U.S. Bank PowerTrack Earns GSA Federal Supply Schedule Contract

Wednesday 3 December 2003 09:04 CET | News

PowerTrack, an electronic, business-to-business payment platform from U.S. Bank Corporate Payment Systems, was recently added to the General Services Administrations (GSA) Federal Supply Schedules Contract list, which allows federal customers to acquire more than four million products and services directly from approximately 8,600 approved commercial suppliers.In effect, this list allows agencies to buy goods and services--from approved vendors--without first having to navigate lengthy request for proposals (RFP) processes. The GSAs Federal Supply Schedules--also known as Multiple Award Schedules (MAS)--are contracts that cover a vast array of commercial items. The contract represents a significant win for PowerTrack with federal agencies, and also gives PowerTrack access to a slew of state and local agencies that use the MAS as a basis for much of their procurement processes. GSA awards MAS contracts to responsible companies that offer commercial items falling within the generic descriptions in the GSA Schedule solicitation. Contracting Officers determine whether prices are fair and reasonable by comparing the prices/discounts that a company offers the government with the prices/discounts that the company offers to its commercial customers. The negotiation objective is commonly known as "most favored customer" pricing. PowerTrack is a patented, electronic, business-to-business payment platform from U.S. Bank Corporate Payment Systems. Some of the countrys largest commercial and government organizations use PowerTrack to streamline business-to-business payment processes by enabling robust pre-payment audits, real-time exception identification, collaborative resolution, and integrated accounts payable and accounts receivable processing. PowerTrack pays sellers quickly while maintaining generous payment terms for buyers, reduces collections risk for sellers, and delivers exceptional control for cash managers.

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Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce