Rho Business Banking Review: Pros And Cons

Rho is a finance platform that enables businesses to manage all of their spending and cashflow in one place. 

This includes managing checking, savings, and expenses, credit card accounts, vendor payments, accounting, and more.

In this Rho Business Banking review, we'll let you know exactly who the platform is for, key features, pricing, and pros and cons, to help you decide it Rho is worth considering for your business.

What Is Rho?

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. While 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?

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

Checking & Savings Accounts

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

Rho offers a corporate credit card with no annual fees, subscription fees, or per-card fees. The Mastercard product is customizable with built-on 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 earn 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 

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

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

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. 

Here is a current breakdown of Rho Treasury yields: 

Are There Any Fees?

Rho does not charge any monthly maintenance fees for its checking or savings accounts, and the Rho corporate credit card is a no-fee card. You can also access same-day ACH, wires, and checks free of charge. There is a 1% fee on foreign currency transfers, and a 3% charge on overdue credit card balances. 

How Does Rho Business Banking Compare?

Rho products and features are geared to start ups and mid-sized businesses looking to scale. But what if you're a sole proprietor or small business owner? Thankfully, there are plenty of options. Many fintechs, such as bluevine and lili, offer no-fee business checking accounts with clever financial management tools. 

How Do I Open An Account?

To open an account with Rho, your business must be based in the U.S. Additionally, it cannot be a sole proprietorship or unincorporated company. Because it's a business account, you account opening process is more involved than with a personal banking account. Still, Rho estimates that you can complete the online application in approximately 10 minutes. 

Before opening an account, ensure you have the following business documents ready: 

• Corporation documents 
• Business and industry information 
• Tax ID 
• Beneficial owner and control person information
• Additional documents as required 

Is It Safe And Secure?

It is safe to deal with Rho. While the company is not a bank, it's checking account and credit card services are provided by its banking partner, Webster Bank, N.A., which is an FDIC-member institution. In addition, Rho's Savings account services are provided by American Deposit Management Company, and its partner banks. 

How Do I Contact Rho?

You can contact RHO via telephone at 1(855) 7-GETRHO, or email at [email protected]. The company mailing address is 100 Crosby Street, New York, NY 10012. You can also text RHO customer support at +1 855 743 8746. 

Is It Worth It?

If you're a founder running a busy startup, Rho offers products and services that will not only save you money, but help you streamline your business operations. With low fees and account minimums, and flexible spending features with the Rho corporate credit card, it could be well worth the money. 

If you want more rewards from a business credit card, there are better options, though those cards don't provide business banking services. Check our our list of top small business credit cards here. 

And if you're a sole proprietor or unincorporated business owner, you'll need to go with another business banking fintech, like the aforementioned bluevine or lili. 

Check out Rho here >>

Rho Business Banking Features