Item - 2024.PA8.8

The Board of Directors of the Toronto Parking Authority:

1. Authorized the President, Toronto Parking Authority, to amend the existing agreement with Moneris Solution Corporation for credit/debit card processing services and extend it by a term of four (4) years until February 29, 2028.

The purpose of this report is to secure approval from the Board of Directors of Toronto Parking Authority to renew an agreement with Moneris Solution Corporation (Moneris) for Credit/Debit Card processing services for a period four (4) years on favorable terms and reduced rates for certain categories, particularly digital transactions.

The Toronto Parking Authority has always provided its customers with choice, speed, and convenience. As a result, our customers have widely adopted digital payment methods as a primary source of transacting.

This Board has previously authorized the President, Toronto Parking Authority, to enter into an agreement with Moneris for a term of three (3) years with an option, to be exercised at the sole discretion of the President, Toronto Parking Authority, to renew the agreement for four (4) further one (1) one-year terms.

This longer-term four (4) year renewal will allow the Toronto Parking Authority to settle with rates far better than the current agreement particularly on Gateway (online) transactions and tokenization services, the volumes for which have significantly increased over the past few years.