Playing Catch Up: What’s Wrong With Supply Chain Payments
March 15, 2018
This week, the Wall Street Journal told many of us something we already knew: that payments are slow.
The article focused on supply-chain payments. It argues that as the shipping industry continues to expand and accelerate, the payments that facilitate the industry aren’t able to keep up.
Though it cites several reasons, the main issue is the antiquated, analog-system that relies on manual invoicing, and the errors it inevitably produces.
A slow shipment could spell the death of a business. Ever since Amazon revolutionized online retail, consumer expectation is at an all-time high.
No Money, No Business
Payments facilitate a shipment. If money isn’t coming in, goods aren’t going out.
This is especially true for small businesses who have far less capital, and much less room to breathe when payments are delayed.
If you’re not delivering on time, your customers will go elsewhere.
As far as online shopping and global trade has come, the finance industry has lagged behind. Banks are notorious for their outdated technologies, slow processing, and bad websites.
When some business owners have to physically go into their bank just to send an international payment, there’s a problem. It takes too much time, and there’s no guarantee that the money arrives in full and on time.
In a world as fast as ours, there’s an obligation for certain industries to keep up. Millennials are now the world’s largest consumer demographic, and aren’t willing to put up with unnecessary delays.
But, traditional methods are withering away.
Fintech companies around the world are addressing and revolutionizing the problems of the payments industry, to the delight of businesses and customers everywhere.
As shipments move faster, payments technology needs to keep up.
Speed at both ends ensures businesses and customers seamless transactions. Banks won’t do it, so someone has to.
Blockchain technology has flooded the news cycle as a fast, secure, and cheap way to send payments internationally. Though not every fintech startup is jumping on the blockchain train, its popularity is a testament to its potential, and to a need for innovation in the payments industry.
Veem is the first global payments platform to use blockchain, dating back to 2014. From there, we’ve built a rich multi-rail routing system that has broadened our payment capability. We have thus been able to help small businesses expand and thrive in their international endeavors.
There are 5 easy ways to find an international supplier, and grow your business. Read about them here.
Veem began as an answer to the problems of the payments industry.
We understand the need for speed at both ends of the supply chain. We’ve worked with thousands of small businesses to provide them with payments that keep them growing.
As shipping improves, we’re keeping pace. We won’t let small businesses get left behind.
Join Veem today and get your money moving.