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~ Credit/Debit Card Acceptance Policy <br />.~~ <br />Policy Statement <br />The City of Elk River accepts credit and debit card payments as a means of paying for city obligations when <br />it will enhance customer convenience, increase certainty of collection, and/or reduce city processing costs. <br />Purpose <br />This policy outlines the responsibilities and security for city employees who are assigned the task of <br />processing credit/debit transactions. <br />Definitions <br />Credit Card: A card or device issued under an arrangement pursuant to which the issuer gives to a <br />cardholder the privilege of obtaining credit from the issuer. <br />Debit Card: A card or device issued under an arrangement pursuant to which the issuer gives to a card <br />holder the privilege of using the card to debit the account of the card holder. <br />Transaction Fee/Discount Fee• The processing fee imposed by credit card companies on all credit card <br />transactions. Typically these fees are born by the vendor and built into the overhead costs. <br />Merchant: The entity selling products or services. In this case the City of Elk River. <br />Third Party Processor: A vendor contractually obligated to process credit/debit card transactions on behalf <br />of the city. <br />Authority <br />Minnesota Statute X471.381 authorizes cities to accept payment by credit card or other methods. <br />Overview <br />The City of Elk River will establish a contract with a third party vendor to process merchant sales <br />transactions and to provide any related card-processing services. <br />A. Authorized Credit Card Companies -The city has established the authority to accept three major <br />credit cards: <br />• Visa <br />• Mastercard <br />• Discover Card <br />B. Accepted Service/Product Purchases -City fees, services and products may be accepted with a <br />maximum single purchase no greater than $2,500. Transaction over $2,500 will be evaluated on a <br />case-by-case basis and approved by the Finance Department prior to the transaction. <br />Safeguarding Credit Card Transactions <br />The use of credit cards provides a quick and convenient payment method. Use for financial transactions has <br />P&ME~fO iT <br />~~~~ <br />