We construct a category equivalent to the category $\mathbf{Mon}$ of monoids and monoid homomorphisms, based on the Sch{ü}tzenberger category of semigroups and categories with strict factorization systems. This equivalence is then extended to the category $\mathbf{Mon_s}$ of unital semigroups and semigroup homomorphisms. By introducing suitable natural transformations, we turn these equivalences into 2-equivalences between 2-categories. The 2-category $\mathbf{Mon_s^{(2)}}$ constructed this way proves the good one to study Morita equivalence of monoids.

15 pages