Let’s face it, traditional business payments are anything but simple. Whether you’re paying, getting paid, at home or abroad, the process is a hassle.
For one, getting paid can be a burden, between providing and collecting bank information, invoicing, waiting, and sending reminders. When due dates are stretched, conflicts develop between business partners.
And if not the payee, the process is often at fault. Dealing with financial institutions can be costly and time consuming. While it pays to trust big banks, it also costs a lot.
What do business payments cost
Certain payment methods hurt small businesses by disrupting cash flow, creating conflicts between partners, and costing a bundle in fees.
Sometimes the hardest part of fixing a problem is adapting to change. Business owners can get used to the way things are, making it difficult for partners to get on the same page. Some businesses have always paid their partners using checks. And subsequently, their payees have learned to tolerate the time it takes to finally receive payments, whether due to postal delays or other factors. But, these methods aren’t sustainable, especially as operations grow.
Businesses usually already know what they’re sacrificing when it comes to outdated payment methods like checks. Time spent waiting for checks means a backed up accounts receivable, which can disrupt your company’s cash flow. Small businesses often can’t afford delays to their accounts receivable and rely on timely payment methods and settled invoices.
Many businesses use bank wires religiously. And while these business owners might not mind the fees and inconvenient process, their payees most likely do. To get all partners on the same page, businesses usually have to sacrifice something.
Where payments should bring businesses together, they often have a hand in pulling them apart.
How Veem simplifies business payments
Veem removes the biggest challenges for B2B payments, and by doing so brings businesses together.
1. Relationship-based payments
We’re big on relationships at Veem. We don’t see payments as one-time transactions. Rather, they’re ongoing contributions to a growing partnership, and by extension, a growing network.
Veem’s relationship-based payments bring businesses together by providing an efficient, secure, and user-friendly service. A relationship-based business model means we’re built to connect businesses, bridging the gaps between languages, currencies, and locations.
In order to bring businesses together, we’ve created an easy to use and understand platform. To start using Veem, you don’t need your payee’s banking information – just an email address. After a quick signup, businesses can send money all over the world.
The ease of use and simplicity make Veem an ideal platform for all B2B payments.
2. Multi-rail technology
While traditional business payments are either too slow or too costly, Veem takes advantage of multiple avenues to ensure speed without increasing any fees.
Our multi-rail technology is part of what makes Veem stand out from other payments providers. Behind the scenes, we identify the best available payments route in order to optimize for speed, cost, transparency, and security. By combining traditional and innovative processes, such as blockchain technology and regional networks, users on the Veem network share a simple and user-friendly experience.
Wire transfers & the SWIFT network: Veem works with your bank to simplify a difficult payments process. We handle the difficult parts, such as gathering banking information from all parties, to make money transfers transparent, affordable, and fast.
Blockchain technology: Simply put, blockchain technology is a near-instantaneous way to send and receive funds from around the world. Veem uses this technology to make payments faster than ever before, while taking advantage of blockchain’s encryption and security.
Regional networks: Our network connects local financial institutions in various countries via ACH (Automated clearing house) and treasury rails. Since they’re in our own network, there are no additional processing fees.
3. Multi-currency and payment methods
Currency exchange can be a major financial challenge for international businesses.
Veem provides competitive foreign exchange rates, and allows businesses to send money to over 100 countries in local currencies, free of charge. To top it all off, senders can secure their preferred FX rates with Veem’s locked rates.
See how Locked Exchange Rates can stabilize your cashflow.
By locking an FX rate, businesses can stabilize their cash flow and avoid the volatility of exchange and pricing that soars above mid-market averages.
4. Cross-border transactions
Cross-border transactions can hurt businesses. And traditional bank wire transfers don’t exactly help. When you send money through the bank, part of that payment won’t make it all the way to the receiver. Processing fees and exchange rate fees nibble at your money as it passes from the sender’s bank account to intermediaries, and finally to the receiver’s bank.
Veem gets rid of the need for intermediary banks, cutting out the middlemen. That means less fees, less time, and more visibility into your money’s whereabouts.
Small business finances are anything but easy. They can be time consuming, frustrating, and really bog-down your operations. At Veem, we want to simplify and streamline your payments. Because the frustrating thing is, payments are important, and that’s what makes it so stressful. You can’t help but worry when mistakes can cost your business dearly.
Learn about how Veem can use everything listed in this article, and more, to make your money move smoother.
Simplify your business payments with Veem.