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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 Business 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 Business Account.

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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 Business 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 Business 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 Business Account?
    The Business Account‡ is an account where you can store funds that can be used to pay Card statements, for Bill Payments and Reimbursements.

The Business Account cannot be used to receive external payments, receive transfers from bank accounts that are not linked to Ramp, or make payments outside of the Ramp platform.

The Business 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 Business Account offer FDIC Insurance?
    Yes – the Business Account offers multimillion-dollar FDIC coverage provided through First Internet Bank of Indiana, Member FDIC‡. Ramp Business 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 Business Account have any fees or minimums associated with maintaining it?
    No – there is no minimum balance requirement and no fees required to maintain the Business Account.
  • How do I make transfers into the Ramp Business Account?
    There are several ways to transfer money into the Ramp Business Account. They can be split into two categories:
    • Manual Transfers: There are two different options to make a one-time deposit into the Business Account
      • ACH Deposits: To transfer money to the Business Account from one of your linked bank accounts, navigate to Business 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 Business Account, you can navigate to Business Account > Wire instructions 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 automations that make it easier to manage the balance in your Business Account. They can both be set up by navigating to Business Account > Automation.
        • Target Balance: To get started with a Target Balance automation, you select a target amount, a linked bank account to make withdrawals from, and a day of the week to evaluate the balance. Each week, on the day you have chosen, Ramp will evaluate the balance in your Business Account. If it is less than your target amount, Ramp will automatically initiate a withdrawal in the amount of the difference between your current balance and your target balance. If your current balance is greater than or equal to your target balance, Ramp will not initiate a transfer.
          • Example: You set up a Target Balance automation that will run every Monday, with a target balance of $100,000. The current balance in your Business Account is $25,000. On Monday morning, Ramp will initiate a transfer for $75,000 from your linked account to bring your Business Account balance back to $100,000.
        • Recurring Transfer: To get started with a recurring transfer balance, you will need to select an amount that you would like to transfer and a cadence with which you would like the automation to run.
          • Example: You set up a recurring transfer to deposit $50,000 from your linked bank account to the Business Account every two weeks. Every two weeks from the day the first transfer occurred, Ramp will initiate a withdrawal from your linked account to the Business Account for $50,000.
  • How long do deposits take to become available in the Ramp Business 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 Business 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 FD IC, and subject to its terms and conditions.



Ramp Business Account is an online banking product offered through First Internet Bank of Indiana, Member FDIC. By using Ramp Business Account, you acknowledge and agree to the terms and conditions set forth by First Internet Bank of Indiana.

See the Ramp Business 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 Business Account provided by First Internet Bank of Indiana 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.



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


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

 

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