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Frequently Asked Questions Regarding Purchase Cards

 

What is a Purchase Card?

A Purchase Card (Pcard) is a commercial payment card allowing organizations to use credit card infrastructure to enable e-payments for goods and services. Pcards are similar to credit cards but must be paid in full each month.

What are the costs to set up a purchase card account with Diamond Mind?

There are none.  There is no application fee, annual fee, or per card fee. Balance is paid in full at the end of each billing cycle.  There are no interest charges when the payment is made on time.

How many cards can be issued to a school?

There is no minimum or limit to the number of cards that can be issued on a school account.  We have accounts with one card and other schools with hundreds of cards.  Diamond Mind enables schools to have the flexibility to create a purchase card program that meets their needs.

Is there an annual spend requirement?

No.

Can individual cards be limited to certain purchase types or dollar amounts?

Yes. Individual purchasing limits can be set up by the business office and adjusted at any time per a cardholder’s needs.

Can cards be used for foreign transactions?

Yes. Diamond Mind Pcards are EMV Chip and PIN enabled. They can be used domestically and abroad.

Can cards be managed online?

Yes. iConnect Data is Comdata’s Pcard online system and allows for office administrators to manage cards, view invoices, run reports, see and dispute transactions, and make payments online.

Does Diamond Mind offer a cash rebate for the purchase card program?

Yes.  Rebates are dependent on the school’s monthly spend volume and billing cycle. The amount is deposited automatically and monthly via ACH.

Can cardholders receive a transaction statement?

Yes. Each cardholder can be set up to automatically receive their transaction details via email at the end of each billing cycle.

For further questions regarding purchase cards or payment needs at your independent school, contact Diamond Mind at 888 566-0945 x777 or info@diamondmindinc.com.

Special thanks to contributor Sheldon Roberts, Sr. Purchase Card Specialist at Diamond Mind