Frequently Asked Questions

Purchasing Card

Questions

1. What is a Procurement Card (PCard)?
2. Will my personal credit history be checked when I apply for a Procurement Card?
3. Can I use the Procurement Card to make purchases on the Internet?
4. Do I have to keep the credit card receipts for my purchases and how should they be filed?
5. What is PaymentNet?
6. If I don't review my transactions in PaymentNet or my Manager does not approve them in the system, will the merchant still be paid?
7. Can I use my P-Card for travel?
8. Can a Procurement Card transaction be stopped?
9. Will merchants know what a Procurement Card is?
10. Who can see my transactions in PaymentNet?
11. Can I split charges if they are to be redistributed to different index and account codes?
12. How do I add or delete indexes in PaymentNet?
13. If my volume of spending exceeds my current P-Card transaction or monthly limits, can the limits be increased?

Answers

1. The Procurement Card, also known as a P Card, is a MasterCard credit card used to purchase  business-related expenses within a department, replacing the paper based Small Purchase Orders and requisitions.
2. No. Your personal credit history will not be checked or affected when applying for or using the Procurement Card. The personal information on the application will only be used for identification purposes when activating your card for the first time.
3. Yes. Make sure that you use secure web sites, and that the item being purchased is allowed according to University of Richmond Procurement Card Policies and Guidelines.
4. Yes. Every Procurement Card transaction REQUIRES a detailed invoice or receipt of what was purchased, in accordance with the University of Richmond Procurement Card Policies and Guidelines. All original documentation must be forwarded to Accounts Payable every month with your approved statement.
5. PaymentNet is an Internet Application designed and managed by JP Morgan Chase that lists all procurement card charges you make. The PaymentNet system allows you to make changes to current month's transactions by changing the index and account numbers from a drop down list before posting to the general ledger.
6. Yes. The bank pays the merchants within a few days of the transaction date. At the end of the month, when the export file is sent to the general ledger, it will include all transactions whether or not they have been "approved" in the PaymentNet system. The transaction will post to the default index and account number.
7. No.
8. No. Once the charge has been made, your credit card will be billed. The cardholder would need to make arrangements directly with the merchant to obtain a credit, which would be processed through the card.
9. No. Tell merchants you are tax-exempt and that you will be purchasing with a corporate MasterCard. Show them the tax-exempt number on the card or provide a copy of the Sales Tax Exemption. (For a copy of the Virginia State Sales Tax Exemption form, contact the Purchasing Office)
10. At a minimum, the Cardholder, the Manager, and the Program Administrators can see a Cardholder's transactions.
11. Yes. The PaymentNet application allows you to split your transaction up to 99 splits.
12. The Program Administrator is the only one who can add or delete an index number in PaymentNet. This is done after the Administrator receives an email from the cardholder or approver requesting the change.
13. Yes. The cardholder must complete the Purchasing Card Change Limit Request, http://controller/forms/PcardLimitChange.pdf, and forward it to the Program Administrator to make the change.