While attending the Accountex accounting show in Boston a few weeks ago, I spied a session on the agenda that was focused on simplifying wire transfers and global payments.
This topic is quite relevant for my consulting practice and likely for many of my clients too, so I made sure to catch the session to see what it was all about.
The folks from Veem did not disappoint...
DISRUPTING THE INTERNATIONAL PAYMENTS MODEL
The presentation by the Veem team was centered on this simple premise - "rethinking wire transfers and making the process easy and affordable".
As anyone involved in business to business wire transfers knows, the existing process is certainly not easy, nor affordable. And, it is not even close to being transparent.
Take a look at how the Veem approach to international payments works - a lot simpler, and far less hands touching things (click to enlarge):
As you can see, their process is eliminating the middleman from the international payment process. A wonderful idea!
Veem is currently positioned to send business to business funds to over 60 different countries (and expanding that list regularly) with no wire transfer fees. In addition, you can also receive payments via the Veem platform.
DID YOU SAY NO WIRE TRANSFER FEES?
Yes, you read that correctly.
The Veem platform provides you the capability to send payments at no charge.
Veem gets paid by earning a small percentage on the foreign exchange rates that are involved in the transaction. I'll let them explain it to you via this example (click to enlarge the view):
BACKED BY SOPHISTICATED INVESTORS + 40,000 CUSTOMERS STRONG
The Veem platform is backed by a number of prominent inventors from around the globe, including:
- Silicon Valley Bank
- Fenbushi Capital
- SBI Holdings
- Digital Currency Group
- and others...
Veem indicates that they are currently servicing over 40,000 customers - many of them small and mid-size businesses like yours.
In addition, according to their web site, Veem was founded by a world class team of industry veterans with over 100 years of combined experience in payments, payment processing and banking IT infrastructure management, who aim to change the financial payment system through innovation.
FAQ AND RESOURCES
Veem has set up comprehensive pages of FAQ and helpful resources to help you better understand how their service works as well as the reasons why you should consider moving your international payments to them, and ditching your bank ASAP.
Veem also offers connectivity to the Xero and QuickBooks Online accounting platforms (sorry, it does not connect to the QuickBooks Desktop platform as far as I know).
SIGN UP IS FREE
Veem has provided me a special signup link to share with you to get you right into the flow of using their service. There are no signup fees of any type to use the Veem service!
CHEERS TO THEIR SUCCESS...
If there ever was something that needed disruption, it is the wire transfer process. I think back to my CFO days 20+ years ago, and all the hassles I had with that process. You never knew much about what was going on, other than that I was getting nicked by fees all along the way.
All I know is that if Veem existed back then, I'd have signed up in a flash!
I wish the Veem team great success as they tackle this challenge...
Are you using Veem today? I welcome your feedback on how their service has worked out for your business...