Case Study

TYME Global Technologies and VEEM

Industry
Customer experience solutions
Location
New York, N.Y., U.S.A.
Customer Since
Since May 2020
Company Size
245
Tech Stack
QuickBooks®
Using Now
Mass Pay Feature
Looking Forward to Using
QuickBooks Integration
The Veem Effect
$6,000+ Saved
In International Payments With Veem, Tyme Global found they saved $6 for each transaction to 1099 employees compared to what they were paying with a payroll provider.
0 Fees
Eliminated Fees for Paying Overseas Contractors Avoided fees for their international agents who were contractors and charged wire fees upon receipt of their pay.
Gained 8+ hrs / month
Compared to their old system, Tyme Global’s operations team saved a day’s worth of work each month with Veem by eliminating manual payment processes.
On The Record
"We started using Veem to pay international contractors. I used to have to get their bank details, send them to our bank, and put the payment in a wire transfer. Now, I can just upload it onto Veem in a spreadsheet and then they get paid."
Lori Henschen
COO, Tyme Global

Calling All Paychecks

With customer service as her calling card, Lori Henschen expects a certain level of support from her vendors. Yet, when it came to contractor payments, the COO of Tyme Global Technologies, a solutions provider for call center support, found the process anything but customer friendly. With clunky keying of bank account information for hundreds of individual payments to contractors as her norm, Henschen went in search of a more efficient way to pay her team around the globe. So, when she found Veem through a family member in 2020, she decided to make the switch.

“We started using Veem to pay our short-term project employees, our agents,” said Henschen. “It was great because we no longer had to collect their bank details. They would just create their own account on the website, and we would pay them through Veem. It simplified everything.”

Contractor Complications and Quick Pivots

While Tyme Global specializes in the hotel industry, when COVID hit, work dried up quickly, and they had to lay off most of their workforce. But ever resilient, the company pivoted to support more temporary projects, including coordinating COVID testing appointments for the state of New York, along with other quick-turn, but short-term, jobs. That new model created an ebb-and-flow project volume, driving a need to staff up or wind down based on open assignments. This new paradigm led to the growth of 1099 contractors versus in-house employees.

“We had a project here, a project there,” Henschen explained. “Some weeks we would be paying 500 people, some weeks 100 people.

And as the company’s employee base grew, payment transactions became increasingly costly. Henschen’s former payroll company charged Tyme Global $7 per contractor payment, which added up as the number of contractors receiving payments rose. In addition, any international payments were subject to wire charges on the receiving end, lessening a contractor’s take-home totals.

“We compared the options, and Veem was one of the most affordable ones available. It also created huge levels of efficiency and time savings, which were our chief priorities.”

But even more than the out-of-pocket costs, Henschen lamented the time the payment process took. Prior to Veem, she was manually entering in bank account numbers and individually issuing wire transfers to any contractors outside the U.S. Then, if something went wrong with the transaction or a contractor wanted to know when to expect payment, Henschen had to chase that information down.

Now, by using Veem’s Mass Pay feature, she can simply upload a spreadsheet, schedule payments for each of her agents, and confirm that the transaction has reached the recipient. The agents also have visibility to payment tracking, saving a lot of time communicating back and forth. “Veem saves me at least a day’s work each month,” she explained. “It would’ve taken me about ten hours per monthly pay cycle to do this before, and now it’s an hour or two.” 

“We’ve paid thousands of individuals through Veem, and our savings have added up. We save $6 per each contractor payment.”

Security Stipulations

In addition to saving time and money, Henschen found an unexpected benefit to working with Veem: an added layer of security. Having to staff up so quickly meant that Henschen and her team were constantly working to vet and onboard new agents. While the process was thorough, sometimes a candidate was not fully forthcoming or the information they were able to collect was not detailed enough for the team to recognize red flags.

“Working with Veem means that I don’t have to deal with bank details. I don’t have to get that private information from my contractors, and I have transparency into the payment for each contractor.” 

They quickly learned that if they entered the candidate into Veem, the system would help identify questionable contractors as “no-send” payees, which led the company to reconsider those candidates. 

”Veem has done a great job of ensuring payments only go to legitimate payees,“ Henschen explained. “Having that added security helped us to know which applicants we should scrutinize more closely.” 

At the end of the day, Tyme Global has found a payments partner in Veem. From time and cost savings to security enhancements, Henschen couldn’t be happier with her switch. 

“For me, the convenience is the biggest thing, and Veem has given us that in folds.”

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 visit veem.com

Verified Employee Records
Confirmed 1099 employee identities through Veem security services, which flagged agents with questionable records based on payment eligibility.
“We compared the options, and Veem was one of the most affordable ones available. It also created huge levels of efficiency and time savings, which were our chief priorities.”
Lori Henschen
COO | Tyme Global
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.