How It Works
The P-Card is a MasterCard issued by JPMorgan Chase Bank. It works much like a personal credit card. However, it is a commercial card and each card has custom designed features, with pre-set controls built into the magnetic strip, to meet the specific needs of the cardholder and the entity.
The P-Card simplifies the procurement and disbursement process by facilitating point-of-demand purchasing. Purchasing authority is delegated to the ordering departments enabling the authorized cardholders to place orders directly with the suppliers.
Two documents are needed to get started with implementing your own P-Card program, the Purchasing Card Agreement Form, and the Commercial Card Company Record Form. Complete the forms and mail the signed original paper documents to Kerry DiMatteo at her mailing address.
Purchasing Card Agreement Form is to acknowledge that your entity (addendum) will comply with our contract and it allows the bank to recognize you as being allowed to piggy-back off of our State of Connecticut contract.
Commercial Card Company Record Form is to identify the administrator, the person responsible for maintaining the program for your organization, signing off on all applications and making changes to the card limits and indicates where your paperwork, plastic cards, reports and correspondence should be sent.
So you are better prepared to get started, the bank needs some preliminary financial and organizational information including:
- Legal Evidence of Existence (tax-exempt letter or copy of your charter)
- Original signed W-9
- List of current board members
- 2 years of audited financials
This information is primarily used to meet federal/regulatory requirements so the bank knows who they are working with. In bank terms, this requirement is called “KYC” which is short for “Know Your Customer”.
OFAC – Office of Foreign Policy and Control mandates a federal requirement that all persons applying for a credit card provide the following information:
- Legal name of applicant
- Applicant's country of citizenship
- Applicant's home address
- Applicant's date of birth (although not new, the field now requires the actual date of birth)