Ramp pays the vendor the bill and collects the total from its customer after the agreed-upon time frame, plus a variable percentage of the total cost (press materials shared by Ramp showed charges between 1% and 3%). Its new Ramp Flex product, which is launching on a limited basis, will cover invoice payments for 30, 60 or 90 days."But there are cases where it may not be possible. "There is a trend that businesses are wanting to put things on card for the convenience or the cash back," said CEO and co-founder Eric Glyman. New York-based Ramp is hoping to serve more of that market by offering short-term financing on invoice payments.Citing data from Visa, Ramp said only about $1.5 trillion out of $120 trillion total is paid through credit or charge cards, which is Ramp’s lead product. There’s a big opportunity in business-to-business payments. The two companies are players in an increasingly competitive market for corporate spending, where offerings can include charge cards, invoicing software and automated accounting. The announcement comes a week after, which helps small and mid-size businesses digitize invoice payments, announced a nearly 160% quarterly revenue boost that sent its shares soaring on Wall Street. Ramp, a corporate card and spend-management startup, launched a new financing option for its bill-pay product Tuesday that will allow customers to stretch - or "Flex" - payments between 30 and 90 days. Fintech firms focused on consumers are struggling, but business-oriented firms believe they can continue growing by helping corporations be more efficient in digitizing the trillions of dolllars they pay each other every year.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |