted at Village Hall (online transactions are handled by a different processor).
The expense for using HPS is netted against receipts before monies are automatically credited to the Village’s bank. Although the Village does not pay for the cost of these services via the Accounts Payable System in the usual manner, it should nonetheless be viewed as an expense of the Village for accepting credit/debit cards as a form of payment.
Alternatives
N/A
Previous Board Action
N/A
Citizen Advisory Commission Action
N/A
Anticipated Future Actions/Commitments
N/A
Intergovernmental Cooperation Opportunities
N/A