Veem is pleased to announce the beta release of our new integrated payment method in partnership with Quickbooks Online. Now you can pay your global suppliers directly from Quickbooks Online while getting all the advantages of the Veem experience – simple and fee-free wire transfers to over 96 countries.
Veem’s QuickBooks Online integration is especially important for small businesses sending regular international supplier payments. We help them to escape the onslaught of hidden bank fees that can really eat into profitability. Our integrated payment solution with QuickBooks Online offers:
Whether domestic or international, bank-to-bank transactions not involving cash must rely on a payment network in order to operate. The payments infrastructure your financial institution uses was likely developed in the 1970s. When you pay an overseas supplier through your bank, your payment goes through a complex process involving a number of parties – each of whom needs to get paid. This is why your bank-to-bank transfer fees can really add up when it comes to international wire transfers, chipping away at your profitability transaction by transaction.
Traditional international wire transfers typically go through a series of parties including:
ACH
An Automated Clearing House, or ACH—a term you might find familiar as an oft-appearing line item on your bank statement.
CHIPS
The largest private-sector U.S.-dollar funds transfer system in the world”. CHIPS claims responsibility for over 95% of USD cross-border payments.
SWIFT
Society for Worldwide Interbank Financial Telecommunication SWIFT doesn’t actually move money. They transmit messages between banks that allow them to move money.
Currency Exchange
Some banks use the exchange rate on the day you initiate the transaction, some use the exchange rate on the day the recipient receives the transaction. Either way, currency exchange is another link in the process adding both time and expense to your transaction.
The process of moving through this network takes on average 3-5 days—when it works. When it doesn’t, you typically have a big problem on your hands sorting through it all. Because no one party The party owns the entire process end to end, no one party will take responsibility for that process end-to-end.
We launched Veem because we saw how these inefficiencies were hurting small businesses and cutting into their profits. Our goal is to simplify your international payment process so you can get on with the business of growth and innovation.
Veem’s mission is to support the network of small businesses driving the global economy. We’re especially pleased with our new QuickBooks integration in that the missions of both our brands are very similar. While we at Veem think of ourselves as the ‘Tool that Enables Small Business Global Trade’, we refer to QuickBooks as the ‘Tool that Saved Small Business’.
While 500 years ago, virtually everyone was a small business owner. Financial institutions were too small to support large-scale enterprise, and productive capacity was limited because to wind, water and animal power. But the 19th century industrial revolution brought rail, the telegraph, the steam engine, and cheap labor (a growing population and huge immigration) – perfect conditions for energy efficient, capital-intensive big businesses to thrive. An ancient history of small business-driven economy quickly gave way to corporations, with economies of scale that made competition difficult for small business.
In the 20th century, small businesses hung on by moving to niche sectors – those too small for big business to care. But as the economy became increasingly globalized in the 1980s and 1990s, innovation, customization and quick adaptation meant having an edge – just what small business America does best.
Thanks to the technology revolution of today – arguably spearheaded by companies like Intuit and their wildly popular QuickBooks products – small businesses now have access these powerful tools plus a whole host of new tools for facilitating global trade. Small businesses are thriving today because they can more easily pivot and capitalize on new trends than their big business counterparts. Which includes taking advantage of integrated payment systems like the new Veem QuickBooks Online integration – a powerful platform which not too long ago would have been so resource-intensive to build and maintain, only big business could have afforded it.
QuickBooks is in the business of making life simpler for small businesses, and so is Veem. Like QuickBooks was developed to help everyday business owners navigate the complexity of small business accounting, Veem technology was developed to streamline the complex and confusing process of making international bill payments through traditional bank to bank transfers.
The integration will allow users to:
Ready to jump in? Learn more about you can streamline the process of making international payments with the Veem QuickBooks Integration.
Once you link your Veem and QuickBooks Online accounts, sending and receiving international payments is as easy as 1, 2, 3:
Veem helps 100,000 businesses in over 100+ countries send and receive wire transfers. Join them here
Veem helps 100,000 businesses in over 100+ countries send and receive wire transfers.
Join them here
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