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Ramp Flex — The most flexible way to pay your vendors, ever
Finance bill payments and manage cash flows in seconds, directly within Ramp. Flex is a 1-click extended payment terms solution that lets you pay vendors when you want, how you want and manage all company spend in one place: Ramp.
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At Ramp, we’ve always believed our customers deserve more. More money and more time.
Finance teams spend 520 hours a year on manual AP tasks. They’re wading through invoices to decide which vendors to pay and when, based on payment due dates and the state of their cash flow. It’s followed by more tedious work: processing invoices, cutting checks, and entering data into accounting systems by hand. Those who find themselves short on cash are calling vendors and banks to request extensions, cash advances, and credit lines.
This is why we’re back on Product Hunt exactly 12 months after Ramp 2.0 launched (https://www.producthunt.com/prod...), and overjoyed, to announce a significant expansion of our Bill Pay platform and launch Flex.
With Flex, Ramp becomes the first platform in the world where you can effortlessly manage your cards, invoices, reimbursements—and now financing—in one place. You make payments at the optimal time for your business while ensuring your vendors are happy and get paid on time. The old playbook for financing, consisting of strict payment terms, complicated paperwork, and numerous cash flows that had to be tracked across disparate systems, no longer applies.
Ramp's such an intuitive, easy-to-use product - can get started on it within minutes, customer support has been lightning fast, and makes managing spend across our entire organization so easy. Super excited to see them getting into the invoicing space here too!
Thank you for hunting us Nick!
Hello fellow Hunters 👋,
Today, Ramp is one step closer to helping our customers run every payment on auto-pilot.
We’re building our platform in lock-step with business needs, from small businesses all the way to our largest enterprise customers. Their pain points inform every aspect of our products. When we realized businesses were looking for a way to save instead of spend, we built enterprise-grade cards. When @spackard and I realized our customers needed the ability to better manage bill payments and cash cycles, we turned the traditional lending process on its head by asking ourselves: “Why can customers get 30 days to pay when they swipe a corporate card, but nothing when they pay a bill?”
And so today, we’re announcing a significant addition to our platform: Ramp Flex.
- Flex, embedded in Bill Pay, will allow our customers to finance any bill.
- Ramp pays the customer’s vendor upfront. The customer can pay Ramp back in 30, 60, or 90 days for a small fee
Flex lets our customers:
- Pay their vendors when they want, how they want
- Manage cash-flows in seconds
- Consolidate all expenses in one streamlined platform
Flex is the next step in our journey to become the leading operational platform in transforming how businesses are run.
As always, we are happy to answer any questions or feedback you may have - ping us at hello@ramp.com!
*Please note, this release is an Early Access Program. Ramp Flex is subject to credit approval and restrictions, and will not be available in all states
@subawse +1, you’re spot on!
Since its founding a few short years ago, Ramp has grown from its starting point as a corporate card that saves customers time and money by cutting the need for tedious expense reports. Last year, we launched Ramp Bill Pay, accounts payable automation that allows businesses to cut invoice processing time by over 90%. Within six months of Bill Pay’s public launch, it was powering well over $1 billion in annualized volume. It’s our fastest growing product, exceeding the growth of even our corporate card, which is the fastest growing in the U.S.
However, we didn’t stop there. When we talked to founders and entrepreneurs, we noticed that cash flow management was a common theme — businesses wanted a way to line up the timelines of their “cash out” with their “cash in” so that they could grow efficiently, without the headache of toggling between multiple solutions. We also realized that non card payments (eg ACH, etc) make up a large percentage of the “cash out” expenses that businesses wanted to finance.
Given the above, building Ramp Flex — a financing solution directly embedded into Ramp Bill Pay — was a no-brainer. Now eligible businesses can seamlessly extend their payment terms for 30, 60, or 90 days for a small and transparent fee, right when they pay their bills. We also reduce the need to toggle between multiple solutions by offering a potent finance stack: founders and entrepreneurs can combine Ramp Flex with Ramp Bill Pay, the Ramp Card, and Ramp’s spend management software to manage all of their spend.
We’re thrilled about the launch of this early access program to eligible businesses, and excited to help more businesses save time and money with Ramp’s full stack solution.
Wikibuy