Charles City Economic Development Authority AgendaPacket 2026-06-04
Charles City EDA Approves Truist for Market 5 Payment Services
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Description
The Charles City Economic Development Authority approved a new agreement with Truist to provide electronic payment processing services, including the CENPOS platform, for Market 5 tenants. The service includes a three-month review period with waived termination fees and offers multi-channel payment options at an estimated 2%-3.5% effective fee rate.
Contract Details
Contract Amount
Processor discount rate 0.10%; CENPOS platform $10/month plus 0.10% and $0.10/transaction; total effective processing fees estimated at 2%-3.5% of processed payments; example: $80-$140/month for $4,000 processed
Vendor
TRUIST
Agency
Charles City County, VA
Contract Type
FINANCIAL_SERVICES
Document Date
June 4, 2026
Contract Term
Three-month initial evaluation period, then ongoing; month-to-month with ability to cancel after review
Renewal Info
Service to be evaluated after three months; contract can be cancelled at any time after; no early termination fee; month-to-month thereafter.
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Charles City Economic Development Authority AgendaPacket 2026-06-04
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