P-cards to Provide Many Benefits throughout University System

From Commerical Payments International: 



University System of Ohio has selected J.P. Morgan to provide purchasing card services for member institutions. The five-year agreement will help improve cash management, streamline procurement processes, and eliminate costs associated with expensive manual paper-based processes. The agreement is another step in the continued effort to create and improve efficiencies within the University System of Ohio as outlined in the 10-year Strategic Plan for Higher Education.



Both organizations estimate the benefits from the agreement to be very significant. The agreement leverages the group purchasing power of all 14 Ohio public universities and 23 community colleges. Currently, members spend some US$250 million a year using purchasing cards. By adding more universities and colleges to a single purchasing card program, and working with J.P. Morgan to expand the number of vendors that accept card purchases, the University System of Ohio will greatly reduce the time and costs associated with managing high-volume, low-dollar purchases. Studies show that using purchasing cards can save schools an average of US$110 per transaction and reduce procure-to-pay time by six days.



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