Thousands of American middle-market companies use Rho to automate expenses and AP, but that isn’t all our platform offers. Many also take advantage of Rho’s cash management capabilities, from sending wires, ACHs, and checks with ease to investing their cash in a treasury policy in seconds.
We sometimes get a question from businesses evaluating Rho’s cash management features: "Why would I use Rho for that when I have a bank already?”
So we wrote a blog post to help shed light on the answer!
What you get from your banking partner
Several factors impact whether a business banks with a national brand like Chase or Bank of America or elects for a community or regional institution. In both scenarios, a business customer is looking for a fairly standard set of services banks have provided for centuries:
Businesses often utilize banks to secure loans to facilitate business growth. There are various types of loan products banks offer, such as term loans, real estate loans, equipment financing, SBA loans, invoice financing, and merchant cash advances, to name a few.
Physical bank branches & ATM access
You could be a business that prefers the old-fashioned banking approach or enjoy the ability to withdraw cash from an ATM. These are a few reasons business owners and operators enjoy working with a bank partner.
Who doesn’t love those free pens you can get any time you visit your bank? Given the free brand advertising, the banks certainly want you to take them.
How Rho adds additional value
If you work with Rho, you know that we don’t have physical branches, and you can’t withdraw cash from ATMs using a Rho Card. We don’t currently have Rho pens, but we would happily oblige if the demand is there.
So, why do businesses maintain a relationship with their bank and use the Rho platform’s cash management services?
They save money with fee-free domestic wires, ACH, and checks.
Rho makes sending payments via domestic wires, ACH, and checks easily in just a few clicks, with zero fees for these services.
Sending international wires? While international wires in USD can be subject to additional fees set by recipient, correspondent, or intermediary banks, in addition to the SWIFT network, Rho does not charge any fees.
Think about that if you are processing many of these transactions every month. The costs can add up if you do so through your bank, not to mention the time lost manually processing these payments compared to Rho’s streamlined approach to AP.
Read more about our pricing here.
They pay their vendors faster with fewer errors.
Rho integrated banking services, corporate cards, and accounts payable in one platform. That translates to an automated AP workflow that equips businesses with the ability to pay thousands of vendors using different payment methods in seconds.
With Rho, you handle AP in seconds and spend less time worrying about payment delays or angry vendors.
They close the books faster.
Thanks to our native accounting integrations with ERP providers like NetSuite and Sage Intacct, all Rho transaction data – corporate card spend and banking transactions – flow seamlessly into your ERP with just a few clicks.
You save hours processing payments, and your finance team spends significantly less time manually entering data into your general ledger at month’s end. Translation: Credit card and banking transaction reconciliation becomes a pre-close checklist item!
They safely diversify their funds.
One of our customer’s favorite Rho features – the Rho Treasury Account – offers customers up to $75M in FDIC deposit insurance as it is built on a network of over 400 FDIC-insured banks, allowing companies holding funds above $250K additional diversification.
They can access enterprise-grade treasury management.
Many banks don’t offer world-class treasury services until you meet certain revenue thresholds (think: 8-figures or above). In just a few clicks, Rho Prime Treasury invests your excess cash in short-dated, investment-grade government securities that are held directly in your name.
Think of Rho Prime Treasury as an extension of your team – with our technology and expertise, we’ll diversify your excess cash by investing in government securities.
They get responsive, empathy-driven customer service.
Rho clients can reach out anytime via phone, email, or chat. A dedicated Rho Specialist will reach out promptly to help you!
See how Rho can help today.
Much has been written about the tidal wave that impacted the banking sector in early 2023. One of the biggest takeaways is that it has become increasingly common for businesses to work with multiple business banking providers.
There are clear reasons why many of our customers elect to use Rho and maintain a local banking relationship. Want to learn more about how our platform’s cash management features can complement the services you get from your bank? Get in touch today!