Ramp raises $300M

#1

Post by zuhayeer » Tue, Aug 24, 2021, 5:11 PM UTC

Re: Ramp raises $300M

#2

Post by stephenhuey » Tue, Aug 24, 2021, 6:05 PM UTC

In January 2021, they would not let me create virtual cards for my consulting business because I did not have a $250K cash balance in my business bank account. The Ramp support guy said he didn’t know of any similar service that did not have such a requirement. After that I discovered Stripe easily provided that service for my business with no threshold at all and wrote back to let him know and he was very surprised I could get that without even having a Stripe merchant account.

Re: Ramp raises $300M

#3

Post by sandstrom » Tue, Aug 24, 2021, 6:32 PM UTC

Out of curiosity, anyone who knows how they're making money?

Their pricing pages says that everything is $0 (free).

https://ramp.com/pricing

Re: Ramp raises $300M

#4

Post by randtrain34 » Tue, Aug 24, 2021, 6:35 PM UTC

sandstrom wrote: post #3

Out of curiosity, anyone who knows how they're making money? Their pricing pages says that everything is $0 (free). https://ramp.com/pricing

Guessing it's from interchange, similar to most credit card providers. https://en.wikipedia.org/wiki/Interchange_fee

Re: Ramp raises $300M

#5

Post by [deleted] » Tue, Aug 24, 2021, 6:35 PM UTC

sandstrom wrote: post #3

Out of curiosity, anyone who knows how they're making money? Their pricing pages says that everything is $0 (free). https://ramp.com/pricing

[deleted]

Re: Ramp raises $300M

#6

Post by ejstronge » Tue, Aug 24, 2021, 6:56 PM UTC

stephenhuey wrote: post #2

In January 2021, they would not let me create virtual cards for my consulting business because I did not have a $250K cash balance in my business bank account. The Ramp support guy said he didn’t know of any similar service that did not have such a requirement. After that I discovered Stripe easily provided that service for my business with no threshold at all and wrote back to let him know and he was very surprised…

Did they let you open an account before imposing this limit?

When I was looking into using them, I noted the $250,000 limit for new accounts but I'm not sure if they were always structured this way.

Re: Ramp raises $300M

#7

Post by sebmellen » Tue, Aug 24, 2021, 6:59 PM UTC

stephenhuey wrote: post #2

In January 2021, they would not let me create virtual cards for my consulting business because I did not have a $250K cash balance in my business bank account. The Ramp support guy said he didn’t know of any similar service that did not have such a requirement. After that I discovered Stripe easily provided that service for my business with no threshold at all and wrote back to let him know and he was very surprised…

https://Privacy.com also has a great “Team” account.

Re: Ramp raises $300M

#8

Post by ninjastar99 » Tue, Aug 24, 2021, 7:34 PM UTC

Really big fan of this company. Saved our team a huge amount of accounting time in the first week alone, and on-boarding was super easy (less than 48 hours and we were running).

Re: Ramp raises $300M

#9

Post by arthurcolle » Tue, Aug 24, 2021, 7:37 PM UTC

stephenhuey wrote: post #2

In January 2021, they would not let me create virtual cards for my consulting business because I did not have a $250K cash balance in my business bank account. The Ramp support guy said he didn’t know of any similar service that did not have such a requirement. After that I discovered Stripe easily provided that service for my business with no threshold at all and wrote back to let him know and he was very surprised…

That is a crazy high requirement. I am planning on moving to Miami and they need evidence that I've had >3 months rent in the account for 3 months. Who keeps that much money in a checking account?

Re: Ramp raises $300M

#10

Post by iancarroll » Tue, Aug 24, 2021, 7:49 PM UTC

stephenhuey wrote: post #2

In January 2021, they would not let me create virtual cards for my consulting business because I did not have a $250K cash balance in my business bank account. The Ramp support guy said he didn’t know of any similar service that did not have such a requirement. After that I discovered Stripe easily provided that service for my business with no threshold at all and wrote back to let him know and he was very surprised…

I use https://mercury.com for this and it is great; I have a card for each SaaS app with their own limits. Just a standard debit card so no credit complexity.