EP7: Reduce your Bookeeping Burden with Ramp

Oh, type of interview today.

Nice. Yeah, love it. It's definitely.

But.

Where are you?

What's that? I am out of Indianapolis, Indiana. How about yourself?

Oh, we're out in, in New York. We're headquarters in, in Manhattan.

Okay, very nice.

Cool, cool.

Well, excited to have the conversation, Linda. Just as a brief introduction, I'm Dan. I'm on the growth team here at Ramp. I've been here for about two years. Before this I actually worked at amex where I was working with the corporate card program over there and then before that in accounting for a little while for a VC here in New York. So have some notes from Annie, my colleague who is reaching out to you and excited to see if Ramp could be a good fit for you moving forward. And if not, I'm also happy to part ways as friends. How does that sound?

Sounds good, man.

Cool.

Well, I had a couple notes here know that you've tried Divi in the past. Probably very familiar with the space. I also saw that you were congratulations on 2023 CFO of the year. I saw that as well. So I guess when you're thinking about the technology there, how has the experience been? I know there was some problems with, with Divi and, and whatnot. And you know, if there was anything in particular that got you interested, I'll, I'll be sure to, to double tap into it.

Yeah, I think, I think for me, you know, before we kind of dive into a little bit about what your guys product is and how you guys might be able to solve some of those challenges. So we still use Divi. We rolled that out with the hopes that it would really solve the expense reporting problem. You know, we don't have a ton of issues with expense reporting, but it's enough to be annoying. It's enough to where, you know, we're spending time on things that we really shouldn't be spending our time on. And we were looking for a solution backed by technology that would kind of just really streamline that entire process. And Divi didn't really seem to do that. I think functionality wise for me. I'm a big tech user so it made sense for me. It was super easy, super clean for me to use, but I really think it was trying to, I mean it basically forces the user to put in expense reports on an application. And, and I, I would think, you know, between you and me, kind of like in our generation, we're a little bit younger, pretty easy thing to do. Like, I mean everyone uses apps all the time, right? But for some reason it was just a barrier to where everyone saw it as a burden, like they didn't want to take the time to do it. So getting the adoption was very hard. So I think what initially attracted me to Ramp in this conversation was more around some of the things you guys have implemented to solve that as far as like text message receipts and things like that, making it really user friendly to where it doesn't feel like they're going out of their way to do expense reporting. And then Divi also lacked the ability to integrate with QuickBooks seamlessly. They have a QuickBooks integration but it doesn't work very well. So interested in exploring that today. So maybe you can give us a little bit of background about your guys product for anyone watching and seeing what you guys can do to help solve some of those problems for us.

Absolutely. And I think that's, that's a big theme that I've heard a lot with not only divvy, just a lot of the, the folks out there is that you know, a lot of times it's just difficult and people don't want to do it. And making it as seamless as possible is pretty much the only solve as to getting receipts in a timely fashion. So that's definitely something we can do around, you know, text message, even grabbing receipts automatically from inboxes like Gmail or Outlook through those integrations. So those are all things that Ramp can do. And then on the accounts payable side, I'm not sure if you're using Bill.com as well for your AP. What is the system there for paying invoices with ACH check or wire?

We don't have a ton of AP. If I think about our trucking company, a lot of times we're just handling one off stuff. We have used bill.com for freight brokerage before we actually decided to partner with Routable. I don't know if you've heard of them. So they're more of an API solution where we've taken their technology, their tech stack and we've integrated that into our proprietary tms. So we actually do all of our vendor payments out of our TMS system. So it's like a one stop shop, really seamless because for our freight brokerage we have a lot a high volume payable processing. So we don't really have a need for using bill.com but if there's some sort of integration that you guys have, I mean that we always have one off bills that we need to pay, I don't think we're really. Because we Have a lot of one off bills. We're not really effectively managing it because it's pretty rare. We have most of our stuff on autopay. So a lot of the like service based businesses sometimes we forget about paying those timely. Not that we, you know are intentionally doing that, but it's because. Oh because we're not used to having that in our workflow in our management because we just, we don't have a ton. You know we'll have stuff like CPA bills or you know, attorney bills every now and then. That kind of stuff where we have to manually one off pay.

Yeah.

And the TMS is, is that truck.

Management system, Transportation management system.

What kind of things like when that integration with router. I mean obviously you know, ideally ramp. You know I'd say 60% of our clients use the full thing. Ramp. Card reimbursement, expense management, AP procurement, all in one. Integrating directly with QuickBooks. That's you know, for the system consolidation. You know it could be something that you look at down the line, for example where you know, not sure if routable. Is it more approval based or what. What exactly are you. Did you build there?

Yeah, I mean it, it can't get more integrated than what. So that includes both revenue and expenses. So the expense side would be bills essentially that we're paying to carriers. So our operations team will build out an order. They're going to book the order and they're going to dispatch it to a trucking company who's the carrier that's going to move the freight. And that's ultimately either we're going to pay the carrier directly or the carrier may be working with a factoring company and we may pay the factoring company directly. And in that case when the bill becomes due, we literally we just click a button. Like it doesn't, like it doesn't get easier than that. It's all integrated into our system. So like we're, we're not touching that whatsoever. We spent a lot of time on that.

Yeah, it's really the expense side that, that there's some issues there and.

Correct. Yeah, yeah, yeah, yeah. I mean even on our truck we have some other companies. I mean we have real estate companies too. I mean even you know, bill payments on that. I'm not saying that there's not a need but like for our main volume of bill payments that resides with our brokerage which you know we've already automated and solved that challenge.

Okay.

Yeah, that, that makes sense. And I guess like how many cards do you have out there? And are they coding. Coding things as well, or is it just for seats?

We're not really actively managing or using Divi at all. I mean, we probably have three cards. No one's coding anything. We just kind of.

We.

We rolled it out. Didn't really have great adoption rate. And honestly, the volume wasn't high enough for me to really fight a battle with people.

So they're doing disbursements instead.

What's that?

So are they. Are they resulting to using their personal cards or what. What's the. What are they doing instead of.

Of Divi?

Well, as far as what we use, I mean, we usually use our credit card spend for paying vendors. So, I mean, we never. It's not like employees needing expense reimbursements. We do have some of that. We have, like, truck drivers at our trucking company. Like, they all will do stuff out of pocket sometimes. I don't know if you're familiar with the trucking company, but com checks, they get COM checks from Comdata a lot. We have another platform that we use that helps solve that challenge. So that's probably not. Expense reimbursement is probably not a big deal for us to address.

Okay, but I guess there's three cards. And the reason why you weren't able to roll it out is because people just didn't really want to use it. Right. I'm just trying to figure out if there's a way.

Yeah, I think it's really the barrier of adding things to their plate. You know, they kind of view it as like, okay, well, you're adding bookkeeping to my plate. And to be fair, you know, they're not accountants. Right. We're not expecting them to go in there and classify the right parts category to whatever they're spending.

And.

And I think something that can be rolled out that is very seamless to them as far as, like, text message or, hey, let me take a snapshot of the receipt, send an email or text or whatever. And that can come into the system. And we have some programmatic rules that can automatically assign that to a GL code in our financials that ultimately, you know, would be the win to me and remove the user from having to go in. Because that's what Divi was doing is like having them go in and say, okay, was this maintenance? Was this parts, was this supplies? You know, and really just try to select from a thousand different accounts. And it can be very overwhelming if you don't know what to do. And then they're questioning like, oh, I don't want to select the wrong account, you know, and then get in trouble. So those were some of the challenges that we had in rolling that out.

Yeah, sorry, just taking some notes here. You mentioned earlier on in the call that the QuickBooks integration was not working too well. Talk to me a little bit about that. Was it the syncs, the sync error? Just the way it. I know they push journal entries sometimes. We have a pretty unique QuickBooks integration.

So yeah, it was really a manual, a real manual process. I think they may have done some. Honestly, I'm not that engaged into Divi anymore, so I just hadn't paid attention. They probably have done some upgrades recently, but I know for the longest time it was a export out of Divi and upload into QuickBooks. And to me, that's not an integration, that's just being lazy. I've built integrations for QuickBooks for our proprietary TMS. So I'm very familiar with the API in QuickBooks almost like the back of my hand. So I know the work involved with it and it just frustrated me to see their integration of what they had. So we just never used it. So I'm hoping you guys have something better.

Yeah, we absolutely do. That's probably one of the biggest reasons why companies consistently choose ramp over Bill.com and Divi is better integrations, more seamless process for receipts, more automation, and really just more product velocity. I think one of the things that, especially as you're saying, Linda, you've built integrations, you're a tech forward person. That's really what Ramp specializes in. It's really just building and building a product that's easy to use. You might not use all facets of the product. Maybe reimbursement, you keep on the system that you're using, you still continue to use Routable. But I do want to show you the full breadth of ramp, because we do all of those things.

Yeah, I'd love maybe just give me an overview of what is ramp for anyone that doesn't know what is ramp and. And then how you guys can solve some of those challenges that I mentioned.

So RAMP is. And let me up here. So Ramp, really, when you're thinking about ramp, is a spend management solution. We started off as pretty much a corporate card with some controls. Our founders came from Capone. They sold their first business into Capital One, ran the corporate card program over there and, you know, saw that there was a need for. For corporate cards that actually help companies save less. I think one of the things that are. That is a little bit Counterintuitive in this market is that a lot of companies, you know, corporate cards, especially with my amex background, you know, they're trying to get you to spend more. You spend in this certain category, you get points back. You know, you hit certain thresholds and tiers. There's nothing around expense management. It's really hard to see transactions. There's no real time visibility. So what RAMP really came into the market is to challenge that entire, you know, value proposition by introducing a corporate card that's smart enough to do your accounting for you, automate a lot of the receipt capture and bookkeeping, and then ultimately be a product that is so easy and delightful to use that people end up spending less time and far, far less time. I'd say the average client over and Forrester did an independent third party study that over three years, the average company sees about a 503% return on investment from using Ramp. If you look us up online, you know, we've been on a couple of lists this year. Fintech, 50 on Forbes. We were the only expense management company to make that list. But really my point in saying that is that we work with a lot of different customers. About 30,000 customers. I came here about two years ago and we were half the size that we are now. So we're growing quite quickly. And there's a lot of different industries that use us. Shopify uses us and Glossier, Airbnb, SpaceX, Twitter, companies in different industries, construction one. So really, I'd say every industry benefits from using Ramp. There's not one particular ICP or fit for us. The basis of RAMP is we are a Visa signature business card. So we have virtual and physical cards. They're tied directly with the expense management process, whether that's receipt, capture. Personal reimbursements can also flow through the platform and then ultimately ap. So if you're looking at the market, this is what you'll. What I pretty much see every single day is that somebody will be using a corporate card. They'll add on another expense management procedure or product like concur or Expensify. And then when ultimately they want to scale and automate their accounts payable, they'll go ahead and buy one of these. With Ramp, we believe that there's no need for these three separate systems if you can have it all in one. So with Ramp, we can have the. We can be the corporate card. We do a flat 1% cash back on everything you spend, regardless of what you spend. Expense and travel management are together, coupled with the software. So when someone swipes their card, they get a text message telling them to take a picture of the receipt. That's pretty much it. It works in every industry and I'll show you how that works. And then ultimately procurement and ap. So we can even run a procurement process, procure to pay purchase requests, having them go through approvals and then ultimately accounts payable, we can pay bills, pay our vendors. With ACH check wire, we can manage vendors as well. So we can reach out to vendors for W9 payment information, contract start and end dates. So these are all things that we can do within the Ramp platform. It's a centralized ecosystem for all things spending.

Okay.

Ultimately with Ramp, there's a couple of other things that we can do across our integrations. For example, you know, integrating with email to pull in E receipts, or your Lyft, your Ubers, your Amazon business or your business tools, your Slack teams, whatever you might use for communications. These integrations come natively out of the box and it is a true API in the sense that, you know, you click Sync and it truly does sync as a card expense with all the coding and receipts that flow over. And I'll show you what that looks like. But as you can see, QBO is one of our big four accounting ERPs that we integrate with.

And so what would that look like? Would it be like if I think about QuickBooks and some of the automation and recurring rules that they have, they have a pretty robust setup to where you can customize a lot of it in respect of if you know what the vendor or the line item description is on the charge. And that's a reoccurring thing that you see come through all the time. You can automatically assign that and say, hey, when this charge comes through from Ramp, we want to classify it as our credit card payment bill or whatever. If this car comes from Zoom, this is classified as our, you know, meeting, subscription, expense, that kind of stuff.

Yeah, those rules we can set up in two seconds within Ramp. So you can code not only that, but we can also do more advanced coding rules like the AI will pick up on. You know, if you code something to a project multiple times, it'll suggest the project. So even non merchant related data, because ultimately Window we use the like. If you spend on Zoom and you have the rules set up Zoom to software, it'll do it automatically as long as you set up that rule and our team works with your team to set up those rules. So that's going to be pretty easy. The thing that's going to be Also, you know, pretty helpful is once we do set up all of those rules, we can zoom it out to the category and even say, okay, airlines related expense goes into travel. So there, that way you're not coding merchant. But everything from that category from Visa that we detect on the Ramp corporate card will be mapped over and it's a true sync. So it syncs every transaction. Let me actually just.

Yeah, so tell me, tell me about that sync. So the way I typically see and I don't know if you guys have a way to solve this, it probably don't, but figured I'd ask. Typically when I see transactions sync and even from our own system that, that I built, it will sync from, let's say ramp into QuickBooks and maybe it'll come in the form of a bill payment, but the transaction is still sitting in the register and I still have to like go in and manually match it.

No, it's not a bank feed. So this is a true integration. It's not a bank feed, it's not a bill, it's actually an expense. So we'll create a credit card liability account called Ramp card within your QuickBooks. And basically the pay will be the vendor, the payment date, category, description, even the receipt, the attachment receipt will sync over from ramp into QuickBooks pretty much with the click of a button. So this is fully coded credit card charge with any class customers dimensions that you might be coding these expenses to.

So it's, it's all coming through as an expense. And really the only transaction that comes through would be the credit card payment at the end of the month. And that's what you would just sink and match over.

Yeah. Do you, do you have a hard stop at 930?

I do not know.

Okay, what I can do is I can actually show it, show you what I'm talking about.

Yeah, yeah, I think, I think, I think with this type of integration, the only thing is just making sure it reconciles and ties out. Do you guys have anything that kind of help identify differences or just like help with that process? I mean, I know there's some work involved on the QuickBooks side from the user, but just saying, hey, we have a $50,000 credit bill from Ramp and we need to tie that back to the $50,000 of expenses. The hope is that 50,000 of expenses went into QuickBooks from RAMP. But what happens if it doesn't?

We're actually working on that right now. There's something that's going live in Q1, so let me get some updates on that. But in terms of the accounting sync, you'll see all the transactions on a dashboard, and then obviously you'll have the credit card liability account. So it doesn't actually hit the GL until you click sync. So any outstanding charges that don't match, you know, what's been incurred on the credit card GL will be in ramp and then you can push them over. So you just, you just would have to make sure that all those, those, those charges are pushed over.

Can you also make it an automatic sync or does it have to be a physical push sync?

It does have to be a physical push sync, but here's what I'll say. You can basically select all and because we don't want to push things automatically to your glass without. Without.

Yeah, no, I get that.

Yeah.

I think, like, if you think about a new user, probably skeptical, if it works right. I would want to make it to where I'm visually looking at all the syncing and making sure it works for at least the first couple months. And then after that, if there's trust built that I know it works. Me personally, I would rather just have it sync and then be able to review it, you know, know, at the end of the month on the P and L.

I mean, mundo, we could sign you up for a ramp free account and you could, you could test it tomorrow if you wanted to.

Okay.

But basically, I like the sales pitch right there.

But basically there's. There's a couple of things here as well. There is a mobile app similar to a divi, where people can see their cards and their charges and anything that's out of policy. But this is what the SMS actually looks like.

So is there like a credit, you know, assignment to each user, that kind of stuff?

Yes. Yep.

We can set limits individual to the user. We can block merchants and categories. We can make it. If we want a card that is only for the Home Depot or only for that one software subscription, we can create that virtual card or physical card.

Gotcha. Yeah.

But for the user, basically, this is what their process would look like is just them swiping their card, getting a text from ramp and then taking a picture of the receipt. Then Ramp matches, ties out, reconciles the receipt to the transaction.

Wait, real quick. So we sign a user up, we put in their phone number, and so when a charge occurs on that card with that user, they're getting a preemptive text of like, hey, you had this charge, please let us know, you know, with the picture. That's. That's pretty cool.

Yeah, that's pretty much it.

Although that, that receipt is not. Not the greatest, but that is something that I would typically see.

We got worse receipts here.

Oh, that's funny.

Yeah.

The reason.

Crazy.

Yeah, yeah, I'd say like ramp. If there's one thing that we do extremely well is matching receipts, it's the OCR technology behind.

Holy cow, man. That's. Yeah, I've played around with OCR technology. It's really difficult. It's definitely hard to use. So that's pretty crazy how far technology has come.

Yeah, and it's also because of, you know, us being the corporate card. We can use that Visa data and then the OCR data and match them up. So we'll either tell the user, yes, this is a valid receipt, we were able to match it, or no, we weren't able to match it. Take another picture of it. But as you can see, these receipts are pretty difficult. So 98% of receipts get matched.

Oh, I like that. So you can put in. You can put in a memo to pull in the notes from the user, but at the same time, on the back end, the accountant can make sure it's coded to the right gl.

Exactly. And then we'll do all the automation as well, based on the merchant and category. So your accounting person can just. If they're coding to any fields like jobs or anything that isn't related to the actual merchant data, they can do that and then basically push into QuickBooks throughout the month, once a. Once a day, once a week, you know, whenever they want to.

So given that you came from amex, what is the carrot to get users to switch over from Amex? Because, as you know, they have, you know, pretty, pretty good rewards. So we have, you know, we have an amex card that our owner uses for, you know, and he accumulates a ton of points and rewards and stuff like that.

It.

It, you know, I won't say that amex Rewards are obviously, obviously nice. I mean, we're competing in a market where, you know, it's efficiency over rewards. So that is an active choice that companies make. And sometimes they don't make that choice. I mean, I'll be with you. I've had many folks that no matter what you do, you know, there's no way we're getting rid of those points. I mean, Ramp does have.

That's because that's also because they're not the ones dealing with the bookkeeping.

That's right.

That's right. So it's usually the financial leadership that pushes the value internally and Then sort of gets that across the line. But what I'll say is, you know, there's no. This is an unsecured line of credit. There's no personal guarantee or credit checks. So you can keep the Amex open. You know, all the intangibles, the lounges, the benefits, you can keep the Amex card open and have access to pretty much everything that Amex offers. That's sort of like my workaround is that, hey, keep the Amex, use the lounges. Maybe the CEO keeps the AmEx and gets rewards, but for everyone else in the company, all the operational spend, all of the AP spend and everything else vendor related and employee related, that's where we would move them onto the Ramp card.

Gotcha. Yeah.

Obviously you don't want to be working out of two systems, so it's. It's ideal to have them all in one with Ramp, but, you know, that is a possibility if. If really, you know, there's no budgeting off the Amex. What I'll say also is that Ramp rewards can be redeemed. So we have, we have partnerships with One World United, so we can actually turn the cash back into points. And typically for Amex, the points, if you convert them to cash, it's 0.5% cash back. If you convert the points to cash, if you convert the points for travel, it's 1.2. So ramp is sitting at 1. It's somewhere in the middle, but on the higher end.

So you're saying just flat 1% cash.

Back pretty much on everything you spend?

Yeah, yeah, yeah.

And you said, a quick side note, you said you're out of New York, right?

Yeah, that's right.

Is. Is there anyone left there? Like, are you one of the only last people in the state? Like, I feel like New York has done everything in their power to, like, force people to leave.

That's. That's true. I think people left voluntarily after the Yankees and how bad the jets and Giants are this year.

Oh, I don't know. It's a. It's a lot deeper than that, man. It's everything I've seen. It's like, this is not a good place to live, but it's good to know that there's still people out there in New York.

Yeah. I mean, I don't know. I'm. I'm thinking about moving somewhere warmer soon, so.

Yeah.

No, that all looks pretty cool. I like that.

So here's what I can do. Also, Mundo, for you, this is what the platform looks like from an admin perspective. So Basically, what you're looking at here is ramp. From an admin perspective, this is pretty much everything. Corporate cards, reporting, you know, spend, accounting, paying bills. And we'll go through everything in depth. But what we start as is the expenses tab. So you'll be able to see all of your expenses and we will underwrite the business for a total credit limit. So basically that's in the form of a 10 to 15 minute application. Sorry, I'm getting kicked out by my vice president of finance, which I should probably not mess with. My apologies.

No, you're good.

Okay, perfect.

So what you're looking at here is a total business limit that we would assign for the entire company. It's usually by a 10 to 15 minute application. The limits are determined primarily based on the cash that you hold in your bank. So it's typically similar to divvy. It's around 10 to 30% of the cash balances that you hold. If we look at financials, we can actually give you a fixed limit that doesn't change based on any cash balances. I think you were spending around $150,000 per month, if I'm not mistaken.

Yeah. Somewhere. It's probably a lot more than that, actually. But, you know, that's generally. I think that's a decent number to use.

Yeah.

And is that. You said there's no spend on the Divi card today. Right. Is it all on Amex?

No, there's still some spend on the Divi card. I mean, usually we. Primarily it's used as a backup, you know, when. Because Amex isn't accepted everywhere, so we use that as a backup. And then every now and then we'll use it. But I'd say a large majority of spend is on Amex right now.

Yeah. Credit cards.

We do have a couple other credit cards that we did for just some reward promotion stuff, but yeah, most of it's on traditional credit cards.

Okay, got it.

And I guess how many. How many cards are out there, if you don't mind me asking?

We probably got six or seven, I'd say.

Okay, so you're. Are you going through the statements for each and reconciling or is that someone else on your team?

Unfortunately, yeah, not me, but yeah, we're. We're on our team. Yep. Correct.

Yeah, Yeah, I think that's. That's going to be a good plus. Is that, you know, with ramp, we give you a lot more granular data over what's happening. So you can see in real time the current balance, available cash back next payment date, the cash back accumulates in real time and you're able to see the exact merchant name. So you know, when amex, you know, your team is probably looking at the statements and seeing like United Airlines 565 or whatever it might be.

Yeah.

Ramp cleans it up for them, tells them exactly who spent and where and the charge. Is it cleared? Is it approved? Are there any flags? Right. Did they violate any company policies?

So give me an example. What company policies would be that would, that could be violated?

There's a lot. I think the biggest example is probably going to be receipts that don't match. Right. When we're not able to match the receipt or if the receipt's invalid. We can also do weekend spending, people spending on the weekends. Alcohol over tipping.

Right.

If somebody tips above 20% on a corporate card at a restaurant.

Wait, so if you can, if you put like, hey, we don't want anyone spending money on alcohol and they submit a receipt and it says, you know, Texas Margarita on there. Is it, is it going to pick that up?

Yeah, absolutely.

Yeah.

Wow, that's, that's crazy.

Yeah. Even if they're at like a Buffalo Wild Wings and get a beer, we'll, we'll pick it up. So those will come in here in the flag transaction set.

That's, that's, wow, that's awesome.

Yeah.

And again the, this is sort of the idea that ties back to Ramp is that we want to monitor every dollar that leaves the door. Because ultimately the whole purpose of this mundo is that we spend less, spend less money, spend less time. And if we want, you know, we can actually request repayment from the employee if it's really an inappropriate charge. So we have the ability to request repayment directly within Ramp.

Wow.

And for your reimbursement process, you know, you'll still, you'll be, you can do reimbursements through Ramp if you'd like. And we will. Basically, once it's approved, we can send a two day ach back to your employees bank account directly. But for them it's really going to be easy to say, you know, what merchant did they spend on? How much did they spend? Or they can drop a receipt and it'll automatically create a reimbursement for them. So a couple options for you there. So reimbursements, see any pending reimbursements. We can do mileage as well. So we can track with GPS mileage from A to B might be useful for truck drivers or whoever else.

Cool.

And then also travel. So if you guys Are ever traveling. You can book travel directly through Ramp.

Yeah, Divi has. They have a travel component to it, but it's like, so grossly overpriced that it's just not even feasible to use.

Yeah, everything you're seeing here is free, but there is. There is a paid version, but based on, you know, based on what you've told me so far, I don't think you'd need it. I'm happy to tell you the differences, but I think, you know, for your purposes, QuickBooks Online, it's a free integration. Everything that you're seeing here, I'll tell you if there's anything that there is, like, paid, but. Okay, everything here is free so far.

Yeah. Cool.

Managing vendors. So we can manage all of your vendors, whether they're getting paid through corporate card, through ach, through check or wire. So we can click into a vendor, we can see who's the vendor owner, who created the vendor. We can even do the 1099s as well. So if you spend through Ramp bill pay with those vendors at the end of the year, we can basically pull a report and tell you, hey, which ones are 1099 able or not? And if you have contracts associated with those vendors, we'll tell you when they start and end. And we can even remind you of upcoming renewals so you don't get opted into renewals. For example, if this is Airbnb, we can store pretty much everything there is to store bills, purchase orders, card spend, any documentation, tax information, how they like to get paid. We have a vendor portal as well where they can enter in their payment information and get paid directly and securely through ram.

What would be the custom fields?

Custom fields, like an example is, you know, if you track if they're compliant with your SSO provider, that's an example of a custom field, but it can really be anything.

Yeah.

So upcoming renewals and then also mundo. We're a credit card company, so we definitely want. Yeah, we want. We obviously have an incentive for you to move everything to card. So if we find that there's a vendor that we think could. You could switch to credit card without getting charged a fee, then those will be listed here. So because you're centralizing all these vendors, we are also analyzing your vendors to see which ones will take credit card on the back end.

Interesting.

Okay.

So if we want a new vendor, we can push vendors into QuickBooks from Ramp. So if there's a vendor that isn't in QuickBooks, we can create them from Ramp. But also with that integration, we will pull up all of your vendors from QuickBooks. So as you can see here, you have all of your vendors listed from QuickBooks. Prevents duplicates as well. So we can basically map the vendor to a brand new QuickBooks vendor and push it brand new. And you can say who the vendor contact is, how they like to be paid. If we already have their ach, wire or check by mail details, these are all or, sorry, ACH and check are free. So ACH pretty much two to three business days, they get to your vendor, we will draft it from your bank account, send it to your vendor, and then we can even cut the check and send it to your vendor. It's typically four to seven business days.

And that's, that's within the, the free tier that you can use.

Yeah, within the free. One thing, and this is for the free. And the paid domestic wire is 15 per domestic wire. We can also do international wire. That's $20 for international wire.

Cool.

So if we have the payment details, we can enter them in. Or we can just be lazy and say, hey, I just want the vendor to fill this out. And we can do the same thing for W9s. Hey, I want the vendor to fill this out. So the vendor will receive a thing saying, hey, Mundo's asking you or asking you to enter in your W9 and payment details.

Yeah.

From an accounting perspective, we can pre code the vendor. So any bills that come in that we identify from this vendor can have the same line Item coding into QuickBooks.

Nice. Yeah.

So that's the vendors. Once we have the vendor set up, we have the ability to pay bills. But before that, I want to also show you how we, how we work with cards. So once we have all of our users set up in the system.

We.

Can start assigning people cards, physical cards, typically two to three business days to arrive. We can ship them to the office, or the user can enter in their own address if you want them to. There's one. We're allowed to have one physical card per employee. Virtual cards, we can have as many as we want. So there's no cap on the number of virtual cards we can have. So for your software, you know, for your advertising. Right. Let's say we just entered a contract with, you know, let's say you upgrade your ERP and you entered a contract with Sage and Sage, Sage says, yeah, our contract is for $30,000. So you create the hard limit. Right. You can't charge us more than what we agree to. And we could have these daily, weekly, monthly, maybe The Sage subscription is once a year.

Wow.

We can also say, we can drill down on this and say, hey, this Sage contract starts on January 31st. That's when this card is going to start. And also, I don't want a renewal by any means. So in January 26, I'm just going to block any payment from going through. We can even drill down and say like, okay, hey, the only thing that's allowed on this card is going to be software. So we can't go to McDonald's with the sage card. We can even go down to the merchant itself. It's not there, but it's. It would populate if this was a real account. But I mean, for anybody that's on the field truck, whatever it might be, you can say, hey, this is David's card. Maybe David gets thousand bucks one time to go to a conference. We can set the starting and ending dates. We can say, David, buddy, you're one of our best salespeople. But like, no gambling by any means on this card.

And Right.

So these are restrictions that we can have. Also if we want to go down to the merchant and say, hey, the Home Depot, then this is only a Home Depot card. Now we can also block merchants company wide. So if we don't want anybody spending on Airbnb, we can have that globally for the whole company.

So how would someone use a virtual card at Home Depot?

They could just tap to pay.

Okay, so like Apple pay.

Yeah, Think about the virtual cards, like the budgets. So somebody has a physical card, there's no power. The physical card doesn't have any power until you give them money. So this is how you give them money. So once you give them money, they can swipe with their physical card and it'll be pulling from this virtual card budget.

Oh, gotcha.

Okay. Yeah.

Does that make sense?

Yep. Yeah. Cool.

And then we can require approvals if we want approval workflows within ramp, like if we want managers to be approving. But we can also say, you know, coding rules. So if we already know this person's department, if we already know the vendor, like remember that Sage Intact example?

Yeah.

We can pre code the card so that when the charge comes in, it's already coded so we can code to the vendor or category or department. So now when David swipes his card, the charge comes in already coded to department.

Cool. Yeah.

And then from here, like, we have the ability to monitor. All these cards will come in. We can lock them if we want, we can edit them, we can flip and see the card Details, we can share them with other people. We can reassign them. Point is that they're very flexible and lightweight. There's no need to call us for a new card. Right. You could do it all directly within Ramp. So you can order a physical card, have it come in to the office in two days.

Nice.

Yeah.

So we have the cards. Let's talk a little bit about paying bills. Everything I talked about is free so far. And again, so we can have expense policies if we want to, basically requiring people to submit receipts. And we're about to come into something that is a paid feature. But I'll show you, and you can determine whether it's something that you would want. The expense requirements. This is the expense policy. So this is the expense policy for the company or for the individual. You talked about, you know, the low adoption rate and how people aren't always compliant. This is really where Ramp comes into play and can sort of play bad cop if you want it to. So you can say, you know, if somebody swipes on the card and the amount is more than $75, then I need a receipt. I need the memo, which would be that text line the receipt, and I need you to code it. Or you might not want them to code it. Right, but you need the receipt. What we can also say is, hey, if you don't give me my receipt and my memo, we're making it so easy for you. You can just do it on your phone. Then your card locks after seven days of not having those items turned in.

And what does that look like as far as a paid feature.

For having this? It's $12 per user per month.

Okay.

There is also a platform cost, which is about $5,000 per year.

Wow. Okay.

So you guys put a lot of that.

Yeah.

Well, it's not just this feature. I'd say, like, it's also for more of our, like, Sage Intact integration, Netsuite integration, procurement. All things that I don't know initially. Correct me if I'm wrong, Mundo, but you might need down the line, but I don't think you would need right now.

Yeah, correct. Yeah, I don't. I mean, I don't think. I don't think we'll need that to switch anytime soon. I mean, a lot of people switch from QuickBooks to some of more, I guess what you'll call mid level, enterprise level. But I think a lot of it is they just. They don't necessarily know how to use QuickBooks to comply with Gap, so they just switch. You know, I know how to Use it pretty well and, and still comply with Gap. So we've seemed to be able to scale with it pretty easily over the years.

Yeah.

That'S great. Yeah, makes my, my life easier because I get to sell you something that's free. But yeah, so, so essentially I do like this.

So that is pretty cool.

Yeah.

And then you were talking a little bit about the policies. If we're going to give people cards, and we can basically make it so that, you know, itemized receipts might be required. Gaming, cigarettes, politics, alcohol, tipping above 20% weekend spending. These are all examples of things we can do on the free version. These are on the plus version.

Nice.

So pretty sure we can get all the policies we need on the free version. In terms of integrations, you're going to like some of these as well. So anything that comes in through email, any receipt that comes in through email, we can basically capture it automatically through this Gmail integration.

So how would it know that it's a receipt? Yeah, specifically for Ramp?

Yeah, great question. So it, it would only know it's the receipt if it's. If the purchase is made on a Ramp card. Because with the Ramp, if you make a purchase on the Ramp card online, for example, then, you know, let's say it's. Actually, I can show you, I can show you a quick example. Let's see. Man, this is hard to find. Yes, my WI FI receipt. So I was going to a conference and I purchased WI FI on the flight with my Ramp card. And basically all I had to do was tell it to send the receipt to my email. You know those iPads where they, you know, ask you for your email? Yeah, anything that asks for a company email, basically, I swipe the Wi Fi. I swipe for the Wi Fi. 4:57pm, four minutes later, ramp goes in and says, hey, Dan, we got it. We automatically match the receipt.

Wait, so what would you put in as the email for that receipt?

I guess I would just tell the merchant to send it to my company inbox. And from the company inbox, Ramp pulls the receipt, PDFs it, and puts it on the platform.

Ah, okay, gotcha.

So this receipt that American Airlines sent me, Ramp grabbed it and basically pulled it in. So think about any digital transaction that gives you some form of E receipt. That's what that integration would capture.

Gotcha.

So if we had Amazon charges, you know, it would all, you know, Amazon, you would get a receipt, right? It would go to your email and then it would capture it there?

Pretty much, yeah.

Are you using Amazon Business?

I Believe so. I know we're using Amazon quite a bit. I just can't recall. I think we probably have an Amazon business account set up.

Well, we have an Amazon business integration, but either way, it'll work with Amazon or Amazon Business. Amazon Business captures it automatically. And there's a couple of cool ones. Excel as well. So you can query your ramp data in Excel. So you can go into Excel and be like, hey, how much did we spend on travel? And then Excel will be like, okay, pulling the data from Ramp. It's actually one of our coolest integrations, I would say. So we can have Excel in Ramp, and basically any query, any data from Ramp will pull into your Excel automatically. So you can track any type of spending from acceleramp.

Cool. Yeah.

Of course, there's a couple of other cool integrations. I won't bore you with the details, but I do want to also just mention that Ramp has the ability to pay bills as well. So we can create an AP inbox similar to like a bill.com where all of the invoices hit the AP inbox, then they hit ramp, and then they can create a draft bill within QuickBooks as soon as it hits Ramp. So we can identify any duplicates. We can make sure anything that's in the inbox is truly a bill. And we can. Anything that you see with the lightning bolt that means ramps, OCR caught it. So the same OCR we're using for receipts, we're using for bills. And we break out each individual line item, and we can code each individual line item into QuickBooks. And when you. When you want to, you can basically send out an ACH and pay that.

Bill.

Or a check or a wire or a ramp card. And for the ramp card, we can do a single use ramp card where we send it directly to the vendor, or we can pay with a card that we already have in the system.

Wow. Okay. Yeah.

So if you're. Wait, you're talking about paying a bill with leveraging your ramp credit? Is that what you're talking about?

Yeah.

And is there. Is there a processing fee for that?

No, unless the vendor charges you the fee.

So I could have a. I could have a payable O to a vendor, and I could issue an ACH that is pulling from my ramp available credit.

Oh, no, no, sorry. It would be pulling from your bank account. So you would choose which bank account you want to pay it from.

Gotcha.

Okay.

I was only gonna say, man, that's a game changer. If I could do that.

Although we do Have a Ramp business account where you could store cash and actually earn 3% on any deposits you put in. If you pay, if you store any money in the Ramp business account, any same day ACH is free.

What's the charges on ACH payments?

There's no charge. So the ACH payment is two to three business days. But if you want it same day, it's $10, I believe.

Gotcha.

But if you have, if you do it through the Ramp business account, it's same day and it's free.

Okay. Yeah.

Well, hey, I gotta wrap up soon. Anything, any other last things you want to bring up or maybe let us know how we can, how we can find you if someone else is interested in getting started with Ramp?

Yeah, I guess I'm. I'm curious from your end. I mean, would you want to perhaps trial and see, see it for yourself in action?

Yeah, let's go ahead and get it signed up and we'll give it a test.

Okay.

Here's what I can do as a next step. Why don't I send you the Ramp application. It Typically, it's 10 to 15 minutes. There's no commitments. If you don't like the credit limit that we come back with, I can scratch your account the next day.

Whatever, whatever you guys have in mind for that, just go ahead and double it. So I would be good with that.

What credit limit would. Would for me. So just so I can go back to my risk team. What, what credit limit do you think would make.

You know, honestly, I don't know. It really just depends on, I'd say product usage if we feel like it's accomplishing our goals. You know, it does seem like there's going to be quite a bit of setup time to really leverage the automation. So, I mean, that's not an overnight process. It could be a couple grand a month to start, but it could very quickly ramp up and you know, start to pull over from that Amex spend.

It's just.

I really don't know. So I mean, whatever, within reason that you guys come back with, it's. It's fine.

Do you know your credit limit with AMEX today?

We don't have one.

You don't have one.

It's sort of like we can go buy a house or whatever. Not that we're doing that on corporate car.

Oh, yeah, I know. I know how the AMEX ones work.

Yeah, no, there's. There's no limit, so.

Okay, why don't I do this? I'll send you. The application takes about 10 to 15 to complete. Why don't we set up another call so I can. Basically, we can go over the limit. And then what we can do as well is I can tell you what the implementation looks like because we do have account management resources that help your team, should you go with that route. Could we maybe put something tentative on for maybe early next week? Do you have some time on Monday?

I'd say probably the back half of the week would be better.

Thursday?

Thursday, yeah, Thursday would be better.

Want to do 10am Eastern. Does that work?

Yep, that works perfect.

All right, I'll send you the application. Let me know if there's any questions on it.

Cool. Yeah.

And can you. Can you send me that. The recording for today?

Yep, I'll send you the recording.

Awesome.

Cool, man. Well, looking forward to getting started with you guys and hope. I mean, everything I've seen, it looks pretty cool, so I'm excited to use it.

Yeah.

Yeah, excited to. Excited to continue the conversation. It's great to meet you.

All right, see you, man.

Take care. Bye.

Thanks.

Bye.