To the end user, or purchaser, the Purchasing Card works just like an ordinary credit card. Each card is assigned to a default UVM budget number, which can be a regular departmental, grant or contract account. On a monthly basis, all cardholders or other designated employees must reconcile their card purchases to a monthly statement from the bank. Documentation is forwarded to Accounts Payable for review and archival storage. UVM pays the bank in full, on a monthly basis, for all transactions that have occurred during the billing cycle.
Many vendors are resistant to, or confused by, current processes.
It's EASY because all you have to do is present the Purchasing Card or give the Purchasing Card number to the merchant over the phone, and your order will be placed and paid for within the vendors terms. A Purchasing Card is a credit card for UVM faculty and staff to use for University business only. UVM's Purchasing Cards are issued by Mellon Bank of Pittsburgh, and are a MasterCard product. Authorized vendors that accept MasterCard for payment can accept UVM's Purchasing Card. Cards are initially assigned a default account number and subcode.