Payments platform
Businesses will be able to use a Ramp card for larger expenses like rent, advertising and supplier costs, as the Plastiq platform establishes instant payment for those expenses through ACH, wire or check through the card account.
“For businesses looking to scale rapidly, access to credit and the ability to intelligently manage their payments are paramount,” Sameer Gulati, president and chief operating officer of Plastiq, said in a Thursday press release. “We’re looking forward to working with Ramp to provide their high-growth clients with seamless, reliable access to more working capital."
The Ramp card and Plastiq's process of working off the credit line of the small business, allow businesses to maintain high growth without having to "ration inventory supply purchases or advertising spend based on a limited supply of immediately available cash,” Gulati added.
Plastiq can help businesses increase capital, while the Ramp card offers 1.5% cash back on transactions.
"Our partnership with Plastiq makes our product more powerful, because customers can now benefit from a truly comprehensive view of spending — both on vendors that accept card payments, and now with Plastiq, those that only take ACH or check," Eric Glyman, co-founder and CEO of New York City-based Ramp, said in the release. "No more connecting the dots between different systems; it all just works.”
San Francisco-based Plastiq has powered billions in payments for 1.5 million individuals and businesses, while Ramp has processed more than $100 million of transaction volume and saved customers $10 million to date, the companies stated.
