Title
Dept/ Agency: Finance
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Professional Service Contract
Purpose: To process credit card and electronic payments on the internet, over the telephone and various locations throughout the City of Newark
Entity Name: Value Payment Systems, LLC
Entity Address: 2207 Crestmoor Road, Ste. 200, Nashville, TN 37215
Contract Amount: 2.25% per credit/debit card transaction or $0.99 per electronic check transaction
Funding Source: No City Funds
Contract Period: October 1, 2014 through September 30, 2017
Contract Basis: ( X ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
(X ) Fair & Open ( ) No Reportable Contributions ( X ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
Additional Information:
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WHEREAS, the Government Electronic Payment Acceptance Act (P.L. 1955, c.325) ("Act") authorizes a municipality to establish an electronic fund transfer system upon passage of a resolution by the Governing Body; and
WHEREAS, the Department of Community Affairs, Division of Local Government Services has promulgated regulations, NJAC 5:30-9.1 et. seq. authorizing municipalities to accept credit card and or electronic payments in accordance with the provisions of the Administrative Code; and
WHEREAS, on May 7, 2014, the Municipal Council adopted Resolution 7R5-b, to accept electronic receipts for payment over the internet, via telephone and in person for the payment of property taxes, utilities and other fees; and
WHEREAS, the City of Newark is in need of being able to accept payments via internet, web and telephone; and
WHEREAS, payment of property taxes, utilities and other fees by way of credit card and electronic payment via internet and telephone will create a greater convenience for the City of Newark taxpayers; and
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