List of Suggestions/Ideas

from

Best Practices Workshop--Banking

April 23, 2004

  • Send teacher contact information to teachers once or twice per school year (at present, only firm contact information is listed on CSBS website).
  • CSBS is vendor for all firms. Fax a P.O. to us and we will fax you an invoice within 48 hours.
  • Be sure that firms are legitimate and members of a central office; therefore, members of europen. We need to trade only with legitimate members who are linked electronically to our banking system. Check/ask for this information for firms outside of the Mercer network.
  • Note that all firms sell in their own country’s currency and buy in the other firm’s currency.
  • Calculate foreign exchange rate when trading internationally before making your purchase. This will insure that there is enough money in the account before making a purchase.
  • Be sure to look for/ask for student and firm name on purchase orders before processing them. Student/employee namesas well as their firm names should be stated on correspondence.
  • Students will benefit from taking a few minutes to view drop-down menu options within payment screen in banking system (ex. currency menu and bank name menu). This will help familiarize them their choices/options.
  • Faxes are sometimes more effective in getting orders (as compared to email messages)
  • Require students to make “x” amount of sales before they can make purchases (this can be done on a weekly or monthly basis)
  • Once firm account is set up, be sure to set up CSBS as a payee to begin making payments to CSBS for items listed on firm Agreement of Operating Expenses form. “Late” notices will be sent to the student employees (at teacher’s request only).
  • Include firm bank account number as well as bank name (CSBSUST1) on all correspondence.
  • Include the words “for educational purposes only” on all correspondence (especially when trading with a firm outside of our network on the internet).
  • Consider asking all new potential trading partners if they can promise to process your order within, say, one or two weeks timebefore placing your order.
  • Be aware of time frames (start and stop dates) for high school, college and international firms. Target those you feel are ready and able to trade.
  • Process requests within one or two class sessions to “keep the ball rolling”.
  • Set student “pay” rates at a level where they can “afford” to buy items that the network members are selling (research pricing before deciding on pay scales).
  • Set prices at a level where students will be able to afford the items (ex., Unplugged sets their guitar prices at a percentage of what they would cost in the “real” world).
  • Teachers can view student bank accounts by using the student login and password.