Plastiq President and Chief Operating Officer Sameer Gulati said in the announcement that access to credit and the capacity to smartly control payments is of the utmost importance for companies aiming to quickly grow.
“We’re looking forward to working with Ramp to provide their high-growth clients with seamless, reliable access to more working capital,” Gulati said in the announcement. “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.”
The integrated experience lets clients charge sizable business costs on their Ramp card and harness Plastiq to provide immediate payment to vendors through check, wire or automated clearing house (ACH). Companies that harness Ramp will capitalize on “exclusive rates” for transactions that Plastiq processes, the announcement stated.
“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 check,” Ramp Co-Founder and CEO Eric Glyman said in the announcement.
Currently, different sized companies depend on Ramp and Plastiq for controlling payments and finances, according to the announcement. Plastiq lets companies pay for things using credit cards, while Ramp is a corporate card with an expense management system.
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In December, news surfaced that Plastiq had teamed with accounts payable (AP) automation firm Tipalti to allow firms to pay suppliers with their corporate credit cards even if their suppliers don’t take credit cards.
“Providing Tipalti customers with a flexible, cost-effective way to fund their payables transactions with Plastiq frees up funds to reinvest back into the growth of their business,” Tipalti Co-Founder and CEO Chen Amit said in an announcement at the time.
