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.
You can set up automations by going to Treasury tab and clicking the three dots icon in the top right.
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.