Bento for Business, a B2B payments company, has introduced a new product called Bento Pay, a digital payments solution that “eliminates the need to write checks and gives businesses the ease and security of paying any supplier confidentially, regardless of their digital payment preferences,” according to a release by the company.
Speaking at the CB Insights Future of FinTech conference, Bento for Business Co-founder and CEO Farhan Ahmad said the company’s direct-to-payee solution can handle fragmented workflows, and also tackles the lack of supplier enablement that SMBs and their suppliers deal with daily.
“Unlike other solutions that require account setup and sharing of confidential financial information, Bento Pay users need only the payee’s email address to send payments, thus alleviating security and privacy concerns,” the company said. “Payees, in turn, elect to receive funds via a one-time use virtual card or ACH transfer, safeguarding their information and enjoying fast, seamless transactions.”
Ahmad said Bento Pay simplifies the digital payment process.
“Digital technology has made consumer banking and payments so much easier and faster. Businesses today are demanding the same level of convenience and control,” said Ahmad. “They want to move away from complex, high-cost workflows toward a solution that is flexible and secure. Bento Pay users can smoothly and securely complete business payments to their suppliers while controlling their cash from one central place.”
In addition to Bento Pay, the company also offers virtual and debit cards, real-time payments and ACH transfers.
According to Bento, B2B commerce activity for SMBs will reach $9 trillion by 2020, but 80 percent of those businesses still handle paper checks for payments. There is a $100 billion revenue opportunity to switch to digital payments, Bento said.
“Until now, we’ve seen no meaningful revolution in the B2B FinTech space that can viably address the underserved needs of SMBs,” said Ahmad. “We envisioned Bento as the financial operating platform of choice for SMBs, and the addition of real-time payment capabilities is a continuation of our vision. With Bento Pay, we are transforming the way businesses pay each other.”