We are very excited today to announce the launch of a new product here at Spend Matters. It is our new My Spend Matters Procurement Card, an affinity-based P-card program geared towards our loyal readers to help them demonstrate their commitment to the motto that “MY SPEND MATTERS!” and to also help them earn cash back on their purchases that they can apply to their Spend Matters Plus and Spend Matters PRO subscriptions (or to our latest premium Spend Matters Almanac premium listing service) – or to apply to any other similar mission-critical spending that accelerates their transformation to world-class procurement performance and beyond.
We will also be announcing a series of partnerships with various providers in the S2P, P2P, eProcurement, eInvoicing, and supplier networks sectors as an alternative method of settlement to be integrated in conjunction with their solutions. The business case to cardholders is multifaceted:
- Our card can be deployed as a ghost-card and set up as a method for settlement associated with catalog items and services to allow for true straight-through P2P processing (i.e., unlike “PO Flips” and similar human-based interventions).
- Rules-based controls will be administered in a central dashboard and integrated into the administration functionality – allowing flexibility, control, compliance and stakeholder satisfaction. This is availability at the partner level and the end customer level.
- Our physical card is available as a smart card to prevent fraud and enable global use, especially when untethered spend is required. Controls are also ensured to prevent untethered maverick spend. Just because spend is in the tail, doesn't mean that it should be wagging the savings and compliance dog.
- Upon credit approval, cardholders will receive an ongoing 10% discount to all Spend Matters subscriptions, including Spend Matters Plus, Spend Matters PRO, and our Spend Matters Almanac premium listing service.
- You will receive 1 ‘Spendy’ reward program point for every $100 spent on your card which are convertible 1 to 1 for cash back applied to your Spend Matters subscription. If you spend over $1,800 per month on your card, you will be paying for your premium subscription without having to even submit your Spend Matters subscription through your T&E system or having to add us as a supplier in your systems. What could be easier?! Anything above that amount will earn you credits towards future subscription periods.
- Of course, if you already have a P-card program, you can even put your Spend Matters PRO subscription on that. Our $249.99 per month pricing is designed to come in under even the most stringent of low-dollar P-card approval limits.
For our affiliate supplier-network partners, we have developed volume-based gain sharing to appeal to you and your buyer clients (should you choose to offer an additional rebate). Suppliers will continue to fund this program, but in future releases, we will be working with our dynamic discounting enabled solution providers partners to adjust supplier fees based on their cost vs. cash preference.
We are currently finalizing our banking partnerships for settlement and card administration, but also plan to announce a non-bank-finance program through Greenswill Capital and some future micro-funded crowdsourcing partners as well.
Since it is April 1, we expect that there may be delays in the product launch, but if you do feel that you’d be interested in this program, or another, we’d certainly love to hear from you. If so, please contact the authors or comment in the comments section below.