While there are actually too many to count, the best thing you’ll find in a human arsenal is our tendency to grow on a consistent basis. You see, when an individual is able to grow under all possible situations, they, almost as a ripple effect, become eligible for some huge milestones along the way. The same is proven well by whatever we have achieved so far, with one huge piece of testimony coming from an idea called technology. The reason why technology’s emergence was so notable is predicated upon its unique skill-set. Beyond those skills, however, the whole dynamic was also inspired by the manner in which those skills were used. The latter component, in particular, will do a lot to give the spectrum-wide presence. However, even after taking over the landscape from top to bottom, the famous tech revolution will very much continue to scale the picture up in one capacity or the other, thus allowing us to have a shot at possibilities that wouldn’t have been conceivable otherwise. The same has become more and more evident over the recent past, and going by one recent fintech development, it should only be looking to get stronger moving forward.
Ramp, the company behind industry’s first ever finance automation platform and corporate card designed to help businesses spend less, has officially expanded its platform to enable businesses in terms of financing all their bills in one place. According to certain reports, the company’s accounts payable automation product, Bill Pay, from here onwards, will give businesses a chance to make payments on flexible terms through its new Flex solution. With Flex solution in place, Ramp will pay the vendor upfront, while allowing the user to pay back the amount in 30,60 or 90 days. Apart from getting some leeway around the timeframe, the users can also pay through any mode from check or card to ACH. Talk about how the company will earn from their latest brainchild, it will charge the customers a fee for its services, but it won’t be a flat sum by any means. Instead, the fee you pay will depend entirely on the financing timeframe that you have requested.
“The pace of growth has outpaced our corporate card business,” said Eric Glyman, CEO of Ramp. “It took us significantly longer as a company to go from launch to $1 billion in annualized volume in the card business. The speed and rate of adoption and how quickly businesses are using the bill pay product is much faster. Now people are coming in just for the bill pay product as well,”
At the moment, Flex is available to select customers as a part of Ramp’s early access program, although the company is “actively working toward a general access” over the next few months.