Procurement Card Services

The City of Independence, Missouri, issued a Request for Proposals (RFP) for procurement card services. The RFP was posted on the City's website and sent to 224 potential providers. Four complete proposals were received, and U.S. Bank National Association was awarded the contract. The contract has a term of one year, with the option to renew for up to five additional one-year periods. The City expects to benefit from increased rebate earnings and reduced costs associated with traditional purchase orders. Key aspects of the contract include: • The contract term is one year, with the option to renew for up to five additional one-year periods. • U.S. Bank National Association will provide customized procurement card services, including online statement reconciliation and reporting options. • The City expects to benefit from increased rebate earnings, with U.S. Bank offering a rebate of 1.35% on annual spending, plus an additional 0.13% if paid within 14 days. • The contract is expected to reduce costs associated with traditional purchase orders, with an estimated cost avoidance of $74 per transaction.