How much money can Veem save for your business?
October 9, 2019
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If, like many smart business owners, you’re comparing payment options, you may have noticed a general vagueness around pricing. Sometimes this is intentional and sometimes it’s not.
Since the ‘70s, global and domestic payments technology hasn’t advanced much. The outdated systems in place are some of the major reasons behind creating Veem’s innovative network.
It's here: The Definitive Guide to Foreign Exchange for 2019.
We’ve pioneered a more efficient and user friendly platform for business payments by leveraging multi-rail technology, a system to find the perfect route for your payment. Additionally, we’ve developed first-class integrations with Quickbooks, Xero, and Netsuite to help smooth the reconciliation process, and our Payment Tracker, so you never have to wonder where your payments are.
Sending and receiving payments can be a major pain point for businesses. In our competitive economy, businesses big and small must constantly seek out more affordable, scalable, and sustainable ways to do business.
If you could save money and time by switching the way you send payments, why wouldn’t you?
Finding a payments network that can work for all parties is easier than it sounds. Let’s see what you could be saving.
Are you paying to pay?
Bank wires are riddled with many hidden costs, including processing fees from your own bank, and the intermediary banks that hold your money along the way. And don’t forget about the foreign exchange rates.
The majority of big banks charge over $15 to send and receive money domestically. Some banks even double that.
Then there are international payments. Chase, U.S. Bank, Capital One, and Fifth Third Bank, among others, charge outrageous fees topping $50 USD for outgoing international wire transfers.
But the reasons behind why so many businesses trust banks with their money transfers have nothing to do with you, or your business.
This is a problem that colossal financial institutions neglect because they have to. The technology behind global wires is outdated and inefficient, but removing it at this stage may cost your bank more than it’s worth.
But of course, you’re not dealing with just one institution; your bank sends transfers through a series of connected institutions called “intermediary” banks to get the payment to its destination. The connected banks that touch the payment charge a processing fee, and there’s no way to track where your money is at a given time. (Imagine your local transit charged for each connection because each route on the way is owned by a different company.)
While people feel comfortable keeping their money in the bank, they may find it a bit brutalizing to try to move that money. Businesses usually feel comfortable with their banks and bite the bullet on fees, often thinking they don’t have options as secure as their bank’s wire options.
How does Veem cut costs?
We want to help you, and your relationship with your bank. Sure, we can’t do what banks do, but they can’t do what we do either. So, why not work together? Avoid the outdated bank wire by switching your payments to Veem, while connecting your account to your bank for easy, direct deposits.
We make the complicated payments process simple. That’s because we don’t need those intermediary banks. In fact, 83% of Veem’s customers save up to $6,000 per year on missing those fees alone. Not to mention our competitive exchange rates.
The traditional costs involved in sending money are a thing of the past. Veem uses multi-rail technology in order to find the best route to send money, making our pricing models more accurate and favorable than any other provider.
We believe in transparent pricing. Business owners shouldn’t feel like they’re in the dark about what they’re paying for. But don’t take it from us, read our customer stories, and see why over 150,000 businesses have switched to Veem for their payments. XS Supply, for one, calls Veem their “first option, and our second option.”
Veem was founded to help small businesses pay each other. For all payments within the US, you pay just $1. And that’s without a monthly subscription fee.
Global payments to over 100 countries
International wires are generally processed using the SWIFT network, which was founded in 1973. SWIFT (The Society for Worldwide Interbank Financial Telecommunication) is an international network used by banks that allows clients to send and receive funds globally.
There’s no minimum or maximum for sending international payments. And there are $0 in fees when receiving international payments in local currency.
“Veem has saved our clients over $55,000 in wire fees. That works out to about $1,800 per client. We can’t say enough about Veem, and neither can they.” – Scott Scharf, Founder, Catching Clouds
Competitive exchange rates
As a global payments network, we can’t just talk the talk. Veem is celebrated for our foreign exchange rates. You can use Veem’s FX Calculator to secure your rate, and make sure you’re getting the most out of your global payments. Check out what Kiel Smith from Cloudbeds had to say:
“The FX rates are great for our overseas employees and clients, plus the amount saved by avoiding bank wires. We’re saving over $26,000 per year on wire fees, and even more if I add in the FX savings. It’s incredible.” – Kiel Smith, CPA, Director of Finance at Cloudbeds.
Don’t be cornered into paying more for the security of banks. Big banks seem safe, but the big building and steel doors don’t mean much in the digital age. Oftentimes businesses believe that banks are the only option to send money securely. But by doing so, those clients sacrifice speed, money, transparency, and reliable customer support. Don’t you deserve all of these?
Because Veem connects the payee and the payer on a single system, it offers unparalleled security. This network allows each party to maintain their bank account information on the network, rather than with each other. The network tracks any further changes to the information, enhancing the security and privacy of both parties.
Tariff Relief Program
Aside from helping cut costs, Veem is also happy to give businesses money.
Rising tariffs between the US and China are creating tension for American businesses attempting to stay competitive and strategic in their spending.
Veem is invested in advocating for small businesses. The Tariff Relief Program can get businesses up to $10,000 toward tariff fees attached to goods purchased with Veem’s services. In other words, it pays to work with us.
We're giving $10,000 to businesses affected by tariffs. Let us help you, here.
A network and a resource
Signing up for Veem gives you access to a collection of free tools that can help with accounting, invoicing, and getting paid. Small businesses are often at risk for delayed payments, which can affect their entire processes. Our resources help businesses reduce their barriers and alleviate their pain points.
Save money with Veem.
Simplify your business payments with Veem.