Rho Business Banking Review: Pros And Cons

What Is Rho? Rho Business Banking Review

Rho promotes itself as a fintech “built to support ambitious founders and their teams at companies of all stages.” It’s important to note that its services are not available to sole proprietors or unincorporated companies. Rho states that it works with companies across many industries, including early-stage startups and established mid-market businesses. Additionally, the Rho Partner Portal offers tools designed to help accounting firms manage their client accounts.

What Does It Offer? Rho Business Banking Review

For the purpose of this review, we’ll look at the key features offered by Rho, including its banking and credit card products, and some key finance management features.

Checking & Savings Accounts on Rho Business Banking Review

Rho offers two banking accounts: a business checking account with no ACH or wire transaction fees, and 24/7 customer support, and a Business Savings account offering FDIC insurance on deposits up to $75 million.

Other business account features include:

• Send free ACHs in as little as one day.
• Mobile check deposits with no monthly fees
• Automated bill pay to manage invoices
• Global payment processing
• Free Deposit Account Control agreements for lenders

Corporate Credit Cards on Rho Business Banking Review

Rho offers a corporate credit card with no annual fees, subscription fees, or per-card fees. The Mastercard product is customizable with built-in spending controls. For example, you can assign unlimited virtual cards to employees and set spending limits and merchant restrictions. The credit card is a rewards card, offering cashback as a statement credit on qualifying business purchases.

If you combine a Rho corporate credit card with business banking accounts, you’ll be eligible for a Rho Platinum Mastercard, which earns up to 2% cash back on all spending categories. Other business credit cards offer more valuable rewards, but if you’re looking for a versatile, no-annual-fee business card, the Rho Mastercard is a solid choice.

Expense Management on Rho Business Banking Review

Rho’s expense management platform allows you to streamline your employee expenses and accounting. Key features include:

• Multi-level approval workflows: You can set approval chains to ensure that the right people are reviewing expenses for the right team members.
• Automatic spend policy enforcement: You can eliminate unauthorized spending by creating customized spending rules. For example, you can require an employee to provide a receipt or input a memo with a reason for the expense prior to approval.
• App-based receipt submissions: Rho enables team members to submit receipts using the Rho app, so you no longer have to chase people for a paper receipt.
• Spending Rules: You can set spending rules to expedite the expense management process. For example, you might allow some employees to spend up to a specific dollar amount without having to provide a receipt. This feature is built into Rho credit cards.

AP Automation on Rho Business Banking Review

Rho has several features that enable businesses to automate their accounts payable processes. This includes one-touch invoice processing, vendor management with real-time record updates, no-fee payment options (ACH, check, corporate credit card), and real-time reconciliation.

Rho Treasury on Rho Business Banking Review

Too many businesses keep their non-operating cash in checking or savings accounts that pay little to no interest. Rho enables clients to move their extra cash into low-risk U.S. Treasury bills. At the time of this writing, you can earn up to 4.13% APY. You can also keep track of your Rho Treasury balance and returns in real time.