Is Bento a Credit Card or Debit Card?
Bento is a Commercial Prepaid Debit MasterCard. You can use your Bento card at any establishment that accepts MasterCard. Bento is a credit card alternative that you can swipe as a credit card. If a merchant asks “credit or debit?” it’s ok to say credit, and because it is a business prepaid debit card there’s no credit risk since the card is funded with cash from your bank account. Bento does not extend credit and is not a credit card.
How does Bento work?
After you sign up, you connect your bank account and safely transfer funds into your Bento account. All of the Bento cards use the same account, so you don’t have to move money between people/card accounts. The business owner or unlimited number of other admin’s can set spending controls for each card, and can create additional cards at any time by logging into Bento. Cards are mailed to the business owner immediately after they are created in Bento. Your first card is created and mailed to the business owner immediately after signing up, and is in the business owner and company’s name. The business owner must activate all cards before giving them to employees.
Is Bento safe?
Yes. Bento uses 256-bit Secure Socket Layer (SSL) encryption to ensure your personal data is protected. Your personal information is stored in highly secure data centers, which utilize state-of-the art electronic surveillance and multi-factor access control systems. All funds held within Bento are FDIC insured up to a balance of $250,000.
How do I sign up for Bento? How long does it take?
Signing up for Bento is easy and only takes about three minutes. Currently, you can sign up for Bento only online at http://bentoforbusiness.com/webapp/#/app/signup. Provide some basic business and personal information and you may be instantly approved. Then add your bank account (checking or savings). Here is the timeline for each of these actions:
- Sign-up approval – Immediate, once your business is verified
- Bank Verification – Immediate – 2 business days
- ACH Fund Transfer – 2-3 business days
- Card Delivery – 7 – 10 days
Do I need a bank account?
Yes. Currently, Bento can only transfer funds from an existing, verified checking or savings bank account. Any funds held in your Bento account are FDIC insured up to a balance of $250,000. Bento is not a traditional bank account; there is no Bento account number or Bento routing number.
Can employees get cash back or withdraw from an ATM?
No. Bento is designed to allow business owners to control company expenses and support employee spending, not support disbursements to employees. Additionally, Bento does not support direct deposits. Only the business owner can deposit money into Bento from their external bank account via banking industry standard ACH transfer.
How much does Bento cost? Are there other fees?
Bento offers four different plans to suit your business: Free, Team, Pro and Enterprise. The Starter plan is free for a single person and is intended to allow a business owner to try out Bento at no cost. We’re convinced that once business owners experience the convenience, savings, and control of Bento that they’ll order more cards for their employees and be automatically upgraded to the Team plan (up to 10 cards/people for $29/month), Pro plan (up to 20 cards/people for $69/month) or Enterprise plan (more than 20 cards/people for $149/month).
- No setup fees
- No load fees
- No withdrawal or debit fees (external ATM fees may apply)
- No interest charges (this is not a credit card)
- No card issuance fees
- No transaction fees
- No use fees (unlimited transactions)
- No decline or overdraft fees
- No cancellation fees
Bento is completely free for any plan for the first two months (60 days) from sign-up and we’ll notify you when the end of your 60-day free trial is approaching. No surprises. No risk. No long-term commitment. That’s the Bento way.