Bento for Business is taking a page out of the Venmo P2P playbook in launching its own Bento Pay instant payment app for higher-value B2B payments.
Chicago-based Bento says the digital payment solution that it will launch in July eliminates the need for businesses to write checks and provides the security needed when paying any supplier confidentially.
Bento Pay does not require account set-up and sharing of confidential financial information. Instead, Bento Pay customers use the payee’s email address to send payments. Payees, in turn, elect to receive funds via a one-time use virtual card or ACH transfer, safeguarding their information in the process.
“Digital technology has made consumer banking and payments so much easier and faster," Bento for Business co-founder and CEO Farhan Ahmad said in a Wednesday press release. "Businesses today are demanding the same level of convenience and control.”
This new capability rounds out Bento’s full-stack payments offering, which now includes debit and virtual cards, real-time payments, and ACH transfers. The payment options elevate the Bento financial operating platform beyond its initial focus on spending and expense management, the company said.
Two months ago, Bento launched a Business Visa debit card to allow Visa merchants instant access to Bento's financial solutions for cash management. Bento, which also has offices in San Francisco, is introducing merchants to third-party partner programs and API integrations that aid their businesses. The company also plans to add credit card payments during the third quarter of 2019.
