If you have clients or vendors outside the United States, you know that payment can be a hassle and costly. You many need to arrange a wire or make other transfer arrangements all of which may incur fees for the transfer as well as an exchange fee depending on the currency being used to process the payment. Veem is designed to simplify the process and reduce the cost for business to business payments.
Veem is easy to setup and use. There are no fees for sending payments. If the money is sent to another country and the recipient chooses to receive payment in US Dollars there is a $20 fee. If they accept payment in their own currency, then there is no fee, just the exchange rate “markup”. Veem says their exchange rates are generally lower than banks and other institutions so this is a good deal. Veem says payments are typically processed in 2 to 4 business days. Within the US, there is no fee.
Veem integrates with QBO and Xero so that you can open Veem and see a list of bills that were entered in your accounting software and waiting to be paid. You then click and pay the bill with Veem. You can also enter payments or request for payments directly. When issuing a request for payment you can attach a copy of the invoice and copy an additional recipient on the email request.
If you have the need for international business to business payments, Veem is worth checking on. If you are interested, please contact us for more information or help in getting started.