From a young age, Enrico Palmerino knew what he wanted to be; a CEO. After nearly losing his first company through flawed accounting practices, he created botkeeper, the world’s automated bookkeeper, to solve the problem that nearly derailed his entrepreneurship dreams.
Payments had to be sent to and from thousands of clients’ banks everyday
Insufficient bank security left clients’ money unprotected
Currency conversion rates and transfer fees cost more money than it was worth.
With botkeeper growing faster than expected, Enrico struggled to find a payment processor that could keep up with the data and demands of an expanding clientele. Bank wires were out of the question because, after processing multiple transactions everyday, fees and conversion rates ate into the company’s profit margin.
“We realized it wasn’t scalable to do foreign currency conversions and wire transfers from every single bank our clients used. It’s an extremely inefficient model. Banks have different levels of security: some require approval, others don’t. Looking at the controls, processes and flexibility with some banks, handling our clients’ money this way isn’t great protocol.”
—Enrico Palmerino, CEO of botkeeper
Finally, a payment processor that can keep up
“We found Veem so convenient that we’ve started working on integrating it with our system. Whenever a client issues a payment, we’ve taught out software to send them a notice recommending they send the wires through Veem.”
A modern platform for modern businesses
With its one of a kind multirail technology, Veem is capable of keeping up with any business’ payment needs. With zero wire fees, reasonable conversion rates and remarkable customer service, Veem is helping businesses like botkeeper to continue to make groundbreaking achievements free of distractions.