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 transactions that clear before 4 p.m. ET that 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 p.m. ET each day to cover charges that clear before then. 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 receive external payments and supports outbound ACH and domestic wire payments to linked accounts and eligible unlinked payees. Eligible unlinked individual payees can receive ACH payments, but domestic wires to consumer bank accounts are not supported. It can also be debited by external accounts and used to make payments within Ramp through Bill Pay, card statement payments, and reimbursements. See Ramp Banking payments overview for current transfer options.

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? You can fund the account several ways, such as one-time ACH deposits, inbound ACH credits, wire transfers, real-time payments, and cashback redemptions, or set up automated Target Balance and recurring transfers. See Ramp Checking Account overview for the complete list of deposit options, including availability conditions, and Ramp Banking automations for automated transfers.
• 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), Celtic Bank (subject to its terms and conditions), and Lead Bank, Member FDIC (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.