| | | | | | | |  | Brunswick County Board of Commissioners
ACTION AGENDA ITEM
June 21, 2021 |
Action Item # V. - 10. From:
Julie Miller
| Finance - Agreement for a Vendor Payment Platform |
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| | | | | | | | Issue/Action Requested:
Request that the Board of Commissioners approves the service agreement with PaymentWorks that provides a secure vendor payment platform and authorize the Chairman and Clerk to the Board to approve the multi-year contract. |
| | | | | | | | Background/Purpose of Request:
This agreement will allow county vendors access to a cloud-based platform that lets Payers and Payees exchange verified identity elements in a networked environment, eliminating business payments fraud, reducing cost, and ensuring compliance. The risk guarantee is for vendor/payer electronic payments up to $2,000,000 per event. The county does have the option to purchase additional secondary coverage at a reduced or minimal cost. The agreement will be for three (3) years, commencing on or around July 5, 2021. The Subscription will renew on each anniversary of the initial subscription start date with the option to annually renew after three years. Annual subscription pricing in year 1 is $37,000 and $45,000 in Year 2 and 3. The onboarding services are provided at an additional cost of $15,000.
Annually, the county pays approximately 2,100 – 2,600 vendors and onboards 350 – 550 new vendors. Vendor payments made are by paper check or by an electronic funds transfer. All vendors will be notified and encouraged to access the new payment platform and sign up for the more efficient electronic funds transfer which is less costly than processing and mailing paper checks. All new vendors and any vendor requesting a change in payment information will be required to use the new platform. Any exception to using the vendor payment platform must be approved by the Director of Fiscal Operations or its designated alternate.
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| | | | | | | | Fiscal Impact:
Pre-Audit Certification Required, Reviewed By Director of Fiscal Operations
Funds available upon approval of the FY22 budget |
| | | | | | | | Approved By County Attorney:
Yes |
| | | | | | | | County Manager's Recommendation:
Recommend the Board of Commissioners approves the service agreement with PaymentWorks that provides a secure vendor payment platform and authorize the Chairman and Clerk to the Board to approve the multi-year contract. |
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