Who Is Ramp’s Software For?
Ramp is created for mid-sized businesses that want to save money and time. Namely, Ramp reviews numerous business solutions, from bill payments to accounting, managing expenses, and consolidating corporate cards.
Ramp can help both startups and established businesses save an average of 3.3% on expenses due to its real-time spend reporting, savings insights, and 1.5% cashback.
What Is Ramp?
Ramp is a New York-based fintech company founded in 2019 by Eric Glyman, Karim Atiyeh, and Gene Lee. Some of Ramp’s more prominent clients are DoNotPay, ClickUp, Walther Farms, and Applied Intuition.
In 2021, Ramp was valued at $3.9 billion, becoming a business unicorn and attracting more than $620 million in investment from giants such as Stripe, Goldman Sachs, and Founders Fund.
Ramp software is a 5-in-1 platform that includes the following tools:
- Control: Prevent fraud and out-of-policy spending
- Spend: Use a Ramp corporate card with active saving functions that are embedded in the card itself
- Benchmark: Take a look at how your spending compares to the competition and identify savings possibilities
- Save: Use built-in negotiations services to get the best rates
- Close: Automate expense reporting and accounting
Ramp is also a part of LinkedIn’s Top Startups of 2021, Fast Company’s Best Workplaces for Innovators program, and Forbes’s Fintech 50 list.
Next, in our Ramp.com reviews, we’ll discuss the application process and the qualification requirements.
Your company must meet the following requirements to join Ramp:
- It must be registered in the US
- Your business must be an LLC, a corporation, or LP. Ramp does not accept sole proprietorships, individuals, or unregistered businesses
- You must have at least $75,000 in the bank account you use for the app
- The bulk of your operations and corporate spending must be in the United States
To apply for Ramp, you must provide an employer identification number (EIN) and your social security number. If you don’t have an SSN, you’ll have to submit a copy of your foreign passport and documentation.
Ramp Credit Card Requirements
Go to Ramp’s sign-up page and enter your business email address. You’ll then be required to add the following information:
- Name and address of the company, including its legal and DBA names
- Information about corporate formation
- The most recent monthly card expenditure from all of your company credit cards
- Contact info and home address and the last four digits of your SSN
- Credentials to connect a bank account with a commerce sales platform account
How to Issue Ramp Cards
Let’s delve further into our Ramp credit card review by explaining how managers and admins can issue Ramp cards:
- Go to your Ramp dashboard and click on the “Create Card” button (at the top right side).
- Select one of the following: General Purpose Card, Recently Created Card, or create a new card for a specific vendor. General Purpose cards can be virtual or physical.
- Choose the cardholder, set category and merchant restrictions, set card limits, and provide the delivery address for physical cards.
You can start using your virtual card as soon as you are approved, while you’ll have to wait between 7–10 business days to get a physical card. Once you receive your physical card, your virtual card will be automatically deleted.
In addition, you can set temporary card limits and alerts and order more cards (both physical and virtual) through the Ramp dashboard.
To create a temporary Ramp credit limit, you’ll need to:
- Go to your Ramp dashboard and select the “My Cards” option
- Select the card you want to change
- Tap the “Edit Card” button
- Under “Amount,” input the new sum
- Choose whether you’d like to make a temporary or permanent change
- Tap on the “Save Changes” button
And finally, you can establish employee, bookkeeper, admin, or card manager roles and link them with business apps like Slack, QuickBooks, or Xero.
Ramp Approval Policies
The approval policies cover:
- Bill payments
- Card edits
- New card requests
To add the approval policies, go to your account, choose Settings, and click on Approvals. Here you can define:
- Who needs to be notified
- Who needs to give approval
- The amount range that requires the approval
You can also create multiple clearance levels and add bookkeepers to the approval process.
Ramp app comes with numerous time-saving and money-saving features, such as:
Automatic Expense Submission
Ramp automatically matches your receipts with the corresponding transactions. You only have to snap a photo of your receipt and send it to Ramp.
1.5% Cash Back on All Transactions
As you’ll soon find out from our Ramp card review, all cards come with a 1.5% cashback. The cashback you earn will accumulate every month until your firm’s admin decides to redeem it.
To collect your cashback, go to your company’s overview page, select Payments, and then Manual Payment.
The system automatically categorizes your transactions according to your specified options (by category, vendor, department, and card).
Automatic Policy Enforcement
This feature automatically rejects out-of-policy transactions and notifies the manager and other appropriate parties, so you don’t have to track down anybody.
Ramp’s real-time reporting feature lets you see all your company’s expenditures in one place, visually illustrated by charts. You can filter the charts by locations, merchants, or cardholders and by intervals (daily/weekly/monthly).
The Ramp expense management feature allows you to set daily spending limits for your employees. It also automatically gathers, verifies, and balances receipts to automate employee expense reports after they’ve been submitted.
You can simplify your finance operations with integrations for security tools, accounting, and collaboration. Furthermore, with full support for NetSuite, Sage, QuickBooks, and Xero, you can automate your accounting and create custom rules.
Ramp can also be integrated with HR software vendors to streamline employee onboarding and distribute incentives.
Ramp is free software that doesn’t charge interest, card replacement, late, or foreign transaction fees.
Ramp doesn’t profit from membership or annual charges, or interest. In fact, the company earns money by taking a cut of the merchant fees that are shared between Ramp’s card network (Visa) and the merchant’s primary bank.
Ramp vs Airbase
The first difference between the two lies in the cashback offer. Namely, Airbase offers higher cash back on card purchases (1.75% on charge cards and 2.25% on prepaid cards), whereas Ramp offers 1.5% cash back on all transactions.
However, the most significant distinction between Airbase and Ramp is that the former is better suited for expense management for growing firms. I.e., Ramp is more appropriate for smaller companies.
Ramp vs Brex
While both platforms are designed for funded startups, Brex offers better alternatives for capitalized, early-stage enterprises. Namely, early-stage firms generally don’t have the capacity or need to utilize many internal controls Ramp offers.
On the other hand, Ramp is designed for larger firms that need more internal control and would benefit from features such as cost approval and reimbursement management.
Ramp is an excellent platform for mid-sized businesses that want to find an easy way to track and control their spending habits, reimburse employees and match receipts, and speed up accounting processes.
If you decide to use Ramp, you’ll be able to save an average of 3.3% on expenses and get 1.5% cashback on all transactions. Finally, what’s best, Ramp software is entirely free.
Pros & Cons
- 5-in-1 free-to-use platform
- Virtual and physical cards
- 1.5% cash back on everything
- Time-saving and money-saving features
- Save an average of 3.3% on expenses
- No mobile app yet
- You must have at least $75,000 in cash to be eligible
Is Ramp any good?
Ramp is an excellent 5-in-1 platform, especially for mid-sized firms, coming with numerous useful features, such as integrations, 1.5% cash back on all transactions, and expense management.
The platform also offers various time-saving and money-saving features, such as automatic accounting sync, automatic categorization, and automatic policy enforcement.
Does Ramp report to credit bureaus?
Yes, Ramp will report your account activity to Equifax, Experian, and Transunion.
Is Ramp better than Brex?
It depends. For example, Brex is a better solution for early-stage businesses, while Ramp offers better options for mid-sized companies.
Furthermore, Ramp offers a more effective financial platform. Unlike Brex, a platform that earns money through interchange fees and thus wants consumers to spend more rather than less, Ramp encourages people to spend less.
As we previously mentioned in our Ramp reviews, Ramp makes money by taking a cut of the merchant fees.