B2B payments firm Bento for Business has unveiled plans to introduce a new service, which removes the need for businesses to write check and enables them to pay suppliers in a secure way.
Dubbed Bento Pay, the new offering is scheduled to be made available next month.
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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 co-founder and CEO Farhan Ahmad said: “Digital technology has made consumer banking and payments so much easier and faster.
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By GlobalData“Businesses today are demanding the same level of convenience and control. They want to move away from complex, high-cost workflows towards 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 this context, Bento for Business cited data from Deloitte Consulting that revealed a $100bn revenue opportunity with businesses adopting digital payments.
According to Bento for Business, 80% of US SMBs still use paper checks for making payments.
However, the firm is hopeful about the future of SMBs in the nation, and forecast that B2B commerce for these SMBs will reach $9 trillion by next year.
