Flower Essence Services
Improving the inefficiencies of receiving payments from abroad
Richard Katz has been in the business of Flower Essence for forty years providing various products to local distributors all over the world. As a veteran in the business, he has dealt with receiving payments from overseas for quite some time and found the system to be quite inefficient. Because of this, we began looking for alternative means of getting his payment.
Challenges of using banks
1/3 of transactions had problems
Lost funds, less money received.
Banking with a small independent bank in San Francisco has been tricky for Richard. Because they don’t have their own SWIFT code, international payments were often routed through Wells Fargo. Furthermore, he mentioned that a third of his transactions had issues – the most common being lost payments. Since multiple banks were involved (each charging their own fees) Richard wasn’t sure of the exact amount he would receive once his money came through as well.
“We have had success using Veem with our Euro-zone distributors, and we look forward to Veem expanding their services to other countries we serve”
—Richard Katz, Co-Director.
Veem address the shortcomings of SWIFT
Exact money received
Because uncertainty was always FES issue, realtime tracking and knowing the exact amount they were getting proved appealing. Furthermore, FES found Veem to be a good replacement for SWIFT. Since Veem serves FES’ clients in the Euro Zone and Mexico, FES also discovered Veem’s system to be less expensive, saving them in bank fees and exchange rate volatility.
Results achieved using Veem
Veem eliminates inefficiencies of global payment processes and the problems they cause small businesses. Without the inefficiencies and worry they bring to small businesses, owners can focus on growth and innovation. Time spent trying to diagnose and remedy failed global payments is time wasted that could be spent building your business. Efforts like this hurt productivity and other aspects of your business. By removing the middlemen and owning the global payment process from end to end, we free small businesses to focus on growing their business.