Ramp offers a robust product, but to remain successful it must expand into additional areas such as payroll and deeper accounting features. Recently it acquired Buyer, an online platform that helps companies save money when buying software products.
Ramp is a charge card designed to eliminate fees, including foreign transaction and monthly fee charges, providing businesses with an effective solution for controlling spending while supporting more sustainable practices.
Features
Ramp business credit cards provide several features designed to save businesses both time and money, such as virtual and physical cards, expense management software and payment-related tools that automate accounting. They claim customers can save up to 5% off total spending through these features – however this claim has yet to be independently verified.
Ramp differs from most business credit cards in that it does not charge annual or replacement fees or transaction fees, providing greater flexibility for use across a wide range of situations. Furthermore, companies can set individual spending limits per employee to avoid unnecessary purchases; its software also makes tracking expenses simpler for small businesses.
Their unique approach to business credit cards focuses on helping young companies save money quickly – with most customers saving over $100,000 in their first year alone! Furthermore, this card doesn’t require personal guarantees from business owners so any balances won’t fall back onto them personally; an invaluable advantage for young companies with poor credit histories.
Ramp Card stands out by providing large credit limits without performing a credit check, enabling startups to spend more money on equipment and expenses without worrying about interest payments in the future – something which is especially crucial during its early stages of growth.
Ramp does not accept sole proprietors or other unregistered entities for its card program. To qualify, companies must be US registered corporations or LLCs with at least $75,000 in bank assets in their bank account and the majority of operations and spending occurring within US borders.
Some businesses will choose to upgrade from free use of the card for startups to the paid version; this upgrade enables them to earn 1.5% cash back on all purchases as well as gain access to additional features, including expense reporting software.
Expense management software
Ramp’s expense management software empowers employees to track all expenses in real time and manage them quickly, simplifying expense reporting for companies while offering valuable insights into spending patterns. Manual expense reporting is eliminated while risk of fraud reduction increases while managers can set alerts and thresholds easily. In addition, Ramp offers flexible payment terms and granular card controls – perfect for managing expense reports!
Startup and small businesses alike can take advantage of this company’s free credit card offering with no annual or card replacement charges – not to mention earning 1.5% cash back on all purchases! Furthermore, its technology automatically categorizes transactions, detects duplicate subscriptions, detects supplier price increases and uncovers unclaimed rewards – saving companies up to five days each month by streamlining month-end accounting processes.
Ramp’s platform seamlessly integrates with accounting systems such as QuickBooks and NetSuite, offering both web-based and mobile application interfaces for ease of use by remote workers. In addition, its customizable rules enable automating expenses categorization and account reconciliation – offering even further savings opportunities! Moreover, its software offers insight into spending trends and possible cost-cutting measures.
Ramp is different from other credit cards because it does not require personal guarantees from founders of startups, enabling them to keep their business and personal finances separate while helping manage long-term cash flow needs through its 30-day payment terms.
As a result, the company is less susceptible to interest rate fluctuations than other credit cards as its monetization model is tied directly to how much a company spends; unlike SaaS or membership pricing models which rely on subscription revenue models which tend to be more stable.
The technology developed by this company addresses several pain points, including inefficient expense reports and overuse of credit cards. Furthermore, it creates a more secure environment for storing financial data as well as enabling companies to set up multiple cards for employees so they can track spending to ensure compliance with corporate policies.
High credit limits
Ramp Card allows users to keep full control over company spending by monitoring every transaction in real-time and alerting when users exceed spending limits, providing an insightful report to avoid overspending. It was designed to eliminate manual expense report processing and is compatible with popular accounting software such as QuickBooks and Netsuite; additionally, users can send receipts directly via email or SMS for every purchase made using Ramp.
FinTech startup BankWise boasts a $25 million investment from investors including Keith Rabois, BoxGroup and Soma Capital, with support coming in the form of corporate credit cards that feature unique benefits for business owners.
As one example, this card allows startups to earn unlimited 1.5% cash back rewards with all purchases, which can then be redeemed as statement credits. Furthermore, they provide business owners with a detailed report of their spending that can help identify areas for expense cuts and save money in general. In addition, it is one of few cards which does not require personal guarantees from founders, so personal credit and business expenses remain separate; something which startups especially value due to financial risks involved with starting up businesses.
Ramp card application process is quick and straightforward, as it does not require personal credit checks or founder guarantees. Users can link their business checking account so payments will automatically arrive. Furthermore, there’s an intuitive dashboard for easier management.
Alongside its expense management features, this card also boasts an attractive rewards program and high credit limits. Designed specifically to serve small businesses and corporations located within the US, as well as providing same-day ACH bill payments at a $10 flat fee – these features make this card both practical and desirable.
To be eligible for the Ramp card, your US-based small to mid-sized business or corporation must possess at least $75,000 in business bank balances and be registered. Unregistered sole proprietorships and partnerships do not qualify. Furthermore, EIN and bank account registration is necessary and spending must predominantly occur in the US to be considered eligible. Finally, having an excellent track record with steady revenue streams are key requirements to qualify.
No annual fee
The Ramp business card provides unlimited 1.5 percent cash back on all purchases and comes equipped with expense management tools to assist with expense monitoring and management. You can set spending limits and track transactions in real time; no late fees, foreign transaction or card replacement fees exist for this card and it plays well with existing accounting software and financial tools – making it an excellent option for startups looking for an accessible corporate credit card solution with cash-back rewards program.
Ramp stands apart from its fintech competitors by taking an innovative approach to cutting customers’ costs through reduced spending. Where consumer lenders provide “buy now, pay later” credit lines to consumers, Ramp uses corporate bank balance and cash flow information to underwrite its cards with dynamic spending limits that adjust in real-time based on business.
This strategy can be especially advantageous to newly founded startups with short credit histories who wish to bootstrap without incurring debt through credit lines or lines of credit.
Ramp cards offer startups another advantage by not requiring personal guarantees from founders, which can be especially comforting in early-stage businesses where founders want to maintain the separation between their personal assets and startup finances.
Ramp was founded by Eric Glyman and Karim Atiyeh, co-founders of Paribus which helps users save money when making online purchases, before it was acquired by Capital One in 2016. Together they have amassed an impressive track record, raising over $10 Million in venture capital funding.
Ramp’s expense management platform goes beyond providing corporate credit cards; its mobile app makes it simple for employees to submit receipts and categorize expenses, while integration with Slack allows teams to submit expense requests and approvals via chatbot – particularly helpful for companies employing remote workers.
The Ramp card is open to incorporated companies, limited liability companies and limited partnerships registered in the US; however, sole proprietorships or unregistered businesses cannot apply. Furthermore, in order for an eligible customer to qualify for this card, at least 70% of their spending must take place within US borders.