Global Payment Processor to Reward Businesses for Continuing to Trade With Pound; Second Part of Company’s Efforts to Relieve International Business Uncertainty
San Francisco, April 16, 2019 (GLOBE NEWSWIRE) — Veem, the only global payments processor built to simplify business payments, is helping U.K. businesses, and the global markets their businesses support, continue their international trade using pound sterling. The goal is to offset the fluctuating exchange rate of the pound sterling resulting from the uncertainty around a possible Brexit. The Veem Beat Brexit Program will reimburse businesses £1,000 when they spend £100,000 on payments transferred through the Veem platform.
“Brexit is causing problems for businesses because there’s no resolution, everything is up in the air. No one knows the full impact Brexit will have on trade with the U.K. and on the value of the pound, which makes it difficult for businesses to make long term decisions,” says Veem CEO and founder Marwan Forzley.
Small businesses in the U.K. have seen the dramatic swings in exchange rates affect their bottom lines and have already thinned margins. Companies like AutoEntry have not only seen this in their accounting clients, but they have also been affected by the ongoing uncertainty of Brexit.
“The day of Brexit the pound dropped in value dramatically. Our business is based in Ireland, but our clients are in Britain, so we were converting to Euros at the time. That price drop cost our business tens of thousands of pounds a month,” says Tom Port the Vice President of Sales for AutoEntry.
The program is the second part of the Veem Tariff Relief plan where Veem offered tariff reimbursement for businesses hit by large tariff bills during the ongoing trade war between the United States and China. While small businesses attempt to remain competitive, any fluctuations in price or disruptions to their supply chain can have a dramatic impact on their ability to survive.
The Veem Beat Brexit Program kicks off today. For more information, visit https://www.veem.com/beat-brexit-program/
Veem is a global payments company built for small businesses. The Company enables users to send and receive payments in local currency through unique multi-rail technology and intuitive dashboard.
Founded by a world-class team of industry veterans with more than 100 years of combined experience in payment processing, Veem’s mission is to revolutionize the legacy financial payment system using disruptive technologies, such as blockchain, and build a new user-centric financial ecosystem that services global businesses in their international endeavors.
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