Overview
The Ramp Business Account is a deposit account where you can securely store operating funds, grow those funds, and use the funds to quickly and easily pay Ramp card statements, bill payments, and reimbursements. It 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.
Why should I open a Ramp Business Account?
Ramp Business Account‡ offers a solution for you to earn on every dollar stored and save you time on cash management while ensuring your cash is secure and your bills are paid on time. You can use it to pay card statements, bill payments, and reimbursements, as well as collect revenue directly using your ACH details. You can allow all debits or add specific originator IDs for more control over who can withdraw funds by configuring your debit settings here.
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Maximize earnings and maintain liquidity
- Earn 2.5%* on every dollar stored in a Ramp Business Account with no fees, minimums or limits on transfers
- Free, unlimited free same-day ACH and wires (domestic and international) for Ramp bill pay and reimbursements means never missing out on a single day of earning
- Protect multi-million dollar deposits with FDIC insurance**
- No dees, minimums, tiered earnings, or transfer caps
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Extend your payment terms while paying vendors with confidence
- Using Ramp Business Account to pay your bills on Ramp adds ~3 days of working capital for free
- Ramp alerts you if your balance won’t cover an upcoming bill
- Peace of mind that vendors are paid
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Save time on manual cash management by setting up automations and approvals
- Automate transfers to maintain desired balance or schedule recurring payments
- Assign different approvers for expenses vs payment releases to ensure control and keep your finances secure
How do I set up a Ramp Business Account?
- Navigate to the Treasury tab and click “Open a free account”
- Choose how much you want to transfer
- Select the linked bank account you want to transfer from and click “Initiate Deposit”. There is also an option to send a wire transfer
Once your transfer completes, you’ll begin earning and can use the funds to pay bills through Ramp. You have the flexibility to set up multiple Ramp Business Accounts to manage your funds in a way that best suits your business needs.
Note that due to restrictions from our partner banks, businesses in certain industries may not be eligible.
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
1. ACH Deposits (within Ramp)
To transfer money to the Business Account from one of your linked bank accounts, navigate to the
Treasury tab > 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.
2. ACH Credit, Wire or Real Time Payment Transfer
To make a domestic wire transfer, real time payment, and/or ACH credit pushed from any bank account into your Business Account, navigate to Business Account > Account Details to find the Account / Routing numbers to send funds to. The daily cutoff time for Ramp to recognize inbound wire transfers is 5pm ET. These payment rails usually settle within the same day but may incur fees from other institutions (not charged by Ramp). Note that the above all need to be initiated in external account, outside of Ramp.
Automated Transfers (Automation):
There are two different options to make automated deposits into the Ramp Business Account: Target Balance and Recurring Transfers.
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.
1. Target Balance Automation
The Target Balance Automation ensures your Business 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 Business Account.
2. Set a Trigger: Decide when Ramp should check your balance. You can choose:
- 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 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 $75,000 from 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 $45,000 to bring your balance back to $50,000.
2. Recurring Transfer Automation
A Recurring Transfer Automation schedules regular deposits to your Business 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 Business Account every two weeks.
How do I make transfers from the Ramp Business Account?
Send payment via Ramp
Currently, you can send money out of the Ramp Business Account via Ramp Bill Pay or Ramp Cards (paying off your card statement or reimbursements). You can select your Ramp Business Account under 'Pay from account' when processing a bill. For bill payments, we offer unlimited, free same-day ACH, providing peace of mind that your vendors receive funds the same day (single transactions exceeding $1 million will be processed by NACHA on the next business day). Sending domestic and international SWIFT wire transfers is also completely free.
ACH to linked bank account(s) on Ramp
Go to "Transfer funds" to move money from your Ramp Business Account to any linked bank account(s) in Ramp. The payment settlement time depends on the receiving entity.
External Deposits and Withdrawals
External entities can deposit into and withdraw funds from your business accounts via ACH. This includes pay-ins (e.g., Stripe cashouts) and pay-outs (e.g., payroll) like a regular operating account. Pay-ins will generally be credited the same day, while pay-outs speed vary depending on the receiving entity.
We’ve turned on debit blocks by default to help protect your funds. No one can withdraw from your account unless you allow it. Click here to enable external debit or manage who can withdraw funds:
- Allow all debits
- Add specific originator IDs for more control over who can withdraw funds
If you wish to dispute an unexpected debit, please contact Ramp Support immediately.
Treasury Approvals
Ramp Treasury approvals allow you to manage money movement seamlessly, ensure oversight, and keep your finances secure. Here's why this matters:
- Enhanced and differentiated control: Ensure the right people handle specific financial actions to minimize risk of unauthorized transactions. You may want to establish distinct approval workflows for transferring or withdrawing funds from Ramp Business Accounts—potentially requiring higher levels of oversight—compared to workflows for treasury transfers, bill pay approvals, or spend requests.
- Robust security: Protect your funds with multi-layered approval requirements. Have the ability to ensure that sensitive actions, such as transfers or withdrawals, are reviewed and authorized by senior personnel.
How to set up approvals?
Navigate to Treasury tab, click the 3 dot icon on top right, click Settings. There are 2 types of approvals you can set up, one for Transfers, another for Automations.
Transfer Approvals are for setting conditions for deposits and/or withdrawals on a per transfer basis.
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Click “Advanced” to open up the approvals workflow builder, where you can configure complex and flexible approval chains via conditions and outcomes. Click “Add step” for a drop-down menu of the following options to begin configuring your approval chain:
- Approval: specify a specific role type, group or individual to be added to the approval chain
- Notify: specify a specific role type, group or individual to be notified about the money movement
- Conditions: add conditions to check various transfer attributes (e.g. amount, destination amount, is first transfer from account, source account, transfer type) that assist in setting the correct conditions
Once a condition has been selected, you can select which options to check for (e.g. if the condition is source account, you would select the desired account). After you've selected your desired conditions and options, you'll be prompted to add your desired approvers. When adding approvers, you can select predetermined groups or specific individuals.
Separation of duties button can be toggled on if users should not approve their own deposits or withdrawals. Note: Only business owners can toggle this setting.
- When enabled: Bill creators in the approval chain are replaced by admin approvers.
- When disabled: Bill creators in the approval chain must approve their own bills.
Automation Approvals is for updating or changing the automation policy. Once the automation is setup and approved initially, it will trigger transfers that will run automatically without requiring any future approvals.
You may determine whether approvals are needed before an automation is set up and executed. Under Business Account settings, click “Set up” below Automations. From there, you can configure your automation approval policy. The drop drop menu is identical to the one for Transfer approvals, with slightly different options under Conditions (e.g. amount, automation type, destination amount, is first automation from account, source account).
How do I make Ramp Business Account my default payment?
How can I access statements and tax documents?
Go to Treasury > Documents to access monthly statements for Ramp Business Account and Investment Account, tax forms (usually available in January), and daily trade confirmations.
Frequently Asked Questions
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 or caps requirement and no fees required to maintain the Business Account.
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.
I am having trouble opening a Ramp Business Account, what can I do?
Please reach out to customer support for assistance. The error can be caused by missing passport information or the passport on file is expired and requires a passport upload.
How can I manage access to Ramp Treasury?
Admins and Owners have full access to Treasury, including initiating transfers. Bookkeepers have view-only access to Treasury and can check if payments have been made or received.
How many Ramp Business Accounts can I have?
There are no limits on the number of Ramp Business Accounts you can create. There is also no minimum amount per account.
My business is structured as a multi entity, how does Ramp Business Account work in this case?
Ramp Business Account(s) can be created for sub-entities, but all the RBAs will roll up and belong to the parent entity and not individual sub-entities. For accounting purposes, individual Ramp Business account(s) can be assigned to any (parent or sub) entity. The reason for this ownership structure is that KYC (Know Your Customer) at Ramp is done on a business and not entity level. If each sub-entity applies to Ramp separately (i.e. multi-instance), then the Ramp Business Account would belong to the sub-entity.
Why are my externally linked bank account(s) not showing up in Transfer Funds?
Bank account(s) with sector type as consumer, bank account(s) in non-USD will not show up. If your bank account is misclassified, reach out to Support and we can update the sector type.
How can I access my account / routing number?
Navigate to Treasury tab > select the desired Ramp Business Account > Account Details to access your account and routing number. Only owner(s) and admin(s) have access. Please note that different Ramp Business Account(s) have different account and routing numbers.
How are earnings calculated?
You only accrue earnings based on your available balance at 12am UTC. Deposits that are still processing do not earn.
Resources
‡ Ramp Business Corporation is a financial technology company and is not a bank. All bank services provided by First Internet Bank of Indiana, Member FDIC.
* Get up to 2.5% in the form of annual cash rewards on eligible funds in your Ramp Business Account. Cash rewards are paid by Ramp Business Corporation and not by First Internet Bank of Indiana, Member FDIC. Cash rewards are subject to change. See the Business Account Addendum for more information.
** Customers with a Ramp Business Account can use the ICS service provided by IntraFi Network LLC. Ramp is a financial technology company, not an FDIC-insured depository institution. Banking services are provided by First Internet Bank (FIB), member FDIC. Subject to the terms of the applicable ICS Deposit Placement Agreement, FIB will place deposits at FDIC-insured institutions through IntraFi’s ICS service. A list identifying IntraFi network banks appears at https://www.intrafi.com/network-banks. Certain conditions must be satisfied for “pass-through” FDIC deposit insurance coverage to apply. To meet the conditions for pass-through FDIC deposit insurance, deposit accounts at FDIC-insured banks in IntraFi’s network that hold deposits placed using an IntraFi service are titled, and deposit account records are maintained, in accordance with FDIC regulations for pass-through coverage. Deposits are insured by the FDIC up to the maximum allowed by law; deposit insurance only covers deposits in the Ramp Business Deposit Account in the event of the failure of the FDIC-insured bank.