Ramp Expands into Expense Management, is the Fastest Growing Corporate Card in America

August 12, 2020
by
Eric Glyman
,
CEO

​​Ramp​, the first corporate card built to help businesses spend less, is expanding into expense management.

While Ramp only launched six months ago, we are already powering hundreds of millions of dollars of purchases each year for our customers.

Today, we are thrilled to share that Ramp now comes built-in with sophisticated expense management for all customers. Our customers are saving an average of 5 days of work per month by replacing inefficient and costly expense report processes with Ramp.

The traditional process that companies have used to issue cards, manage expenses, and reconcile their books is complicated and wasteful.

Traditionally, companies have limited controls built in to their corporate cards, have to wait several days after a transaction for a bank feed to sync from their corporate card into an expense management software, and make employees spend a great deal of time after the fact to code expenses. Following this, finance teams spend hours manually nagging employees for receipts, and employees often footed the company bill interest free until they were reimbursed. This tedious process has created a culture of expense reports that are normally completed days to weeks late, incomplete books, and limited visibility into spend until the following month.

Ramp is more powerful than the traditional approach of splitting purchases between basic corporate cards and into a separate expense management product.

On Ramp, companies can review/approve employee spend requests in real time on the website or via Ramp’s ​industry-first slack integration​, issue virtual or physical cards that can be restricted by merchant for one time or recurring spending, and once the purchases are made, Ramp automatically codes and syncs expenses through to the company’s books.

“Getting started with Ramp was extremely quick and painless,” said ​Clubhouse’s senior accountant Shafak Ilyas​. “Ramp has helped us automate and cut days off our month-end closing process. Before Ramp, closing the books used to take us days — now it takes about an hour a month. With Ramp, everything is quicker." Christina Cooksey, Head of Creative Production at Red Antler, noted that, "It is a point of stress and a mental burden lifted off. No more stacks of receipts sitting on my desk staring me in the face or finance charges ticking up personal cards."

Ramp has become America's fastest growing corporate card by helping companies spend less.

Ramp is the only corporate card that helps its customers spend less. Since the COVID-19 pandemic has started, Ramp has identified millions in savings opportunities for its customers, finding the average customer $130,000 in annual cost reductions. With expense management built-in to Ramp, customers can cut their costs even further. Generally, companies paying over $100 per employee for expense management software, and the typical cost of reviewing and processing is estimated to be an additional $50 per report in time overhead. On Ramp, sophisticated expense management software comes fully built-in and employees are able to complete their expenses in a fraction of the time, leading to additional cost savings for companies.

We hope that in the years to come, all cards look and feel more aligned with their customers’ best interests. That’s how it should be.

Thanks for reading, and we hope you'll try us out for your company by applying at: www.ramp.com. If you have any questions, feel free to give us a shout at [email protected].

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Learn more about Ramp

Streamline approvals.
Review requests, pre-approve expenses, and issue general expense cards in a few clicks – or directly in Slack. Delegate approvals and empower your team leads to spend on the things they need and control their team’s expenses.
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Issue instant cards.
Unlimited virtual and physical cards with built-in spend limits, instantly available for everyone in your team. Define spend rules and let your smart cards enforce your policies automatically. No more surprises or under-the-radar spending.
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See spend as it happens.
Stop waiting on monthly statements or manual spreadsheets. Find, browse, and download real-time transactions from any employee, department, or merchant – on any device.
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Close your books 5x faster.
An accounting experience by finance teams, built for speed and efficiency. Automate manual processes and start enjoying instant reconciliation – Ramp does all the heavy lifting.
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Trim wasteful spend.
Ramp analyses every transaction and identifies hundreds of actionable ways your company can cut expenses and alerts your team via email, SMS, or Slack. It’s like having a second finance team, laser-focused on cutting costs.
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Consolidate reimbursements.
Ramp makes it easy to reimburse your employees for any incidental out-of-pocket expenses. Review, approve, and pay employees back for anything that didn’t make it onto a card with the rest of your Ramp transactions.
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