B2B intelligent payment solutions provider Plastiq and American corporate card Ramp have entered into a partnership to help companies pay for every kind of corporate cost using its Ramp card.
The collaboration will mean users can track, manage and control all their spending in one place including larger expenses such as rent, advertising and supplier costs that don’t usually fit on a credit card, therefore enabling business owners to increase working capital.
Under this partnership, business clients will be able to remit payments of all amounts via their Ramp card as well as make immediate transactions to vendors who don’t accept cards through check, wire or automated clearing house. Furthermore, Ramp card users will benefit with “exclusive rates” for transactions in addition to rewards such as an unlimited 1.5% cashback on every Ramp card transaction.
Both the FinTech firms boast of powering a significant amount of transactions. Plastiq has helped run billions in payments for its 1.5 million users including individuals and businesses, while Ramp has processed more than $100m worth of transaction volume and saved customers $10m to date. The key reason for the association is to aid companies better manage and control expenses, dig deep into spending trends and predict future transactions.
Commenting on the new tie-up, president & COO of Plastiq Sameer Gulati said: “This allows them to maintain their high growth without having to ration inventory supply purchases or advertising spend based on a limited supply of immediately available cash.”
He added: “For businesses looking to scale rapidly, access to credit and the ability to intelligently manage their payments are paramount.”
Founded in 2012, Plastiq has partnerships with US Bank, Visa, Mastercard, Silicon Valley Bank among other financial companies.
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