New Mexico Selects the TeacherWallet Spending Management Platform to Distribute Funds to Help Transition Special Education Students Back into Regular Classroom Routine

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Jul 12, 2021, 08:30 ET

MIAMI and SANTA FE, N.M., July 12, 2021 /PRNewswire/ -- The New Mexico Secretary of Education has awarded a contract to ClassWallet to implement its innovative TeacherWallet fintech spending management platform for teachers helping to transition special education students back into regular classroom routines for the 2021-22 school year.

TeacherWallet will enable the New Mexico Public Education Department to provide special education teachers with discretionary budgets to purchase products for their classrooms including classroom supplies and materials, fidget spinners and other behavioral aids and supplies, as necessary. The platform will allow school administrators to maintain strict accountability of expenditures and expedite the processing of reimbursements with minimal paperwork and maximum efficiency.

ClassWallet services were used previously by the New Mexico Public Education Department for other programs and state officials were impressed by the efficiency of its turnkey platform.

"TeacherWallet streamlines the process for educators to get the products they need to engage with and progress their students' ability to focus and grasp concepts, which is particularly important for special education programs," said Deborah Dominguez-Clark, New Mexico's state director of special education. "We are confident this tool, which removes the burden of excess paperwork from our teachers, will further empower our staff and enhance the great work they are already doing."

"The goal of TeacherWallet is to get the funds available for educational purposes as close to the students as possible, as quickly as possible, while maintaining transparency and accountability throughout the entire accounting process," said Jamie Rosenberg, CEO and co-founder of ClassWallet. "The benefits of this efficiency for students, educators and administrators represent significant wins for all parties and improves the overall work culture at schools."

Eligible teachers will be provided with access to the platform including an integrated e-commerce mall with reputable national, regional and local education resource providers such as Staples, Office Depot, Scholastic, School Specialty and Really Good Stuff. The site also contains numerous vendors that support e-learning, an important option given the fluid COVID-19 environment. Teachers can order the materials they need without the need to layout cash or credit cards while bookkeeping and reporting is automatically handled by the platform.

For purchases made outside of the e-commerce mall or in a brick and mortar establishment, TeacherWallet enables teachers to submit receipts for review. When approved, the platform automates an ACH direct deposit allowing teachers to be reimbursed in days rather than weeks. To date, this feature has enabled several state school systems to reduce costs by millions of dollars versus the expense of manually processing these transactions. In addition to New Mexico, TeacherWallet is currently in use in more than 165,000 classrooms spread across 3,600 schools in 20 states.

For more information about TeacherWallet, send an email to [email protected] or call 877-969-5536.

About ClassWallet

Founded in 2014 and headquartered in Miami, ClassWallet (www.classwallet.com) is a financial technology company providing a suite of integrated payment, purchasing and reimbursement solutions for the K-12 education market. State and local education agencies utilize ClassWallet to distribute funds to teachers, families, schools, and maintenance staff while providing finance officers with sophisticated oversight, reconciliation and reporting tools. ClassWallet is a System and Organization Controls (SOC) 2 Type II compliant service provider. Products include TeacherWallet, FamilyWallet, MaintenanceWallet and SchoolWallet. The company's mission is to empower education agencies to achieve the highest levels of accountability, productivity and efficiency while cultivating a culture of trust and flexibility for their staff and stakeholders.

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SOURCE ClassWallet