Bento for Business to launch new B2B payments solution Bento Pay

The service removes the need for businesses to write check and enables them to pay suppliers in a secure way. The new offering is scheduled to be made available next month. It will enable businesses to conduct transactions using an email address.

One can receive funds through a one-time use virtual card or ACH transfer. The process is said to address security concerns effectively. Bento for Business representatives have stated that Bento Pay users can securely complete business payments to their suppliers while controlling their cash from one central place.

In this context, Bento for Business cited data from Deloitte Consulting that revealed a USD 100 billion revenue opportunity with businesses adopting digital payments. According to Bento for Business, 80% of US SMBs still use paper checks for making payments.