Ramp Flex is a financing solution embedded in Bill Pay that allows you to extend payment terms with vendors right when you pay your bills. With Flex, you can finance your bill payments to vendors (including those who don't accept cards or offer terms), gain more control over cash flows, and consolidate all of your spend to one platform. Ramp Flex is a seamless process from bill creation, to financing, to repayment. It’s even easier to set up. Just follow this guide, or watch the demo below.
Jump to:
- Estimate your Flex financing spend per month
- Select the tenor you expect to use the most
- Provide the state of your primary office location
- Get your Ramp Flex Limit
3. Change your default fallback setting
1. Set up Ramp Flex
Note: If you’re not already set up to use Ramp Bill Pay, you can do so using the setup instructions here. You’ll need to set up Ramp Bill Pay before you can finance any bills using Ramp Flex.
To set up Ramp Flex, navigate to the Flex page and click the green ‘Get Started’ button in the top right corner.
Note: you must be an Admin or a Business Owner to set up Ramp Flex, view and accept offers, and initiate early repayments. Bookkeepers have view-only access to Flex, meaning they can see historical and outstanding Flexes but they cannot Flex a bill.
You’ll be then asked to:
- Estimate your Flex financing spend per month
- Select the tenor you expect to use the most
- Provide the state of your primary office location
Estimate your financing spend per month
The first step is to tell us how much Flex financing you expect to need on a monthly basis. You can estimate that amount by:
- Adding up your current monthly spend on categories like inventory, shipping, marketing and ads (e.g., Google and Facebook), software as a service (SaaS), or equipment and materials that you want to extend payment terms on
- Adding up the total dollar amount of vendor payments or bills you finance or support with other working capital products on the monthly basis, like invoice financing, merchant cash advances, or lines of credit and short term loans
Select the tenor you expect to use the most
Select the tenor (30, 60, or 90 days) you think you’ll use most frequently for Flex financing. This could be based on a number of factors, including the length of your cash conversion cycle or related time constraints like when you expect to be paid by your customers or the additional term extension you would like for specific vendor payments.
Provide the state of your primary office location
Select from the drop down in which state your primary office is located. We’ll use this to verify eligibility for the product and ensure we comply with regulations.
Get your Ramp Flex Limit
Once you enter your information, Ramp will review the information provided as well as information provided during your initial account set up. We will then inform you if you are able to join and start using Ramp Flex.
You can read more about your Ramp Business Limit here: Ramp Business Limit Overview.
2. Set up Ramp Bill Pay
Any bill you want to use with Flex with should be uploaded to Ramp Bill Pay first. If you’ve already set up Ramp Bill Pay, you can skip this step and start Flexing. Otherwise, set up Ramp Bill Pay using this guide.
3. Fallback Setting
In case a bill you’ve financed would cause your Flex balance to go over your limit, we provide two fallback settings, one of which is selected by default:
- Pay bill via ACH: We’ll initiate the payment from the payment source specified in the bill payment (in most cases this will be the default bank account you set in Bill Pay settings)
- Notify me and pause payment: We’ll notify you up to 24 hours before the invoice due date and pause the payment from occurring - this is selected by default
You can see and adjust these settings at any time by selecting the ‘Settings’ button in the top right corner of the Flex tab.
Once you’ve completed these steps, you’re ready to start Flexing bills!
* Ramp Flex is subject to credit approval and restrictions, and will not be available in all states.
** Loans issued by Ramp Financing Corporation and/or Lead Bank. Visit ramp.com/flex for more info.