In 1993, Louis Posen was working out of his garage in L.A., directing music videos for independent punk bands. By 1995, he started one of the most well-known independent record labels in the world, basically on a dare.
Blindsided by fees
As fees rose and their catalog grew, Hopeless Records needed a cost-effective, fast, and easy way to send musicians their royalty payments. Their previous payments processors hiked fees out of nowhere, making it harder and harder to get deserving musicians paid.
“When I was first considering Veem, we had a meeting with our bank people. They told us they wanted to start charging for outgoing wire transfers and ACHs. They never charged before. That didn’t make sense. It was great timing.”
—Al Person, CFO of Hopeless Records
Music to our ears
“It’s been beneficial across all of our vender logistics. By and large, anything I would have done a wire or ACH transfer through the bank on, I go through Veem. Mostly everyone gets it. It’s not so different from what our clients are used to, other than the fees.”
The sound of money
Partnering with Veem has allowed Louis, Al, and the team at Hopeless Records to spread their wings and take on new ventures. Songs That Saved My Life and Sub City are just some of the results of faster, cost effective transfers. Check out their story to learn more, and see how your business can benefit from seamless global payments.