Case Study

XS Supply and Veem: Making Payments Simple, Quick and Certain

Industry
Medical supplies
Location
Largo, Fla., U.S.A
Customer Since
Since 2017
Company Size
8
Tech Stack
Microsoft Dynamics 365
Using Now
Leverages Veem to pay suppliers
The Veem Effect
Decreases Transaction Processing Time By 70 Percent
With Veem, XS Supply can process a transaction in 2 to 3 minutes, compared to the 6+ minutes it takes with a typical bank transaction.
Improves Ability to Track Payments End-to-End
With either check payments or ACH, Veem enables XS Supply to track the status of a payment from the moment it’s submitted to the time it’s deposited into a payee’s account.
Supports Flawless First Impressions
With all payees, but especially new ones, it is important that their payment experience meets agreed upon expectations. Veem’s intrinsically simple and reliable system ensures XS Supply’s payees get paid what is owed when it is owed, making for always good first impressions.
On The Record
"Veem is how I pay. I don’t have an ACH service. I don’t have a wire service. I don’t have PayPal. And I don’t handwrite checks. Veem is how I am going to pay you. And my suppliers like it."
Tyler Berger
Chief Financial Officer

XS Supply, a reseller of medical supplies, began its operations in 2015. It found a niche, lucrative market in the resale of single-use surgery supplies. The company purchases excess supplies, those nearing expiration dates, or discarded supplies due to a brand change or other factor at a fraction of the original cost and resells those same supplies to other hospitals or surgical centers in need, well below the manufacturer rates—a win for XS Supply and for the buyer. In the words of the company’s chief financial officer, Tyler Berger, “We’re a surplus model, much like TJ Maxx for retail or Plato’s Closet for clothes. Except we do it with high-dollar value medical supplies.”

As a surplus reseller, XS Supply deals with not only customers, but a sizeable number of suppliers. And as the company name implies, suppliers are central to their operations. “In my business, my suppliers are just as important as my customers.” said Berger. “Suppliers are my customers. So, it is very important when I [engage with a new supplier], their payment experience is seamless.”

Making traditional banking transactions through an enterprise resource planning (ERP) system was cumbersome, time-consuming, and not the most transparent, so “seamless” was not the term either Berger or his suppliers would use to describe their payment experience. Berger was frustrated with the solutions in place, and fortuitously, that’s when Veem stepped into the picture.

“They got me on a call,” said Berger. “And they convinced me to just give Veem a shot. So, I did, and the reason I stuck with it, the reason I love it, is because it is so much easier than using a bank. I’m never going back.”

Simplyfying the Transaction Process

What makes it so easy? For XS Supply and Berger, it is the simplicity of the software. With just a few clicks, a payment can be processed. “All I have to do is log in, type in an email address, type in the amount, type in the payment amount, confirm with a few additional clicks, and done.”

And it works much better with XS Supply’s ERP software. With Veem, XS Supply can leverage the automatically generated ID number and input it into the ERP software making for easier referencing. This same process cannot be achieved with bank transactions as the 16-digit number generated by the bank does not fit into the existing ERP field for those details.

As a result, XS Supply, is processing transactions with less effort and faster than ever before. “With Veem, it takes me 2 to 3 minutes to process a transaction,” said Berger. “This is 70 percent faster than a banking transaction.”

Eliminating Uncertainty

But for XS Supply, it is not just about ease of use and time savings Veem provides, there is a “peace-of-mind” factor that plays a significant role in why Veem is such a valuable tool. Take Veem’s transparent tracking: It allows XS Supply to continually monitor the status of a payment, which is especially important for hospital suppliers, who typically are paid via check. “With Veem, I can send suppliers [electronic] checks,” said Berger. “I don’t have to handwrite or print out a check, and I can track it.” And because physical checks can be lost, stolen, destroyed, or forged, there is plenty of room for issues to arise, creating a need for transparency into their status at all times. “For the people I send checks to, that tracking is invaluable.”

Veem also provides assurance and certainty for XS Supply, which is especially important when collaborating with new suppliers. “There is always a fear with a new relationship,” said Berger. New suppliers might wonder if the payment will arrive on time or how will they be notified of the payment. “Veem allows us to uphold our reputation of ‘I pay you what I say I am going to pay you. It arrives when I say it is going to arrive.’ Because we know it is going to get there and get there when it is supposed to,” Berger added.

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.