1-day payment terms

**Note: This article primarily applies to Ramp Administrators.**Cardholders may find other articles in the Payments, limits, and statements section to be more applicable.

Overview

1-day terms* (or daily payments) are a payment configuration on the Ramp Card. The key components of 1-day terms are:

1. Payment frequency: payments are pulled automatically each day from your Ramp Checking Account to cover settled transactions from the previous day.
2. Limit: Your limit is generally equal to 100% of the available balance in your Ramp Checking Account.

Frequently asked questions

• Can my business have some Cards on 1-day terms and some on 30-day terms? No – a business is only able to have one payment configuration for its entire business at any given time.
• How do I make payments? Payments are automatically pulled from your Ramp Checking Account at 4 pm ET each day to cover any charges that have cleared in the past day. There is no option to make additional manual payments, however, you can deposit additional funds into your Ramp Checking Account to increase your spending power.
• When will I receive the statements? On the daily payment configuration, you will receive one statement on the first of each month showing all transactions from the previous month.
• Can multi-entity companies be on 1-day terms? No – multi-entity companies are currently unable to be on 1-day terms.
• Do daily payments get reported to the bureaus? Yes – payments on 1-day terms will be reported to the bureaus and can contribute to your business’ credit history.
• Can I switch between payment configurations? If you are eligible for both Card payment configurations, you can switch between them by submitting a ticket to Ramp Support . We will then follow up with pertinent information relating to the terms of switching and confirm your intention to make the switch.
• What is the Ramp Checking Account? The Ramp Checking Account ‡ is an account where you can store funds that can be used to pay Card statements, for Bill Payments and Reimbursements.

The Ramp Checking Account can be used to receive external payments such as domestic wires, or push ACH transfers from bank accounts that are not linked to Ramp. It can be used to transfer funds via ACH back to linked bank accounts and be debited by external accounts (pull payments/external withdrawals) as well as make payments within Ramp via Bill Pay or pay off card statements / reimbursements. However, it cannot be used to initiate pushpayments to external accounts (ACH directly out of Ramp Checking Account).

The Ramp Checking Account is a deposit account offered through First Internet Bank of Indiana, Member FDIC (FIB). Ramp is not a bank, and all bank services are provided by FIB.

• Does the Ramp Checking Account offer FDIC Insurance?
  Yes – the Ramp Checking Account offers multimillion-dollar FDIC coverage provided through First Internet Bank of Indiana, Member FDIC ‡ . Ramp Checking Account customers with a deposit account provided by FIB can use the ICS service provided by IntraFi Network LLC to have funds placed into FDIC-insured bank accounts across a network of FDIC-insured banks. Deposits are insured by the FDIC up to the maximum allowed by law.

• Does the Ramp Checking Account have any fees or minimums associated with maintaining it? No – there is no minimum balance requirement and no fees required to maintain the Ramp Checking Account.

• How do I make transfers into the Ramp Checking Account? There are several ways to transfer money into the Ramp Checking Account. They can be split into two categories: Manual Transfers: There are two different options to make a one-time deposit into the Ramp Checking Account ACH Deposits To transfer money to the Ramp Checking Account from one of your linked bank accounts, navigate to Checking Account > Transfer Funds. From there, you can select which bank account you would like to withdraw from and what amount you would like to transfer. Note: You are only able to make ACH deposits from a linked commercial / business bank account. We do not support transfers from consumer bank accounts at this time. Wire Transfer To make a wire transfer into your Ramp Checking Account, you can navigate to Checking Account > Account details to see the relevant Account/Routing numbers to send the wire transfer to. The daily cutoff time for Ramp to recognize inbound wire transfers is 5 pm ET.Note: These account/routing numbers are only able to be used to receive inbound wire transfers. Any ACH transfers using these account/routing numbers will not be recognized. Automated Transfers: There are two different options to make automated deposits into the Ramp Checking Account: Target Balance and Recurring. Setting up automations can feel a bit complex at first, so we’ve provided detailed instructions and examples to guide you through the process. Take a moment to review the steps carefully to ensure your automations work exactly as you expect. When setting up an automation, you will also see a summary of the expected behavior.

  

  Target Balance Automation The Target Balance Automation ensures your Ramp Checking Account balance is maintained at a specific level. Ramp will automatically transfer funds from your linked bank account when your balance drops below your desired target. Steps to Set Up a Target Balance Automation: 1.Choose a Target Amount: This is the balance you want to maintain in your Ramp Checking Account. 2.Set a Trigger: Decide when Ramp should check your balance. You can choose: How It Works: •Day of the Week Example: •Target Balance: $100,000 •Trigger: Every Monday •Current Balance: $25,000 On Monday, Ramp sees your balance is $75,000 short of the target. Ramp automatically transfers**$75,000from your linked bank account. •Account Balance Example: •Target Balance: $50,000 •Trigger: Balance falls below $10,000 •Current Balance: $20,000 You make a bill payment of $15,000, dropping your balance to $5,000. Ramp initiates a transfer of$45,000to bring your balance back to $50,000. Recurring Transfer Automation A Recurring Transfer Automation schedules regular deposits to your Ramp Checking Account at intervals you choose. This is ideal for businesses with predictable cash flow needs. Steps to Set Up a Recurring Transfer Automation: 1.Select a Transfer Amount: Decide how much money you want to transfer regularly. 2.Set a Schedule: Choose how often the transfer occurs (e.g., weekly, bi-weekly, monthly). 3.Link a Bank Account: Connect the account Ramp will use for transfers. Example: •Transfer Amount: $50,000 •Schedule: Every two weeks Ramp will transfer$50,000**from your linked bank account to your Ramp Checking Account every two weeks.

  • Day of the Week : Ramp checks your balance on a specific day each week.
  • Account Balance Changes : Ramp checks your balance whenever it changes (e.g., after a payment).

• How long do deposits take to become available in the Ramp Checking Account?

  • For ACH: ACH deposit settlement time depends on a number of factors including previous usage to date and information from your connected bank accounts § . They can settle as quickly as same-day for eligible deposits or as long as 5 business days. Each time you initiate a transfer, you will be able to see the estimated settlement date before confirming the transfer.
  • For Wire Transfers: Inbound wire transfers will become available in the Ramp Checking Account as soon as they are received at FIB. FIB has a daily cut-off time of 5 pm ET, so any wire transfers sent after that time will not be recognized until the following business day. The cut-off time at the bank where the wire transfer is being initiated may be different, so please confirm with your bank when the wire transfer will be sent before initiating.

*Ramp cards with 1-day terms are issued by Sutton Bank, Member FDIC (subject to its terms and conditions) and Celtic Bank (subject to its terms and conditions).

Ramp Checking Account is an online banking product offered through First Internet Bank of Indiana, Member FDIC. By using Ramp Checking Account, you acknowledge and agree to the terms andconditions set forth by First Internet Bank of Indiana.*See the Ramp Checking Account Addendum for more information.
*‡ Ramp is not a bank, all bank services are provided by First Internet Bank of Indiana, Member FDIC. Customers with a Ramp Checking Account provided by First Internet Bank of Indiana can use the ICSservice provided by IntraFi Network LLC to have funds placed into FDIC-insured bank accounts across a network of FDIC-insured banks. Deposits are insured by the FDIC up to the maximum allowed by**law.

§ Deposits and withdrawal times to and from linked accounts are subject to change.

† Bill payments are subject to their terms and conditions here.