Rho’s tech-forward, integrated banking solution helps high-growth companies scale and save in a changing economy.
In today’s on-demand, global economy, business leaders need finance solutions that are instant, comprehensive, and collaborative without compromising on quality and security – capabilities beyond what many legacy banks can provide.
This is especially true in the wake of Covid-19, as e-commerce has soared and remote operations have become not only normalised but expected. Research from McKinsey shows that the pandemic has accelerated the adoption of digital tools and services across business sectors by as many as seven years, and these changes are here to stay.
With that in mind, innovative solutions such as Rho have rebuilt a business banking platform from the ground up. Rho’s integrated platform unites commercial banking, corporate cards, AP, global payments and capital markets in a smart financial ecosystem, streamlining digital finances for the modern corporate team.
Here are some ways banking solutions like Rho are responding to emerging trends and helping high-growth companies overcome the challenges of doing business in a post-pandemic digital world.
Fee-free global payments
Increasingly global business models mean more electronic and international payments – and with them, more fees.
Typically, every wire, ACH transfer and foreign transaction carries its own separate fee, not to mention service fees, late fees and interest piled on top. These costs add up fast, which is why they’re the bread and butter of traditional banks. It’s not uncommon for businesses to lose tens of thousands of dollars or more each year in fees alone, a sum that can make a real difference for a budding startup.
In a perfect world, you shouldn’t have to spend money to manage money. Rho stands behind this principle and doesn’t believe in charging companies for service, corporate cards or payment delays. Rho also offers no-fee global transactions and a market-leading 0.5 per cent foreign exchange rate.
This is ideal. In our truly global system, businesses should be able to pay anyone, anywhere, anytime – without any extra price tags.
Remote work was already growing in popularity before Covid-19, and the pandemic has only hastened its arrival into the mainstream. According to the Pew Research Center, 83 per cent of employers have developed a favorable view of remote work over the past year, and the majority of workers expect to keep working remotely post-pandemic.
But to operate remotely, companies need a secure and reliable way to share financial data and records between dispersed employees. Historically, this has meant manually typing, scanning and sending documents – a disorganised process that leads to miscommunication and an inability to thoroughly track and analyse company spend.
Anticipating this shift, Rho designed its platform for maximum visibility, accessibility and control, making collaborating on finances safer and more efficient than ever before.
Rho’s corporate cards, for instance, whether physical or virtual, have preset spending limits. Charges are reported in real-time on a centralised dashboard – encouraging greater transparency and accountability among business teams, even (or especially) from a distance.
Financial software has grown increasingly specialised in recent years, meaning many companies handle their banking, bills, cards and accounting functions on separate platforms. But with each new service comes a new set of logins to remember, apps to maintain and data points to reconcile at the end of the day.
The fewer platforms you have to juggle to settle finances quickly and accurately the better. Rho understands this and has put a stop to banking in silos, enabling teams to work together on a single platform from which multiple, integrated finance solutions are just a click away.
That means keeping accounts, cards, budgets and payables all in one place and syncing directly with external accounting software for easy reconciliation. On an interconnected platform such as Rho’s, multi-step workflows such as invoice approvals and expense reports are fully automated, taking the friction and guesswork out of corporate finance.
No two businesses are alike. Companies run differently, manage their cash differently and have different demands throughout the fiscal year – especially during periods of high growth. But until now they’ve all been bound by the same rigid credit terms.
Rho offers the first-ever corporate card that lets companies adjust their cashback and credit terms each quarter to account for seasonality and optimise cash flow. Companies can earn up to 1.75 per cent cash back to improve their bottom line or flex up to a total of 60 days to pay (one month statement period + one month repayment period). Rho’s underwriting process also finds businesses high credit limits that scale along with them, making Rho the solution that truly keeps pace with growing companies.
At big traditional banks, smaller companies often get lost in the mix and are made to feel their business isn’t lucrative enough to warrant individual attention. And with many newer platforms going fully digital, it’s easy to think that person-to-person customer service is a thing of the past.
The best banking solutions don’t ask companies to sacrifice personalised service for a top-rate digital experience. While Rho is fully digital, a dedicated account manager is still assigned to every client, getting to know their business and ensuring attentive support around the clock.
It’s not just about good service. It’s about putting trust and good faith in growing organisations. While many financial institutions make clients sign a personal guarantee – meaning applicants are personally liable for repaying corporate debt – Rho bases credit limits on company performance, giving every founder and business owner a chance to thrive.
Want to learn more about Rho’s integrated business banking solutions? Visit Rho.co to explore products and partners, check out the Rho blog, and get in touch.
by Sebastian Morales, VP of Finance, Rho