Fluctuating foreign exchange rates have been among the biggest problems small businesses face when contemplating international trade. After all, budgeting for an invoice in a different currency is almost impossible if you don’t know the exact exchange rate at the time you’ll be sending the payment. Plus, you never know when your boss or employer will actually approve the invoice, wasting more time, and giving the FX rate more opportunity to change.
Now, thanks to Veem, you’ll be able to budget for a payment in a foreign currency knowing the exact exchange rate for up to 92 days in advance.
No, we haven’t hired Marty McFly. And we didn’t even find a crystal ball in the attic. Instead, we’re offering a service to small businesses that was previously only accessible to large enterprises.
Locked Exchange Rates.
Yes, you read that right. The Veem team locks today’s exchange rate for your incoming or outgoing payments scheduled for any time during the following 92 days.
Locked Exchange Rates protect your business from the volatility of fluctuating currency markets. You can budget for any advance payment within the next 92 days, knowing the exact amount you’ll send or receive. No more unpleasant surprises, no more last-minute scrambling for additional funds to cover an outstanding invoice.
Banks and other financial institutions made this feature available to large enterprises a long time ago. In addition to all the other advantages they enjoy, big corporations have been able to budget exact amounts of international payments for a long time. Not only does this help their cash flow, it also gives them a leg-up over all the other businesses who are vulnerable to volatile exchange rates.
It's here: The Definitive Guide to Foreign Exchange for 2019.
But that is about to change. Veem is democratizing big business financial features making them available to organizations of all sizes. Removing the uncertainty surrounding international payments is a great relief that has a big impact on the stability of any business’ cash flow. Knowing the future exchange rate will save you lots of trouble, including checking FX rates every ten minutes and worrying about jammed cash flow.
Locking your exchange rate for any payment in the next 92 days couldn’t be easier. All you need to do is select “Lock Exchange Rate” when scheduling a payment. This will save you from unpleasant FX surprises and keep your cash flow predictable.
And that is it. No forms you need to fill out and file, no stamps of approval you need to get. Just a simple click and your exchange rate is guaranteed. No hidden costs, no secret subscription fees, just easy, predictable payments and cash flow.
Locking your exchange rate works on a transaction-by-transaction basis. This means that you can pick and choose which future payments you want to send at today’s rates, letting others go with the flow of fluctuating exchange rates. Or lock down all of them. Or all but one. Really, the choice is yours.
On top of the favorable FX rates Veem offers, Locked Exchange Rates can help small businesses thrive in a market usually dominated by large enterprises. As our CEO, Marwan Forzley said,
“Veem is dedicated to bringing small-to-midsize businesses cutting-edge advances in technology to empower them to operate on a truly global scale. Our mission is to give them fully integrated, enterprise level financial tools and products to grow, globalize, and compete effectively. Innovative products like Veem Locked Exchange Rates enable businesses of every size to think big.”
Join Veem’s network of 700,000+ businesses all over the world and enjoy enterprise-level advantages tailored for small business needs.
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