Payments solution provider Plastiq has collaborated with corporate card provider Ramp to allow businesses pay for virtually anything with the Ramp card.
The tie-up will enable businesses to track and control their spend in one place.
This includes big costs such as rent, advertising, and supplier expenses, which usually do not fit on credit cards.
Customers leveraging Ramp can get exclusive rates for payments processed by Plastiq.
Moreover, the alliance provides additional rewards for customers with unlimited 1.5% cash back on every payment with the Ramp card.
Ramp co-founder and CEO Eric Glyman said: “We’ve become America’s fastest growing spend management platform by helping companies better manage expenses, dig deep into spending trends, and predict future transactions.
“Our partnership with Plastiq makes our product more powerful, because customers can now benefit from a truly comprehensive view of spending — both on vendors that accept card payments, and now with Plastiq, those that only take ACH or cheque.”
Using Plastiq’s technology, customers can now use the Ramp card to make transactions to suppliers that usually do not accept credit cards. The aim is to help businesses boost working capital and scale rapidly.
Plastiq works with all major credit card firms, including Mastercard, Visa, American Express, as well as Discover, and serves over 1.5 million individuals and businesses.
Ramp has processed over $100m of transaction volume and helped customers $10m until now. The partnership will help customers to charge large expenses on their Ramp card and use Plastiq to instantly pay through ACH, wire or cheque.
Plastiq president and COO Sameer Gulati said: “We’re looking forward to working with Ramp to provide their high-growth clients with seamless, reliable access to more working capital.
“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.”
Last December, Plastiq expanded the scope of its platform to incorporate US cash payments along with credit card payments.
Earlier in 2020, Plastiq received $75m in a Series D funding round to help small businesses use credit cards more. The round was led by B Capital Group.