Case Study

TTT Studios and Veem

Industry
Custom Software & IT Services
Location
Vancouver, Canada
Customer Since
Since 2021
Company Size
54
Tech Stack
QuickBooks®
Using Now
For International & Contractor Payments
Looking Forward to Using
Veem for Business Expansion
The Veem Effect
Shrunk Payables Timing By 50%
With Veem, payments are complete by the due date.
Saved $35 Per International Payment
Eliminated the fee and standardize procedures, removing transaction-level decisioning.
Saved 2+ Hours Per Month By Going Digital
Freeing up that time to focus on growing business.
On The Record
"I didn’t know I had a payables problem, until I discovered Veem as the solution."
David Hobbs
Founder and VP, Operations TTT Studios

Booting up AP/AR Technology

As a problem-solving IT whiz in his own right, David Hobbs knows a thing or two about creating effective digital products. The company he founded with his twin brother and another partner, TTT Studios, prides itself on building custom software that addresses business problems. So, when he was first introduced to Veem, he was pleased to find a product that could live up to his standards.

A Canadian Conundrum

Interac serves as Canada’s e-transfer system between bank accounts, and Hobbs was leveraging it for a majority of payments. However, the system was set up with transaction limits of $10,000 per day and $30,000 per week. With large contractor invoices flowing in on a bimonthly scale, Hobbs was left scrambling to schedule payments in a way that was responsive to their partners, fair and equitable in terms of prioritization, and in line with Interac maximums. 

“We were in a situation with our contractors that felt like, ‘I can’t pay you yet, not because I don’t have the means, but because of Interac limitations,’” said Hobbs. “Veem allowed us to get around that problem.” 

In addition to simplifying the payment schedule, Veem also helped Hobbs standardize payments. Previously, he had been subjectively determining who to pay when, based on Interac maximums, but with Veem, he steadily schedules the payments for all invoices at the same time. “One of our contractors sent me an invoice through Veem, and then I found out it allowed me to conduct transactions in Canada, without Interac’s limitations, and pay internationally,” Hobbs recalled. “I was like, ‘I’m sold.’”

“I just love the standardization,” Hobbs remarked. “Rather than trying to remember what I did for an individual invoice, it allows me to consistently pay upon invoice receipt. That standardization is key to simplifying business processes.” 

A Global Network 

In addition to making intra-Canadian payments, TTT Studios engages with contractors outside of the country, including those in Chile and Mexico. Those global transactions caused even more heartache for Hobbs, requiring a trip to the bank every time he wanted to send a payment. 

“We had people I had to pay in Chile, and I had to go to bank every time I wanted to pay them,” Hobbs reflected. “It was a real pain, and I got tired of going, and that’s how I started using Veem.”

Today, Veem has taken the friction out of the payment, saving Hobbs hours of trips to the bank each month. In addition, it’s allowed TTT Studios to benefit from lower costs in wire fees and to extend business process standardization into global transactions, which, according to Hobbs, is a literal lifesaver. 

“Veem standardizes all of my contractor payments, which allows me to save time and lowers my blood pressure. It eases my stress,” he remarked. 

TTT Studios also leverages Veem to lock in favorable exchange rates. When the company needs to convert U.S. to Canadian dollars, they use Veem as a way to ensure they receive the best rate and make the most of the conversion. 

“Veem provides competitive exchange rates, and we can make those exchanges strategically,” Hobbs said. With such a global presence, it comes as no surprise that TTT Studios is considering standing up offices outside of Canada, with Mexico City as a chief target. Having Veem onboard ensures that if the company does go that route, they have an AP/AR partner to support their expansion efforts—from paying for office space and utilities to ensuring streamlined processes in a new country. 

“It’s good to know that we have global payments support from Veem if we do decide to open another office,” concluded Hobbs. “We really benefit from using Veem, and we have made it the default option for all of our receivables and payables.”

Veem helps businesses save time and optimize cash flow by simplifying the way they send and receive payments domestically and internationally. Trusted by more than 500,000 users in over 100 countries, Veem uncomplicates the end-to-end AP/AR process with seamless integrations to leading accounting software, real-time tracking on payments and cost-effective, flexible payment options. Now businesses have the power to pay how they prefer and eliminate friction with customers to get paid faster. For more information or to request a demo, visit veem.com

About Veem

Veem is a global payments network built for businesses. We began in 2014 with the intention of making international money transfers as simple as purchasing a cup of coffee. Since then, we’ve revolutionized the way businesses pay and get paid around the world by empowering owners, accountants, and financial professionals to take control over their payment processes. We level the playing field by providing enterprise-level financial tools and negotiating power to the small businesses who need it most.