What is a digital wallet?

A digital wallet is a secure online way to make purchases.

Digital wallets offer sophisticated oversight, reconciliation, and reporting tools giving finance teams better accountability and improved efficiency. And there are no more lost receipts to track down.

ClassWallet’s digital wallet allows you to control your school’s funds completely. It eliminates fraud; you can see what item was purchased, which vendor, and what amount. You can create purses and determine how much money is in each purse. It also gives the purchasers the freedom to get the supplies they need. It’s a win for everyone.

Best of all, there’s no need to fill out mountains of paperwork, wait for approvals, and not need to file receipts. It’s all done online.

How can a digital wallet save money on small purchases?

While purchase orders are still ideal for large purchases, the math does not work for low-cost items such as classroom supplies.  Based on our research, the average value of a decentralized purchase is between $25-$50 dollars, while the average transaction cost is $53.  So, quick math tells us you are in the red for every small dollar  transaction.  The cost is just one part of the problem.It can often take weeks or even months for an order to get processed, leaving principles, teachers,and administrators frustrated or worse, not able to get the items they need, and often paying out of pocket to avoid the paperwork trap

With ClassWallet we remove all the manual steps of the PO process so money gets directly into the hands of the people that need it, when they need it, all while giving you complete transparency and control of the process.

Let’s look at the math.

The El Dorado School District in Arkansas, like many, struggled with purchase orders for items under $200. Their systems required upwards of five people in the administration to process teacher reimbursements. Each reimbursement took over 20 minutes per transaction to complete, costing the district some 650 man-hours per year. A typical classroom supply that should cost $50 costs more than $53 with the cumbersome process—so it was costing them money!

In terms of maintenance budgets, even a small school district can have 120 open purchase orders with numerous vendors. It’s tough to keep track of and reconcile quickly with lots of paperwork, and the transactional overhead is exceptionally high.

ClassWallet provides a more streamlined way than purchase orders and expense reporting to track, pay and report on decentralized purchases, helping K-12 finance leaders reduce overhead costs by up to 90%. 

So the next time a teacher, principal , or staff member, needs to purchase small supplies for their job, eliminate the hassle of a purchase order with ClassWallet’s digital wallet. 

Thanks to ClassWallet, there is a better way for schools to pay for and track purchases. Call today for a demo, and let us start saving you time and money.