Bento for Business Visa debit card provides an amazing prepaid card bundle for small and medium-sized business owners. The Bento prepaid card review below details all costs, limits, benefits, and drawbacks to help you compare it to other business prepaid card options. Before proceeding, keep in mind that Bento for Business is just that: for businesses. Individual consumers will not be accepted unless they have a recognized business. We will also be looking at the customer service of Bento for business and how you can use them as a credit card, with signature authorization.<\/p>\n\n\n\n
Bento is revolutionizing the way organizations manage B2B payments in the digital age. Bento for Business is more than just a debit card; it’s a whole cost management suite that may assist organizations in tracking where and how they spend their money. We hope that this Bento for Business review has helped you choose whether Bento’s card-based management suite is ideal for your company.<\/p>\n\n\n\n
Because the Bento for Business Card is a Visa debit card, it does not allow you to carry a balance and does not provide a rewards system or other conventional credit card benefits. On the bright side, with the Bento for Business visa debit card, you’ll have powerful tools to watch and manage your employees’ spending (something that many small business credit cards don’t offer), and you won’t have to deal with a lengthy application process like you might with a credit card.<\/p>\n\n\n\n
If you are still unsure about how to proceed, here is a basic overview of how the Bento for Business works:<\/p>\n\n\n\n
There is just one way to fund your Bento account: transfer funds from a linked bank account.<\/p>\n\n\n\n
When you first open an account with Bento, you register a bank account. You have the option of using a checking or savings account.<\/p>\n\n\n\n
Bento validates bank account ownership before approving a transaction. If they require additional information, the procedure can take anywhere from an instant to two business days.<\/p>\n\n\n\n
Bento prepaid cards can be used anywhere that accepts Mastercard debit cards. They can be used as either a credit card with signature authorization or a debit card with PIN authorization. For online purchases, they also include a three-digit security number on the back of the card.<\/p>\n\n\n\n
While Bento cards can be used outside of the US, there is a 3% foreign transaction fee.<\/p>\n\n\n\n
Employees are not permitted to withdraw cash from an ATM or receive cash back from a purchasing transaction. Employees authorized by the business owner may withdraw cash up to $500 each day.<\/p>\n\n\n\n
The signup process includes supplying Bento with information about your company (yes, you do need a registered firm to sign up for Bento’s business cards!). Your business may be approved immediately, or Bento may request additional evidence.<\/p>\n\n\n\n
Bento does not conduct credit reports on either the individual owner or the company. You can open an account even if you have bad credit.<\/p>\n\n\n\n
As previously said, the following step is to validate your bank account. It could take up to two business days. Finally, delivery of new cards can take up to seven to ten business days.<\/p>\n\n\n\n
Some of the quality characteristics of Bento for business that you should be aware of include:<\/p>\n\n\n\n
Bento does not have any credit restrictions for using its service because it is not a credit card. Bento, on the other hand, takes into account “basic business and personal information,” and you may be approved immediately when your ID is successfully validated. This Bento has a list of banned business kinds, therefore if you fall within any of these categories, your account will most certainly be deleted soon.<\/p>\n\n\n\n
Because Bento is not a bank account, you must also have an existing, validated checking or savings account.<\/p>\n\n\n\n
Bento’s goal is to help businesses save money, not to help them gain money while spending. As a result, there are no incentives.<\/p>\n\n\n\n
Bento likes to advertise that their product saves businesses money. It claims to have saved customers tens of millions of dollars with its spending control solutions. As a result, there are no spending rewards with Bento’s Visa debit card.<\/p>\n\n\n\n
While the lack of incentives is understandable given that Bento isn’t a credit card, there are a few debit cards available that allow users to earn cash back or points anytime they use their card to make a purchase.<\/p>\n\n\n\n
This section will be brief because there are no incentives to speak of and nothing to redeem.<\/p>\n\n\n\n
There is nothing to redeem because Bento for Business does not include spending rewards. Instead, any savings from employing Bento will be more passive and will depend on how efficiently your company can use Bento’s spending management software.<\/p>\n\n\n\n
Bento provides the following benefits to firms that employ its services:<\/p>\n\n\n\n
Bento will impose a few significant restrictions on your and your team’s activities on your Bento for Business cards. To begin with, Bento for Business will cap your daily spending at $25,000 per card each day. Furthermore, you will only be allowed to withdraw up to $500 in cash per day by ATM and cash back.<\/p>\n\n\n\n
Bento will be charged after a 60-day trial period. There are also a few typical fees to be aware of.<\/p>\n\n\n\n
Bento is free to use for the first 60 days (as long as your company requests 50 or fewer cards). After 60 days, your company will be assigned to one of four plans. Bento was previously free as long as your company just required one or two cards. That is no longer true. Here’s the new Bento for Business pricing plan, which is based on the number of cards your company requires:<\/p>\n\n\n\n
There are no start, load, or card issuing costs to concern yourself about. You also don’t have to worry about interest rates or overdraft fees because this isn’t a credit card.<\/p>\n\n\n\n
However, there are a few other Bento expenses to consider. Here’s a quick breakdown of everything you can be charged for in addition to your monthly rate:<\/p>\n\n\n\n
Consider Bento for Business Visa debit card for the following reasons:<\/p>\n\n\n\n
The first and most important benefit of Bento for Business is that it does not need business owners to undergo a personal credit inquiry\u2014hard, soft, or otherwise\u2014in order to qualify for it, making it an excellent card for business owners with no credit or new businesses.<\/p>\n\n\n\n
You will not only be able to escape the ding that hard inquiries would bring to your personal credit, but you will also be able to access Bento for Business even if your personal credit is limited or contested.<\/p>\n\n\n\n
Because Bento for Business is prepaid, you will not be directly accountable for the spending associated with your account. That’s because no credit will be granted to you, so the issue of responsibility becomes irrelevant with Bento for Business.<\/p>\n\n\n\n
Meanwhile, most unsecured business credit cards will hold you and your company jointly responsible for all spending associated with your Bento for Business card account.<\/p>\n\n\n\n
One of the most noticeable characteristics of Bento for Business is its extensive staff controls. You’ll be able to ensure that every employee utilizes their Bento card precisely the way you want them to using the Bento for Business card controls, dashboard, and mobile app capabilities.<\/p>\n\n\n\n
Last but not least, funds maintained within Bento are FDIC-insured up to $250,000.<\/p>\n\n\n\n
This insurance will make your company’s preloaded capital as safe as it would be in a business bank account and can provide you with the piece of mind that your company’s hard-earned wealth is as safe as it would be in an account at a reputable institution.<\/p>\n\n\n\n
Here are some important disadvantages to consider:<\/p>\n\n\n\n
First and foremost, because this is a secured business credit card, you will not be able to develop credit with it, no matter how responsibly you spend with it.<\/p>\n\n\n\n
The prepaid Bento for Business card format includes advantages, such as no personal credit check or personal liability. However, it will also mean that you will not be boosting your credit, whether personal, business, or otherwise.<\/p>\n\n\n\n
The spending and withdrawal limits imposed by Bento for Business on your business spending may harm your company’s finances and, as a result, its growth.<\/p>\n\n\n\n
If you expect your staff to spend more than $25,000 per card on any given day, your business spending requirements may exceed what Bento for Business can provide.<\/p>\n\n\n\n
These alternatives include:<\/p>\n\n\n\n
You must transfer funds from your existing, confirmed savings or checking account to your Bento account in order to use it. Any monies deposited with Bento are FDIC insured up to $250,000 through our partner, The Bancorp Bank, N.A., Member FDIC.<\/p>\n\n\n\n
Yes, businesses rely on it. Bento funds are FDIC insured up to $250,000 by The Bancorp Bank, N.A., a member of the FDIC.<\/p>\n\n\n\n
To check your balance, send a text message to (415) 942-0692. You will receive an email with the current available balance on your Bento account.<\/p>\n\n\n\n
The Bento prepaid card is a credit card alternative for businesses that allow employees to pay for expenses.<\/p>\n\n\n\n
Bento’s prepaid business card service is an excellent choice for business owners of all sizes, with a free option accessible and no additional fees. Administrators have complete control over their employees’ prepaid spending cards thanks to flexibility, reporting, and accounting support.<\/p>\n\n\n\n