Purchasing JPMorgan Mastercard Skip Navigation

Colgate University Corporate Card Procedures

The JPMorgan Chase MasterCard program (JPM) is a method for employees to charge university-related expenses/purchases on a credit card, thereby eliminating the need to carry excessive amounts of cash.
What is PaymentNet?
PaymentNet is the online system used to view and manage your Corporate Credit Card activity and it provides immediate access to charges and credits as they are posted to your corporate card.  You may also reassign budget codes to individual charges in PaymentNet.

Why PaymentNet 4?
PaymentNet 4 delivers state-of-the-art technology designed to help increase efficiencies in your daily operations.   

If you have questions or concerns, please contact:
Link to PaymentNet 4

To obtain a card, please follow these steps:
  1. Obtain an application packet from the Accounting Office. The packet will contain a JPM application, a University Corporate Credit Card Agreement, and a copy of the university's most recent travel policies. Please note that on the JPM application, there is a section asking for "Mother's maiden name." This is for identification purposes only. If you do not wish to release this information, you may leave this section blank. The section for home address is for control purposes. This section must be completed. You will not receive any solicitations from JPM by completing this section.

  2. Upon completing the two forms, please submit them to the Accounting Office. Credit cards should be received within two weeks by the Accounting Office and then forwarded to you for authorization and signature. You will need to contact JPM to activate your card. If you have not received a card by that time, please contact the Accounting Office directly.

  3. The card is to be used as you would any other credit card. The card can be used for travel and miscellaneous small-dollar purchases. Please note that the university's travel policies and purchasing procedures must be followed. In particular, any supply item costing more than $500.00 must have a purchase order. Therefore, the JPM card can't be used to purchase any single supply item costing over $500.00.

  4. Each month, you will receive by e-mail a copy of an activity statement indicating the charges assessed to the card. You should examine the statement, sign it indicating your agreement with the charges, attach all pertinent receipts, and forward this information to the Accounting Office. Items in dispute must be so indicated detailing the specific reason why you are contesting the charge.

  5. Your university budget code will be charged each month based upon the billing from JPM and the ORG/ACCT instructions submitted on the University Corporate Credit Card Agreement.
Changes and updates to the JPMorgan Chase MasterCard Program
Effective immediately, we are implementing a number of changes and enhancements to the policies and procedures regarding your Colgate corporate MasterCard, which will provide a more efficient and cost-effective method of purchasing, streamline the procurement process, and improve accountability and control. In addition to covering travel expenses such as meals and airline tickets, you can use your JPMorgan Chase corporate card to pay for a wide variety of work-related goods and services.

What’s New/Different?
For "Business Use Only":
The JPMorgan corporate card is the property of the university and is intended strictly for business use. For purposes of this policy, "Business Use" refers to expenses charged against an existing university budget code. Expenses reimbursed by a third party (e.g., government agency or other entity) may be classified as "Business Use." Ongoing use of the card for expenses reimbursed by a third party must be initially approved by the Controller's Office. Such approval will be granted following one-time verification of the third party arrangement. (Please obtain "Third Party Verification" form from Accounting Office.) It is solely the responsibility of the employee to ensure the university is reimbursed by the reporting deadline. Any expenses that are not charged against a university budget code or reimbursed by pre-approved third party, and borne by an employee are not considered business use, regardless of their purpose, and therefore is an unallowable use of the JPMorgan Chase card.

Online Card Management
A new feature allows you to view (in greater detail) and manage your corporate card activity online using PaymentNet, JPMorgan Chase’s web-based reporting system. This system provides immediate access to charges and credits as they are posted. You can reassign budget codes to individual charges at any time, up to the last day of the month; otherwise, the total amount of that month’s transactions will be billed to the default budget code. Cardholders will receive an e-mail notification approximately five days before the first of each month, with a reminder of the upcoming deadline to make changes online.

It is strongly recommended that administrative assistants be given approval for online access to cardholder accounts in their departments to facilitate timely review and account redistributions; however, delegating approval responsibility to any other staff member, including administrative assistants, is not permitted.

Cardholders interested in utilizing PaymentNet should contact Michelle Atkinson at ext. 7496. Use of the online system is required for anyone using the new 698 default code.

Policy Reminder
The granting of a university credit card is a privilege intended to assist employees in carrying out their university responsibilities. Willful misuse of the card will result in disciplinary measures, which could include termination of employment. Please keep in mind our longstanding policies, which include:

30-day reporting deadline: all reporting must be submitted to the Accounting Office within 30 days from the date of the monthly activity statement. Failure to do so will result in the card being suspended until receipts are submitted and/or restitution is made.

For business use only: in the event that you inadvertently use your JPMorgan Chase card for a personal charge, you are responsible for making restitution to the university immediately once the error is discovered.

Use of the JPMorgan Chase card to pay for any expenses not charged to a university budget code or reimbursed by a pre-approved third party are deemed "Personal Use," regardless of the purpose(s) for which the expenses are incurred.  Personal use of the university's credit card is prohibited.

Charges over university guidelines: in situations when a charge exceeds university guidelines (e.g., meals) the cardholder will reimburse the university for the overage at the time of submission of receipts to the supervisor, attaching a brief explanation to the expense summary. Those occurrences should be avoided and infrequent.

The complete description and guidelines of our JPMorgan corporate card policy are below. We appreciate your cooperation in implementing these new procedures. Please direct any questions to Tom O’Neill or Trish St Leger.

Colgate JPMorgan Corporate Credit Card
The JPMorgan corporate credit card provides an efficient, cost-effective method for purchasing goods and services, streamlining the procurement process, and maintaining accountability and control. Use of the corporate card reduces a variety of accounting processes including small-dollar transactions, repetitive transactions, petty cash, low-dollar checks, and cash advances.

The credit card delegates small-dollar purchasing power to individual university employees. Cardholders can purchase goods and services from vendors and charge their work-related expenses directly to the appropriate university accounts (note areas of restriction below). The card can also be used to cover appropriate expenditures associated with work-related travel.

Please note the following guidelines under which you may use your purchasing card.

Using the Card
The JPMorgan credit card eliminates the need for filling out requisition forms and obtaining authorized purchase order numbers, resulting in ease of use, reduction in repetitive tasks, less paperwork, and enhanced control. The card can be presented to a vendor in person, by telephone, by fax, in mail order form, or via the web. When using your card online, be certain that the site is secure (the page where credit card information is entered should begin with https.) Whenever possible, cardholders should use Colgate’s preferred vendors.

When placing your order, you should supply the following information:

Identification as a Colgate University employee
Cardholder name/department
Individual card number
Expiration date of the card
Colgate University New York State Tax-exempt status and its number (Tax Exempt #104820, located on the card).
Delivery address (Colgate University, Department name/ Ref. PCard Order, Attn: Person name, 13 Oak Drive, Hamilton, NY 13346)
Other information necessary to make the purchase

Spending/Credit Limits
Each card has the standard limits of $2,500.00 per transaction and $5,000.00 per month. Higher or lower limits may be requested through Michelle Atkinson or Sue Stanton and must be approved by the employee’s supervisor/department head. Note: The spending/credit limit is not tied to your available budget funds. The cardholder is responsible for determining whether funds are available for any transaction.

Sales Tax Exemption
The university’s NYS sales tax exemption identification number appears in the lower left-hand corner of the card. When making purchases in New York State, cardholders should indicate that Colgate is exempt from sales tax and request that sales tax be eliminated from the bill. Many merchants will honor the exemption when notified; however, they are not obligated to do so. If the exemption is not allowed, the university will honor the charge. Obtaining a NYS sales tax exemption form from the Purchasing Office before traveling is highly recommended.

Small-Dollar Purchases
The card can be used for business-related travel and miscellaneous (under $1,500.00) small-dollar purchases. Cardholders now have much more flexibility to use the card for purchases that used to require a purchase order. Exceptions for using the card are listed in the attachment.

  • No Personal Purchases: The JPMorgan corporate card is the property of the university and is designed to be used for purchases of consumable goods related to university business only. Personal use is strictly prohibited.
  • No Lending or Sharing: A card may be used only by the cardholder to whom it is issued. No other person is authorized to use that card. The cardholder may make transactions on behalf of others in their department; however, the cardholder is responsible for all charges on his or her card.
  • Do Not Split a Transaction: The total value of a transaction shall not exceed a cardholder’s single-purchase limit. Charges may not be split into multiple transactions/invoices in an attempt to stay within the single-purchase limit. Purchases over the established card limits require university purchase orders. Purchase requisitions must be submitted to the Purchasing Department.

Restricted Purchases
The purchasing card shall not be used for the following commodities/transactions:
  • Personal purchases
  • Cash advances (Except for overseas travel)
  • Prescription drugs and controlled substances
  • Hazardous chemicals and radioactive materials
  • Computer hardware
  • Copy machines
  • Firearms/ammunition
  • Donations
  • Cell phones
  • Gift certificates
  • Temporary help
  • Consultants/freelancers or contractors: Individuals who are hired to perform a specific service or provide highly specialized advice or professional expertise. There are tax and insurance issues related to the transactions and payments.
  • Equipment that costs $1,500.00/unit or more.

Research Grants
Items purchased with external research grant funding must be procured in accordance with the granting agencies’ guidelines as well as the university’s accounting and control procedures. The JPMorgan credit card cannot be used as the default code for internal Colgate research grants lasting one year or less. PIs may inquire with the Accounting Office for other options that may be available.

University Contracts and Preferred Vendors
While the corporate card is a convenient method for purchasing goods, it does not signal a change in policy regarding compliance with university purchasing policy. If the desired item is available on an established university contract, it must be purchased from the contract vendor. Purchases of university-restricted items and purchases above the maximum transaction limit are to be processed in accordance with established purchasing policies and procedures.

To ensure that you will receive superior customer service and competitive prices, the university purchasing staff has identified preferred vendors for selected commodities and services. A list of preferred vendors is available at the Purchasing Department.

Monthly Statement, Receipts, and Billing Reconciliation

Recordkeeping is essential: you must retain receipts both for your protection and to substantiate the business purpose of the charge. Expenses related to travel and entertainment must follow university guidelines. In particular, original hotel bills must be submitted, meal guidelines followed, and entertainment charges must state who was entertained and for what purpose. Individual meals eaten locally are considered personal in nature and should not be charged to the card. Gas receipts should only be submitted for rental and university-owned vehicles. Personal cars must use the standard mileage rate; submission of gas receipts is not allowed. Charges from Price Chopper or any other grocery establishment must include a note as to the purpose. For all non-travel–related charges, a brief explanation of the business purpose of the expense should be included.

Cardholders are responsible for monthly reconciliation of their card statements. Each month you will receive by e-mail a copy of an activity statement indicating the charges assessed to your card. You should examine the statement, sign, and submit the statement with all pertinent receipts to your supervisor/department head for approval/signature. Forward the approved statement, with original receipts, to the Accounting Office within 30 business days. Failure to submit an accounting of expenditures within 30 days of the statement mailing date will result in the card being suspended until receipts are submitted and/or restitution is made. Willful misuse of the card will result in disciplinary measures, which could include termination of employment.

Individual transactions on your monthly card statement can be charged to other program/department budget accounts if necessary.

For cardholders electing to use the JPMorgan default account, enrollment in the JPMorgan PaymentNet system is required for efficient online reassignment of expenses. Transactions will appear daily. Expenditures not redistributed will be recorded to the account number associated with the individual card holder.

Disputing a Charge
Disputed billing can result from failure to receive goods or services for which a charge was made, fraud, incorrect amounts, duplicate charges, etc. The cardholder should contact the supplier first to resolve any outstanding issues. Notify JPMorgan Chase Customer Service at 1-800-555-5180 in case of a dispute. Contact Michelle Atkinson in the Office of Accounting and Control if any assistance is required.

Note that, by law, suppliers are not allowed to bill your card for purchases until the items have been shipped.

Returning Item(s)
It is essential that the supplier be contacted for a return authorization. Items should be returned directly to the supplier by whichever means the supplier requires. Retain supporting documentation on file. The cardholder is responsible to ensure that proper credit is posted for any returned item(s). Contact Michelle Atkinson if any assistance is required.

Lost/Stolen Card
Immediately notify JPMorgan Chase (1-800-270-7760) and also Michelle Atkinson if the card is lost or stolen.

Termination/Cancellation of the Purchasing Card
Cards may be cancelled if a cardholder does not comply with university policies and procedures. Misuse of the card could subject the cardholder to disciplinary action under university policy.

Third-party Reimbursement for Business-related Expenses
Expenses to be reimbursed by a third party (individuals, government, public or private entity) can be charged to the university if the expenses are for a purpose that fulfills the business purpose of the individual in carrying out their responsibilities as an employee of the university (business related). The third party verification form should be completed and forwarded to the Accounting Office for review.