GE Debuts New Purchasing Card Program for E&I Member Educational Institutions

GE - Corporate Payment Services joins with Educational & Institutional Cooperative Purchasing to offer discounted procurement program

GE - Corporate Payment Services joins with Educational & Institutional Cooperative Purchasing to offer discounted procurement program

Jericho, NY — May 5, 2006 — Higher educational institutions that are members of E&I Cooperative Purchasing (E&I) now can receive greater discounts on a variety of financial services through a new purchasing card program from GE - Corporate Payment Services (GE-CPS).

Established in 1934 by members of the National Association of Educational Procurement (NAEP), the Educational & Institutional Cooperative Purchasing is a buying cooperative that serves colleges and universities. It has more than 1,500 member institutions.

GE said that, compared with some of the largest university contracts nationwide, the E&I agreement offers significant volume incentives regardless of the size of the institution. As the total purchasing card volume of all E&I members increases, all participating institutions may receive increased rebates.

In addition, GE said that the new GE - CPS contract offers several other benefits to E&I members, including no minimum spending-per-card requirements; no transaction-size requirements; rebates on large-ticket transactions; online reporting and self-service technology; and dedicated support and consulting services.

In addition to the MasterCard purchasing card, GE - CPS offers its virtual settlement tool, vPayment, in conjunction with the program. A corporate travel card and the controlled value card — a declining balance credit card suitable for grants administration, athletic team travel and student organization budgets — round out the product offering to E&I members.

"The collective approach to member benefits makes the E&I agreement unique in the corporate card industry," said Jeffery R. Dye, president and CEO of GE - CPS. "It's a groundbreaking, creative approach that large and small institutions should find attractive."

"We're thrilled to be able to offer the great discounts of this contract to all of our members," said E&I CEO Tom Fitzgerald. "E&I is the nation's largest, and rapidly growing, group purchasing organization for higher education. Working together, we can bring more benefits and services to E&I members than ever before."

Additional Articles of Interest

— P-cards continue to advance, and e-payables solutions are making headway, but the convergence of the financial and physical supply chains is still a work in progress. Read more in "Enabling the Financial Supply and Demand Chain," in the April/May 2005 issue of Supply & Demand Chain Executive.

— What the year ahead holds for the purchasing card — and why you may want to give your p-card program another look. Read more in "The Net Best Thing: P-Card Update," in the February/March 2006 issue of Supply & Demand Chain Executive.