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Every school has an annual activity cycle in the business office, but one thing remains constant from January through December — procurement and purchasing. Whether for utilities, classroom materials, supplies, travel, or any of the myriad expenses a school regularly incurs, rarely a day goes by that a school doesn’t purchase something. And since these expenses are made by a number of personnel, it can be tricky for the business officer to keep them under control. That’s where a school-focused purchase card program can help!
A purchase card is a payment card that allows schools to use credit card infrastructure to enable e-payments for goods and services. But unlike a credit card, a purchase card allows strict control of use. Controls can be set and maintained. (For example, a school’s bus driver’s card can purchase gas but not meals at the station when filling up. A teacher can purchase supplies with a monthly limit. And so on.) A purchase card program is a mighty tool for allowing business officers to increase control and insight over staff spending, ease reconciliation, and speed up the procurement process. To learn more, reach out here and read the following FAQS.
What are the costs or fees?
With Diamond Mind, there are none. No application fee, annual fee, or per card fee. Balance is paid in full at the end of each billing cycle, so there are no interest charges when the payment is made on time. There is no annual spend requirement with our program.
How many cards can be issued to a school?
There is no minimum or limit. Some schools have one card and others have hundreds. Diamond Mind enables schools the flexibility to create a purchase card program that meets their needs.
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. In addition, each cardholder can automatically receive their transaction details via email at the end of each billing cycle.
Does my school receive a cash rebate with 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.
Our payment experts at Diamond Mind can guide you toward implementing a program that is right for your school. Call us at 888 566 0945 or send us an email at email@example.com and we’ll help you get started!