Teampay vs. Ramp: Which Spend Management Platform To Choose?

How does Teampay differ from Ramp?

Teampay lacks many features that Ramp offers, such as:

• Advanced procurement capabilities, including custom intake forms, Price Intelligence, advanced workflows, and 3-way PO matching.
• International payments and reimbursements in multiple currencies.
• Travel management and workflow capital management features.
• Receipt capturing using OCR technology.
• Multi-entity support with centralized control, syncing of reimbursement and transaction data, and separate statement payments.

Key features: Teampay.

Here are Teampay’s key features.

Accounting automation.

Invoices are scanned using OCR technology

Teampay’s accounts payable automation software extracts invoice data using OCR technology, matches invoices against existing POs, and, if needed, generates a new PO prior to creating a bill for payment.

The policy engine routes invoices to the defined approval workflows while the platform syncs transactions to accounting software.

Procurement.

Purchase Assistant guides employees through the purchase process

Purchase Assistant guides employees through the purchase process

Teampay’s Purchase Assistant integrates with Slack and Microsoft Teams to facilitate procurement tasks. While assisting employees to make compliant purchases, it routes requests for approvals, notifies employees on the status of their request, and sends receipt reminders. Completed transactions are synced automatically to the ERP.

Expense.

Teampay generates a virtual card for approved purchases

Unlike Ramp, Teampay does not have comprehensive expense management features, such as OCR technology and ML to extract receipt data and auto-creation of expense reports. However, employees can submit receipts via Teampay’s mobile app, while the system allows admins to define spend limits for all types of purchases, surfaces data on spend, and reconciles transactions. Purchase Assistant generates unique virtual cards for approved spend to the requestor.

Payment solutions.

Users can manage payments via the virtual card or by connecting their pre-loaded cards with Teampaygo, Teampay’s mobile app. Apart from virtual cards, Teampay users can connect their bank accounts to make payments via ACH, wire, or check.

Teampay integrations.

Teampay integrates with accounting software, HRIS, identity management, and other business apps.

Accounting systems:

• NetSuite
• QuickBooks Online
• Sage Intacct
• Xero

HRIS:

• Justworks
• Paycor
• Insperity
• Namely
• Paylocity
• BambooHR

Identity management:

• Okta
  OneLogin
• Google Workspace

Other business apps.

• Zapier
• Amazon Business
• Ironclad

Teampay pricing.

Pricing information is not available on Teampay’s website.

Teampay pros.

• Slack integration: The conversational bot helps manage purchase requests, POs, policy enforcement, and approvals.
• Useful integrations: Teampay integrates with Zapier in addition to travel, identity management, and other business apps.
• Convenient mobile app: Users can upload receipts and code transactions on the go through the mobile app.

Teampay cons.

• Limited procurement features: Teampay does not cater to complex procurement flows, lacking features such as vendor management, sourcing, 3-way PO matching, and advanced workflows.
• Lacks multiple entity management features: Lacks features that support the management of multiple subsidiary spends, approvals, international payments, and reconciliation.
• Relies heavily on Slack: Teampay may not be suitable for businesses and AP teams that do not use Slack to manage procurement or AP flows.

Key features: Ramp.

Here are the core capabilities of Ramp.

Procurement.

Ramp consolidates vendor and contract data to simplify procurement

Ramp streamlines procurement by enabling admins to build custom intake forms, create a custom or global approval policy for specific purchases, and generate a PO. Employees are guided on creating a purchase request with relevant prompts while the platform allows them to add new vendors or pick from the existing vendor database.

Admins can manage approvals via Slack and Ironclad, while the platform syncs with accounting software to reconcile transactions. In addition, there are vendor management tools, such as alerts on contract renewal, the ability to customize the data collected on vendors, Price Intelligence and Seat Intelligence to identify the current price structure and software usage trends.

Expense management.

Ramp prompts, collects, and extracts data from receipts

The software allows admins to define budgets and issue corporate cards with pre-defined limits to manage spend. Ramp collects and matches receipts submitted via the mobile app, SMS, email, Amazon, and Lyft, etc. In addition to offering AI-powered financial insights and detection of out-of-policy spend, Ramp automatically categorizes and codes transactions, syncing them to the ERP. Reimbursements can be made in 40 currencies across 70 countries.

Accounts payable.

Ramp uses AI to extract invoice data

A drag-and-drop approval workflow builder allows admins to create flexible approval flows using conditions and options. Bill Pay, Ramp’s accounts payable automation software, uses AI to extract invoice data, suggests codes, and flags duplicate invoices. Once invoices are matched with POs, the system routes them to approvers based on predefined conditions. Approved bills can be paid via check, ACH, or international wire in USD across 195 countries and 40 foreign currencies.

Corporate cards.

Businesses can generate physical and virtual cards with designated spending limits for various spend types, for individuals, teams, or the whole organization. Ramp’s virtual and physical cards run on the Visa network, and can be used with Apple Pay and Google Pay. Virtual cards can be automatically generated from approved purchase requests while admins can block specific vendors and categories. Ramp supports local issuing of cards and debiting in 33 countries.

Ramp integrations.

Ramp integrates with ERPs, banks, cloud computing, and HRIS software.

Accounting software:

• Xero
• Sage Intacct
• NetSuite
• QuickBooks

Security/cloud computing:

• Okta
• Google Suite
• Microsoft Azure

Banking:

• Wells Fargo
• US Bank
• Citibank
• Bank of America

Productivity/HRIS:

• Gmail
• Slack
• Gusto
• ADP Workforce Now

Ramp pricing.

Ramp pros.

• Simplified expense management: A mobile app to scan and submit receipts and auto-submission of receipts through Amazon, Lyft, and Gmail.
• AI-powered fraud detection: Ramp uses AI to flag non-compliant transactions.
• Travel management: Ramp checks bookings done on any platform against the company’s policy and allows splitting of savings on cost-effective bookings.

Ramp cons.

• Lack of an integrated travel experience: While Ramp supports bookings within its platform, employees still need to log in to the respective airline website for online check-in, seat selection, applying rewards, or adding travel insurance.
• Basic AP workflows: AP workflows are at a nascent level, making Ramp an unsuitable choice for businesses with complex needs.
• Lacks partner card integrations: Ramp does not integrate with SVB or AMEX, which allows companies to continue using their existing cards.
• No support for batch invoice processing: The software does not batch invoices to allow payments in one go.

Which is better: Teampay or Ramp?

As there’s no one formula that fits all, you need to evaluate the features and price points of each platform to make an informed decision.

Teampay is suitable for businesses that rely on Slack and are looking for basic AP automation and procurement functions.

However, if you need multi-entity support and features, such as travel management, custom intake forms, insights on current market price, and international payments, Ramp is the obvious choice.

Can these two systems be used together?

Teampay and Ramp do not integrate with each other. Additionally, since both systems offer some similar features, there could be redundancy in functionality, not to mention the increased costs.

A smarter choice for fast-growing businesses is a comprehensive procure, pay, close platform that handles the entire spectrum of financial operations.

How Airbase outperforms Teampay and Ramp.

Airbase goes beyond basic spend management to offer advanced modules of Guided Procurement, AP Automation, Expense Management, and Corporate Cards.

The sophisticated platform not only offers all the features that Teampay and Ramp offer, but fills the gaps left by these platforms.

For instance, Teampay caters primarily to SMBs and has limited functionality when it comes to purchase orders and bill payments. Teampay does not support travel bookings, international payments, or multi-subsidiary management, while Airbase does.

Ramp is a more expensive software in terms of its subscription costs and FX fees. The travel feature does not offer a seamless integrated experience and lacks support for group bookings, multi-city trip bookings, and multiple hotel or flight bookings.

Airbase scores over these two platforms in all these areas, delivering a stellar ROI, exceptional customer support, and an intuitive user experience.

Take a look at the table below to see how Airbase outperforms Teampay and Ramp

See how Airbase represents the next generation of P2P solutions — book a demo with us!