Due to a recent rise in fraudulent and suspicious transactions, the Business Office is issuing a reminder regarding the proper use of University issued credit cards.
University issued credit cards are intended primarily for travel related expenses. Routine purchases—such as equipment, general supplies or other items—must be processed directly through Accounts Payable.
Using corporate credit cards for purchases creates several key risks and may impact your card when need for travel related expenses:
- Increased Fraud Exposure: Card-not-present and recurring online purchases carry higher fraud risks.
- Reduced System Visibility: Purchasing outside Accounts Payable bypasses essential ERP tracking, approvals and documentation.
- Unnecessary Tax Costs: Direct card payments often incur state sales tax that could otherwise be exempted.
Additional Takeaways for Cardholders
- Submit Early: Aim to process expenses right after month-end so your report clears all approvals before the 10th of the following month. This ensures expenses are recorded to the appropriate budget line in the month in which the charge has incurred.
- Billing Cycle: Credit card balances reset on the 12th of every month. Please factor this date in when booking travel to avoid exceeding your credit limit.
- Receipts: A detailed receipt must accompany each transaction
If you need assistance onboarding a vendor or establishing direct billing, please contact the Business Office at accountspayable@smumn.edu.
