How to Boost Profits with an Affordable Integrated Payment Solution
June 28, 2017
Veem is pleased to announce the beta release of our new integrated payment solution 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 60 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:
- Online multi-currency payments
- Payment tracking and reconciliation
- Payment progress tracking in QuickBooks Online
- Free international payments to over 60 countries
- Competitive exchange rates
How traditional international wire transfers eat into small business profitability
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 payments, chipping away at your profitability transaction by transaction.
Traditional international wire transfers typically go through a series of parties including:
An Automated Clearing House, or ACH—a term you might find familiar as an oft-appearing line item on your bank statement.
The largest private-sector U.S.-dollar funds transfer system in the world”. CHIPS claims responsibility for over 95% of USD cross-border payments.
Society for Worldwide Interbank Financial Telecommunication
SWIFT doesn’t actually move money. They transmit messages between banks that allow them to move money.
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.
An integrated payment solution and an integrated mission for small businesses
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.
Simpler, less costly integrated payments
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 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:
- Automatically sync vendor bills in QuickBooks with Veem for international wire transfers, saving time and money while enabling users to maintain supplier relationships and focus on growing their businesses.
- Get support for one of the most popular financial software products on the market, QuickBooks Online.
- Automate the international bill payment process through QuickBooks.
- Eliminate double entries and allow bookkeepers to prepare payments on behalf of their clients for approval.
Linking Veem payment processing software and QuickBooks accounting software
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 customers enter their bills into QuickBooks Online as they normally would.
- Payments to Veem customers are automatically sent to Veem for processing.
- Payments from Veem customers automatically post back into QuickBooks.