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 fees, 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 (initiated 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. Funds can take 0-4 business days to become available in the Business Account. 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 (click menu icon to download PDF) to find the Account / Routing numbers and initiate the transfer from your bank. The daily cutoff time for Ramp to recognize inbound wire transfers is 5pm ET. These payment rails usually settle within the same day (faster than ACH deposits) but may incur fees from other institutions (not charged by Ramp).
We currently do not support international wire transfers into Ramp Business Account.
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 ACH deposits from linked external bank accounts into the Ramp Business Account: Target Balance and Recurring Transfers.
You can set a minimum target balance you want to maintain in your Business Account to ensure you have sufficient funds to pay off card statements or bills. Or, you can set a maximum target balance you want to maintain in your external bank account(s) to sweep any excess cash into your Business Account for daily operations and/or earnings maximization.
You can also set a recurring transfer to schedule regular deposits to your Business Account at defined intervals.
For more detailed instructions on how to set this up, click Ramp Treasury Automations.
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
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Allow specific originator IDs for more control over who can withdraw funds
- If none are selected, no one can debit you.
- Note that any Ramp initiated payment for Bill Pay, Card Statement will still work as expected and there is no need to add Ramp's originator IDs here.
If you wish to dispute an unexpected debit, navigate to Treasury > Account > click on the relevant withdrawal > click "Dispute transfer" on the bottom right of the drawer. If the dispute is raised within a 2 business day timeframe, the return is automatically processed. If the dispute is raised after the 2 business day timeframe, you will receive an email from support collecting more evidence as we file a request for proof of authorization with the banks involved.
Virtual Account Numbers
You can now create unique account and routing numbers and assign them to different customers and vendors, for different use cases. You may customize debit control settings and pre-code accounting category per virtual account number. Each links directly to your Ramp Business Account, so any funds sent are available immediately, with no extra steps or end-of-day sweeps. This makes it easier to track incoming payments, simplify book-close, and keep your primary account details private for added security. You can create and manage Virtual Account Numbers under Treasury > Accounts > Account details > Add account details.
How do I make Ramp Business Account my default payment source?
How can I use Ramp Business Account to pay my bills on Ramp?
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.
How can I download bank letter?
Downloading bank letter is now self serviceable in-app. There are two entry points:
- Treasury > select Business Account > click "Account Details" > select the desired account details > click menu icon > "Download bank letter"
- Treasury > Documents > Bank Letters > download button.
There is an option to include or exclude balance within the bank letter. If the address or company name is incorrect in the document, please contact support to update this within Ramp.
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. Business Account is automatically enrolled in this program and does not require opting in.
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 the 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 an 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.
Please note that for multi-entity accounting purposes, the accounting entity assigned to the newly created Ramp Business Account is established at the time of the Ramp Business Account's creation. Once the Ramp Business Account is created, it is not possible to edit the entity assignment for that account. Be sure to select the correct Accounting Entity when creating the Ramp Business Account to ensure accounting syncs are correctly assigned.
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. Click the menu icon to download PDF. 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.