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City of <br />Pequot <br />Lakes - <br />AGENDA iTEM #10.2 <br />REPURT' TU <br />CITY COUNCIL <br />Report Prepared b�: Nancy Malecha <br />Date: November 5, 2013 <br />Subiect: Service Agreement with Payment Service <br />Network Inc. <br />Report: For the past several months, I have been in <br />contact with several service providers for credit card, debit <br />card, and e-check payment processing for our customers. I <br />contacted North American Acquiring, North Central <br />Bankcard, Payment Service Network, the Redwoods <br />Company, and RevTrak. After several discussions and <br />meetings, the City Clerk and I narrowed down the field to <br />Payment Service Network (PSN) and RevTrak. Their <br />proposals are attached. <br />I compared the fees from PSN and RevTrak and compiled <br />the attached CreditiDebit Card & E-Check Payment <br />Processing Fees spreadsheet. This illustraies the <br />approximate annual cost to the City for providing credit <br />card, debit card, and e-check payment services both online <br />