Ramp expands into accounts receivable with AI-driven invoicing and collections
The spend-management company now drafts invoices, chases late payers and matches incoming payments, moving onto turf held by AR software and ERP vendors.
By Tech CEO Daily Staff, Newsroom
· 2 min read
The news
Ramp, best known for corporate cards and expense software, launched Ramp Accounts Receivable on September 22. The company said the product turns contracts and purchase orders into invoices for review, drafts follow-up messages to collect overdue payments, matches incoming payments to invoices and handles revenue recognition schedules, syncing the results to a company’s accounting system.
At launch it is available only to US-based, single-entity businesses that use QuickBooks Online or NetSuite; Ramp said more ERP integrations are coming. Pricing was not disclosed.
Ramp said it serves more than 70,000 organizations and handles over $200 billion in annual purchases. Its release cited data that 43% of US B2B invoice value was overdue last year. “Finance teams today spend too much time chasing payments for outstanding invoices,” said Chief Product Officer Geoff Charles.
Payments Dive tied the launch to a broader focus on working capital, citing an FTI Consulting survey in which 89% of CFOs said they are stepping up efforts to improve it.
The numbers
- Ramp customers
- 70,000+ organizations
- Annual purchases on Ramp
- $200B+
- US B2B invoice value overdue (per Ramp)
- 43%
Why CEOs should care
Collections are one of the cheapest sources of cash a company has. Tools that automate invoicing, reminders and cash application can shorten days sales outstanding without new borrowing, which matters when credit is costly and customers pay late.
The launch also shows spend-management vendors trying to become the whole finance back office. Finance chiefs gain the option to run payables, cards and receivables on one platform, but should weigh that against lock-in, the current limits to single-entity firms on two ERPs, and how the AI-drafted customer messages are reviewed before they go out.
The bigger picture
Receivables have long been the less automated half of B2B payments. By adding them, Ramp competes more directly with dedicated AR tools and with the invoicing modules inside ERP suites, and it gains visibility into both sides of a customer’s cash flow, which is valuable data for any finance platform.
What's next
Watch for pricing, support for multi-entity companies and additional ERP integrations, which will determine whether the product fits mid-market and larger firms.
Sources
- PrimaryRamp Launches Ramp Accounts Receivable to Help Businesses Get Paid Faster— Ramp via PR Newswire
- ReportRamp tackles accounts receivable— Payments Dive
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