TO: Mayor and City Council
FROM: Beth Beatty, City Manager
SUBJECT:
title
Authorization to Utilize Electronic Lockbox Services
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BACKGROUND:
The City offers multiple ways for customers to pay amounts owed to the City. These include check, cash, credit cards. These payments are made in person, online, over the phone, mail, and through customer’s online banking. We would like to add electronic lockbox (e-lockbox) services to increase customer service and reduce payment processing costs. E-lockbox service allows customers to use their own banks online banking service to make an electronic payment. Currently these payments are mailed to the City’s manual lockbox processor, do not allow for next day payments, or ability to schedule payments for a certain date. E-lockbox is one of the cheapest payment processing options available to the City at $0.30 per item versus traditional lockbox of $0.70 per item.
RECOMMENDATION:
recommendation
The authorization to utilize electronic lockbox services was presented to the Finance Committee on May 21, 2024 and recommended for approval.
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