Bento Pay To Give Small Businesses A Venmo-Like Solution

B2B payments solution provider Bento for Business announced Wednesday a new digital payment solution that eliminates the need to write checks.

What Happened

Bento's new payment solution, Bento Pay, gives small businesses the "ease and security" of paying suppliers, the company said in the press release. The straight-to-payee solution addresses the lack of any supplier enablement that facilitates transactions between small- and medium-sized businesses and their suppliers.

Bento's platform requires just the email address of the recipient to send a payment. Payees can receive the funds through a one-time use virtual card via ACH transfer. This offers a fast, seamless, and safe transaction.

Why It's Important

Businesses demand the same level of convenience that digital technology offers to the consumer banking segment, Bento for Business Co-Founder and CEO Farhan Ahmad said in the press release. Bento's solutions address the growing demand for businesses to move away from "complex, high-cost workflows" in favor of a new platform 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," Ahmad said.

What's Next

B2B commerce in the U.S. is projected to reach $9 trillion by 2020, the company said. However, 80% of businesses continue to use traditional paper checks for payments. Data from Deloitte Consulting suggests a migration to digital payments represents a $100 billion opportunity.

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