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The payment process between businesses often poses significant challenges. Traditional invoicing methods are cumbersome, involving manual follow-ups and dealing with multiple payment portals, leading to inefficiencies and delayed payments.The traditional method of sending invoices via email or post is fraught with inefficiencies. Companies often need to manually follow up to confirm receipt and ensure payment, a process that is both time-consuming and prone to errors.
Cohen described how they recognized the issue and developed the initial version of Monto with a budget of $15 while they were still university students.Monto is designed to tackle these challenges, offering a solution that integrates multiple payment portals into one streamlined platform. She also emphasized that businesses gain real-time visibility into the status of their invoices. This transparency reduces the need for follow-up calls and ensures that invoices are seen and processed by clients. Once an invoice is approved through Monto, it becomes a legal obligation for the customer to pay, significantly lowering the risk of non-payment.Cohen told me that Monto operates on a SaaS subscription model, making it accessible to businesses of all sizes.
Invoicing Payment Processing B2B Payments Maya Cohen
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