The company the BOPU uses to process credit, debit and e-check payments will charge a small fee of $2.95 per transaction for water, sewer and sanitation bills. Any miscellaneous fees, such as system development and tap fees, the company the BOPU uses will charge 3.5 % per transaction for credit, debit and e-check payments.
Why does the BOPU select credit card processing services that charge fees for processing payments?
Credit card companies receive a percentage of each sale in return for providing payment. This percentage can vary, but averages around three percent. Rather than charge the BOPU for the credit card’s percentage of the sale, the processing company adds a transaction or convenience fee. This fee covers the processing expenses and credit card company’s share of the sale. This way, credit card payments do not reduce Cheyenne’s funding for the water and wastewater system and the additional costs of paying by credit cards are not incorporated in the water and sewer rates.