NEW YORK, Sept. 14, 2017 — Brink’s (NYSE:BCO) and Bento for Business, the award winning provider of expense management solutions, today introduced the Brink’s Travel & Expense Debit Card. The Brink’s T+E debit card, powered by Bento, enables companies to quickly and easily set specific spending parameters for each employee and tie expenses into a complete management platform. The announcement was made today at FinovateFall 2017 in New York City.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/2de538cd-82e7-4c3c-ac1c-47fda3fa40a4
Bento provides Brink’s customers with smart debit cards that can be controlled remotely via a computer or phone in real time. The Brink’s T+E debit card allows businesses to set each employee’s spending limits by day, week, or month and restricts when and where cards can be used, helping to prevent employee expense leaks before they occur. For example, an employee might be allowed to use his or her corporate debit card to pay for gas at the pump but not to purchase snacks and drinks at the store inside the gas station. Any unauthorized transactions are simply declined. Employers can turn cards on or off with a single click while employees assume no personal liability, risk, or credit checks.
Brink’s T+E debit cards are tied into Bento’s industry leading expense management platform, which offers administrators access to a powerful, easy-to-read dashboard that gives them quick insight into employee spending. The platform provides highly customizable two-way alerts to keep businesses informed of unexpected activity and syncs seamlessly with Intuit Quickbooks® in a single click to ensure that accounts are always accurate and up-to-date. Additionally, employees benefit from the ability to take pictures of their receipts to automatically submit charges, eliminating the need for filling out and reviewing time-consuming expense reports.
“Mastercard continues to bring the convenience, flexibility and security of prepaid products to small and medium-sized businesses. By aligning with Brink’s and Bento, underserved sectors of the business market will benefit from financial innovation,” said Solana Cozzo, North America Market Vice President of Prepaid Product Management for Mastercard.
“Fraud and expense mismanagement can absolutely destroy a business,” said Dominik Bossart, SVP Americas of The Brink’s Company. “We partnered with Bento because its innovative solution protects businesses in the best possible ways. Its debit cards make life far simpler for employees while providing organizations with outstanding control and greater accuracy in expense reporting.”
One third of all businesses that go bankrupt in the U.S. do so because of employee misuse of funds, amounting to $ 3.7 trillion lost each year globally, according to the 2016 Global Fraud Study by Association of Certified Fraud Examiners. Additionally, businesses spend an average of 20 hours per week just on expense administration. Bento’s expense management platform and business debit card solution reduces fraud and other misuse of funds, saves hours of administrative time each week, as well as provides much needed clarity on cash and expense flow.
“Brink’s is an ideal partner for us in that every product it introduces is directed at solving significant pain points for thousands of SMBs,” said Farhan Ahmad, CEO of Bento. “We share that philosophy and together we can empower these businesses by solving their everyday challenges in very simple ways that make a dramatic impact on the bottom line.”
The new Brink’s T+E debit card powered by Bento joins Brink’s suite of payment solutions, now available to customers nationwide online at http://www.brinkstravelcard.com/brinkstravel and direct marketing channels.
About The Brink’s Company
The Brink’s Company (NYSE:BCO) is the world’s premier provider of secure transportation and cash management services. For more information, please visit The Brink’s Company website at www.Brinks.com or call 804-289-9709.
About Bento for Business
Bento for Business provides financial solutions that fit small businesses, combining the security of a bank with the ease and convenience of a modern technology company. The first product on the Bento platform, the Bento Prepaid Commercial Mastercard®, provides small business owners with much needed controls and better features than more expensive and cumbersome enterprise solutions. The company’s founders have their roots in large financial services firms such as Barclays, JPMorgan Chase, Blackhawk Network, and Discover Card. Based in San Francisco and Chicago, Bento is venture backed. Learn more at www.bentoforbusiness.com or call 866-220-8455.
Brink’s T + E business debit Mastercard is issued by The Bancorp Bank pursuant to a license by Mastercard International Incorporated. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
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