Common questions about Rho

Rho helps businesses make finance frictionless. With one finance platform backed by award-winning customer support, companies can manage cash and expenses, control spend, automate invoice payments and accounting – saving valuable time and money.

No, Rho is a financial technology company, not a bank. Checking account and card services are provided by Webster Bank, N.A., member FDIC. Savings account services are provided by American Deposit Management Co. and its partner banks.

Checking account and card services are provided by Webster Bank, N.A., member FDIC. Savings account services are provided by American Deposit Management Co. and its partner banks.

To be eligible for Rho, among other things, your business must be based in the United States. We do not offer services to sole proprietorships or unincorporated businesses.

Rho does not charge platform, monthly plan, or ACH fees.

We do charge a flat 1% fee on FX transfers for 32 different currencies, and Rho reserves the right to charge a 3% late fee on a delinquent balance for up to six months, unless prohibited by law.

Lastly, please note that while Rho does not charge fees for international wire in USD, these transfers can be subject to additional fees set by recipient, correspondent, or intermediary banks, in addition to the SWIFT network.

To learn more about our pricing, visit our Pricing page and Terms of Service.

Yes, we offer live, expert support via chat or phone 7 days a week, during the hours of 8AM and 9PM EST.

All Rho applicants are required to provide documents and information about their business, owners, and control persons. Required documents include:
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• Corporate formation documents

• Business and industry information

• Tax ID

• Beneficial owner and control person information

• Additional documents and information as applicable

For companies applying for a Rho credit card, our underwriting team will require additional financial information.

If you have any questions as you fill out your application, you can contact a member of Rho’s support team through the chat function in the lower right-hand corner of the screen.

Yes, the Rho app is available on iOS and Android devices for both Rho account admins and employee users.
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Employees use the Rho app to manage expenses, upload receipts, request spend limit increases, and access virtual cards for card payments.

Rho admins can do the same plus manage mobile banking needs like depositing checks and checking account balances.

No, Rho is not a personal finance solution and only offers business account products with our partner banks.

Since we do not offer ATM withdrawals at this time, nor do we offer cash deposits or business debit cards, we do not charge ATM fees.

No, we do not have minimum deposit requirements at this time for the checking account.

Yes. Savings account services and up to $75M in FDIC insurance are provided by American Deposit Management Co. and its partner banks. Rho is a financial technology company, not a bank or an FDIC-insured depository institution. The FDIC's deposit insurance coverage only protects against the failure of an FDIC-insured bank that holds your deposits and is subject to FDIC limitations and requirements. It does not protect you against the failure of Rho or other third party. For more information on deposit insurance, please visit the FDIC website.

Rho Treasury is a cash management service clients can use to invest non-operational funds into U.S. Treasury Bills, earning yield.

Investment management and advisory services are provided by RBB Treasury LLC dba Rho Treasury, an SEC-registered investment adviser. RBB Treasury LLC facilitates investments in securities: investments are not deposits and are not FDIC-insured. Investments are not bank guaranteed, and may lose value. Investment products involve risk and past performance does not guarantee future results. Registration with the SEC does not imply a certain level of skill or training. Treasury and custodial services are provided through Apex Clearing Corp. Treasury and custodial services are provided through Interactive Brokers LLC for clients with accounts opened prior to July 2024.

Rho Treasury is available for Rho clients that invest $500K or more (subject to compliance and partner review). Reach out to your Client Service representative to learn more.

Visit the Rho Treasury product page to see the latest market rate. The yield may change at any time and without prior notice.

Rho Treasury is an RIA (registered investment advisor) and charges a management fee. Please see the ADV Wrap Fee Brochure for further information regarding fees and Rho Treasury.

If you sell your treasury bills, you should be able to access the funds within 2-3 business days. Treasury bills sold before maturity are sold at market prices, which can fluctuate. That means that any treasury bills sold before maturity may lose value compared to your principal investment amount due to factors including, but not limited to, fluctuations in interest rates.

Rho TreaWhen you use Rho Treasury at one of our custodial partners, your cash and investments are held in your company's name at our custodial partner, Apex Clearing Corp. (after July 2024) or Interactive Brokers LLC (pre-July 2024).sury is an RIA (registered investment advisor) and charges a management fee. Please see the ADV Wrap Fee Brochure for further information regarding fees and Rho Treasury.

No, securities-based portfolios do not have FDIC insurance.

We work with a variety of clients ranging from early-stage startups and small business owners to seasoned middle-market businesses. To be eligible for Rho, among other things, your business must be based in the United States.

There is no minimum annual revenue requirement, although revenue is used as a datapoint for underwriting, among other datapoints. We do not offer services to sole proprietorships or unincorporated businesses.

Yes! The Rho platform’s built-in expense management tools simplify receipt collection and streamline reimbursements, approval workflows, and expense reporting.

When you use your Rho card, you can get a text message to submit a photo of your receipt based on your configured settings. Once uploaded, Rho will automatically upload the receipt and approval rules from your company policy will be applied automatically, saving you time.

Rho corporate credit cards are issued by Webster Bank, N.A., Member FDIC, and are powered by Mastercard. Rho checking accounts are also provided by Webster Bank, N.A., Member FDIC.

Unlike many common types of small business cards or personal credit cards on the market today, Rho Cards have no annual fee, subscription fees, or per-card fees. Read about our pricing for more information. Rho reserves the right to charge a 3% late fee on a delinquent balance for up to six months, unless prohibited by law.

Rho does not currently require a personal guarantee, consumer credit report (personal credit check), or personal credit score pull, meaning business owners are not personally liable for their business accounts.

If your application is approved, your company will receive a daily credit limit. Repayments will be automatically debited from your Rho checking account just after midnight EST for that day’s activity. If interested, you can then apply for monthly credit terms.

Rho reserves the right to charge a 3% late fee on a delinquent balance for up to six months, unless prohibited by law.

Rho’s holistic approach to underwriting generally allows us to find you a higher, scalable credit limit that increases with your company’s growth – even if you don’t have an extensive credit history.

Your credit limit is not tied solely to your cash balance or last year's revenue but instead depends on several factors, such as revenue growth, business spending patterns, and balance sheet liquidity. We work with you to increase your credit limit as you grow. Read about our underwriting approach for more information.

We prefer to give clients cash rewards via statement credits on qualifying business purchases that they can then use to run their business, improve cashflow, and avoid complicated points-based systems that often come with redemption restrictions and blackout dates.

Some businesses prefer points-based rewards and travel benefits (think: airport lounge access) – and that’s okay! There are many great small business credit card options out there for intro card offers, business travel rewards, points, and other perks. We do offer a variety of perks through our partnerships, which you can read more about here.

Mastercard.

The AP process is time-consuming, so it’s common for CFOs to hire AP staff on their finance teams. The manual, paper-based tasks of managing invoices can become overwhelming and, depending on transaction fees charged by their business bank, costly for small business owners and startups.

AP automation software can streamline the process – from invoice management to payment and reconciliation – drive cost savings, improve cash flow, and remove time-killing bottlenecks.

The right automation system helps you spend less time on manual data entry, go paperless, and more time on higher-value work – without needing a full-blown AP department.

OCR is “optical character recognition”, a tool that leverages artificial intelligence and machine learning to recognize text within a digital document, such as a scanned paper invoice.

When a Rho customer sends an invoice file to their dedicated Rho AP Inbox, we convert the file into a draft bill for the user to review & pay.

After scanning an invoice, Rho then pulls invoice data like vendor and payment details, runs duplicate invoices, executes invoice approval workflow routing, and auto-syncs with ERP systems, creating liability including corresponding payment due dates.

Users then easily authorize bill payments, and Rho will track detailed payment processing statuses and automatically mark liabilities as paid in your integrated accounting software. Extensive reporting is available for csv export as well.

Rho’s accounts payable automation capabilities are free to Rho customers who have Rho accounts. While Rho does not charge for ACH or wires, clients may experience fees with international wires charged by receiving institutions not controlled by Rho. Check out our pricing page for more information.

We do not currently offer procurement, procure-to-pay, or supply chain management capabilities beyond in-platform vendor management and onboarding tools.

No, not at this time. However, Rho’s electronic invoicing (e-invoicing) automation capabilities include two-way match between invoices and purchase orders.

Rho offers the capability to create automated expense rules and approval workflows that can be applied to both Rho Card transactions and reimbursements. You can set up rules by card, user, budget and more to require submissions of receipts, notes, or or Attendees for defined transactions, streamlining your expense management.

Additionally, Rho enables the setup of direct manager approvals, allowing automatic routing of employee expenses up the direct manager approval chain. This can be combined with dollar amount tiers to create multi-level approval flows.

We offer the ability for companies to reimburse their employees for out-of-pocket expenses. In addition to out-of-pocket expenses, employees can submit trip mileage details in the Rho App, which automatically calculates the distance between stops. The reimbursement amount is then calculated based on the current year’s IRS rate or a rate set by the business. Once Reimbursements are approved by direct managers, employees are reimbursed directly from the Rho checking account.

For directly integrated businesses, expenses can be automatically coded with attributes pulled directly from the accounting platform. Syncs can be automatically scheduled to eliminate manual bookkeeping in the accounting platform. For those not supported by a direct integration, expenses offers extensive CSV reports & bulk receipt file export to ensure quick reconciliation expenses.

Rho's expense management platform is free, with no user or platform usage fees.

Yes, Rho has a highly rated mobile app that covers all employee expense management needs. The mobile app allows approvers to review and approve expenses on the go. Admins can view bank account statuses and balances.

Users with admin-level or custom permissions can code expenses with direct accounting attributes. Various Rho attributes can be customized for more controlled employee coding.

Rho has direct integrations with QuickBooks Online, Sage Intacct, Oracle NetSuite, Campfire, and Puzzle.

We also make it easy to use CSV exports if you choose not to connect Rho with your accounting software.

Rho allows you to tailor exactly how transactions appear in your NetSuite,  QuickBooks Online or Sage Intacct GL with custom mapping rules for merchants, categories, budgets, labels, and cardholders.

Our native integration imports your accounting fields and Chart of Accounts into Rho, so you can create smart rules that automatically map transactions to the right GL codes, every time.

Today, Rho offers a bank feed integration with QuickBooks Online. We also have native integrations with Oracle NetSuite, Sage Intacct, and QuickBooks Online.

Yes, if you use QuickBooks Online, NetSuite or Sage Intacct you can seamlessly split bank or AP transactions into many—across departments, locations, jobs, project codes, or any other designated field.

Yes. You can easily tailor CSV exports to your needs. Just choose your date range, and select all of the attributes you would like included—such as Amount, Type, User, Status, Balance, and more.