All about
Tired of getting hit with wire transfer fees?
Rho is a financial management platform with a specific focus in helping Ecommerce merchants. They address this large gap that’s emerged in banking for merchants, and they bring a bunch of financial components into one platform:
- Commercial-Grade Banking
- Corporate Cards
- Accounts Payable
- Capital Markets
- Budgeting
- Global Payments
- And more.
Having all these tools in one place allows you to get a consolidated view across of all your finances - banking, corporate card, accounts payable, and other sources. They help you streamline your accounting processes. And, if you are in need of capital - but don’t have what traditional banks require to get what you need - Rho aims to be the financial tool for your business.
Fee free wire transfers.
Corporate cards with flexible repayment terms.
1.5% cash back on all transactions with no personal guarantees.
What’s a Rich Text element?
The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.
-
- List
-
Static and dynamic content editing
A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!
How to customize formatting for each rich text
Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.
Rho’s focused on being an all-in-one financial tool for Ecommerce merchants. You can view up to 10 checking accounts, create instant virtual cards, make unlimited domestic ACH payments, transfer funds between external accounts, manage accounts payable, etc. all from one platform.
But I would say their biggest advantage is their budgeting features. Not only can you see all transactions in real-time, but you can set up an unlimited amount of cards/card holders and link purchases directly to a specific budget.
For example, let’s say you have an annual budget for software. You can assign a specific card for those types of purchases and all transactions will funnel into that budget. And if anyone tries to perform a different type of transaction with that card, it will automatically be flagged .
You can set multiple parameters per card to control spending, like limiting the amount allowed to in certain categories (Example: travel, SaaS, dining, etc.) to ensure only approved transactions go through. And you can change, cancel, or lock a card at any time.
And, in case you were worried, you do get dedicated business banking support, to help you get what you need from your Rho Business Banking platform.
Rho will save you time by allowing you to manage your finances in one centralized place. By setting automated parameters for purchases and payments that auto-sync with your accounting software, you will be able to close your books faster
It will save you money by helping you better monitor and control your spending, and decrease your bills through offerings like zero-fee global payments and up to 1.75% cash back on your spending.
Rho doesn't charge fees for domestic or international wires, but just has a market-leading 0.5% for foreign currency conversion and transmission (sending USD to another currency). This means, if you were sending $10,000 in Euros to a vendor in Spain, you'd be paying up to $735 with a large bank, whereas with Rho the cost would be just $50 (0.5% of $10,000). **Please note that Asia-Pacific currencies will incur a 0.75% fee.
Rho is a tool that will help you grow faster by improving your operational efficiency and providing you access to capital that you might not otherwise get.
Once they have all the documents necessary (business details) to onboard your business, your account can be set up in about 48 hours.
Typically whoever is in charge of your finances (Owner, Controller, VP, CFO, etc.) will be the one using Rho on a day-to-day basis.
How long they spend on the platform varies on a variety of factors, but I would guess it will be much less time than they are currently spending doing the same things in multiple different places.
Rho can fit any Ecommerce store looking to simplify their financial tools into one platform. Since they offer a credit card, and other forms of capital, you may find yourself switching to Rho when looking to expand lines of credit. You could also simply start with Rho when starting your Ecommerce store, or change from your existing banking solution for the low fees and their deeper understanding of Ecommerce.