│ Veem Review
Businesses are embracing cashless payments at an unprecedented scale. If you own a business, you must look for a powerful payment system with top-notch security and flexibility. But amidst all the available payment networks, finding the best one can be a little difficult, especially when you are an international business.
Veem has come to the rescue of global businesses looking for a safe and easy payment system. Veem came into existence in 2014 and has revolutionized how businesses get paid. Check out this in-depth review to determine whether Veem would be an ideal solution for your business.
|Veem – Best for establishing a safe payment network||Are you a B2B merchant looking for a fast and secure payment network for both domestic and international payments? Veem is one of the best options. The high flexibility and robust security of the software make it desirable for several B2B merchants.|
│ Pros And Cons
Veem payments are almost free. Remember to ignore the $29 charge on international payments by making the recipient accept payment in their local currency or choosing Veem wallet. While you will be charged a foreign exchange rate, it’s not too high.
Accounts Payable and Accounts Receivable Management
By using Veem, you will be able to customize invoice and payment links. You will also be able to make multiple payments at a time. A dashboard will be available to you for tracking payments made or received via Veem. The payments in transit will also be visible on the dashboard.
Reasonable Foreign Exchange Rates
Using Veem for paying an international business or invoicing an international customer is highly beneficial. Veem can convert your currency at the best rates around the world.
No Extra Hardware Requirements or Complicated Setup Involved
When you use Veem, you will not have to invest in any other hardware. Some payment processing software requires you to buy card readers, smart devices, and more. A stable internet connection is enough for Veem transactions. You can also set up your Veem account within five minutes.
Lack of App
Veem does not have a dedicated app. Even though there’s a mobile-friendly website, the lack of an app is a huge drawback for some.
Only for Business Transactions
Veem is only available for B2B transactions. You cannot use the payments system for personal payments.
Charges for Using Credit Cards
Veem allows you to receive payments through your bank account and credit cards. But users paying with a credit card will have to bear a charge of 2.9% per transaction.
|Veem Advantages||Veem Disadvantages|
|Enables payments without charges||No dedicated app|
|Easy management of payments through a dashboard||Available only for B2B transactions|
|Affordable foreign exchange rates||2.9% charges per transaction using a credit card|
|Easy setup without additional hardware requirements|
│ What Is Veem?
Veem is a digital network supporting domestic and international B2B payments. It is an alternative to traditional wire transfers and has additional features for easier business transactions. Veem is suitable for businesses of any size collecting payments through invoices.
Several solutions are available in the market that support sending payments for free. But Veem is one step ahead of competitors by enabling businesses to accept local and cross-border payments for free. Veem removes any intermediary in the transaction process and eliminates unnecessary fees for you and your global customers.
|Functionality||Available for domestic and international B2B transactions|
|Integrations||Veem supports integration with accounting software like QuickBooks Online, Xero, and NetSuite. Transaction information loads automatically onto these programs and helps you save time.|
|Website Design||Intuitive layout and smooth navigation|
│ How Does Veem Work?
The payment network uses blockchain technology for fast and secure payments. A network of participating servers guarantees that every transaction information remains transparent and tamper-proof. The decentralized nature of blockchain removes intermediary banks and their associated fees to help you save money.
- When you pay or receive money using Veem, it automatically converts to the local currency.
- The sender buys the foreign exchange rate offered by Veem.
- After the conversion, the payment gets sent to the recipient through blockchain technology.
|Did You Know?|
|EFT payments in Canada and ACH payments in the US are free while using Veem|
|EFT (Electronic Funds Transfer) refers to electronic payments from one bank account to another. Some examples include direct deposits, credit card or debit card transactions, netbanking payments, wire transfers, and more.|
|ACH (Automated Clearing House) is EFT payments for low-value direct deposits and debits. Since ACH payments are made in batches, their processing time is longer than typical wire transfers.|
│ Features of Veem
Save Time and Reduce Errors
The real-time interrogation of Veem with accounting software like Oracle Netsuite, Xero, and QuickBooks Online removes the chance of double data entry and errors. Moreover, automated invoicing and configurable approval workflows guarantee back-office efficiency.
High Flexibility for Both Sender and Receiver
Veem guarantees simple management of payments with increased transparency for both sender and receiver. Moreover, competitive rates are available for international payments with more payment method options. Veem enables you to pay and receive payments as per your terms.
Veem has been designed with data security and privacy in mind. The software follows strict compliance practices, robust password policies, and multi-factor authentication. You and your customers will also be protected using SOC2 certification, PCI DSS compliance, and bank-level encryption.
Available in More Than 80 Countries
Veem is available for users in more than 80 countries from the US and Canada. It supports around 110 currencies for transactions. However, all countries don’t support both sending and receiving payments.
Competitive Foreign Exchange Rates
Veem offers currency exchange at extremely fair prices. The foreign exchange rate looks like the following:
- 1.9% for $0 to $4999
- 1..8% for $5,000 to $9999
- 1.7% for $10000 to $24000
- 1.5% for more than $25000
The foreign exchange rates are much lower than the rates offered by banks. It enables banks to save a considerable amount on larger transactions.
|Real-time integration with accounting software reduces the chance of error and increases back-office efficiency|
|Both senders and receivers can see the transaction details and pay or receive payments as per individual terms|
|High-level security is guaranteed through encryption, multi-factor authentication, strong passwords, and regular compliance|
|Supported in more than 80 countries|
|Foreign exchange rates are much lower than the ones offered at banks|
Veem is great for your small business!
Veem is great for small businesses that use invoicing for payments. The competitive foreign exchange rates will help small businesses reduce their expenses. The top-level security will ensure the safety of transactions.
Check out Veem
│ Who Should Use Veem Software
Any business or sole proprietor will benefit from using Veem. If you make and receive international payments, Veem will be particularly beneficial for you.
Businesses of any scale and in any industry will benefit from using Veem. If you are in the B2B sector, you can use Veem for both domestic and international payments.
In a sole proprietorship, a single person remains responsible for handling everything. The easy-to-use, cost-effective, and time-saving payment solution will be pretty beneficial in a sole proprietorship.
|Great for small businesses who send and receive international payments|
|Large B2B vendor with global clients|
|Sole proprietors who need a time-saving payment solution|
Veem is an ideal solution for both business owners and sole proprietors. The platform will be perfect for large B2B vendors with an international client base. But even B2B merchants with a local client base will love the platform. Install Now!
│ Time and Cost
Most Veem payments need a processing time of two to three business days. But the processing time can be longer in some receiving areas.
Most local transactions within the US and Canada don’t require any charge. The charges associated with Veem payments are as follows:
- 1% for instant deposits: If you need your funds instantly deposited to a debit card, you need to bear a transaction fee of 1%.
- 2.9% for credit card transactions: Veem is primarily for electronic bank transfers. While you can send payments using a credit card, a 2.9% transaction fee is applicable.
- $29 for international payments using USD: If you are paying someone outside the US in USD, you will have to bear a fee of $29. But the fee is waived if both the sender and receiver use the Veem wallet. It enables the sender to withdraw money from the Veem wallet to their bank accounts in their local currency at a cheap foreign transaction fee.
Veem has an intuitive website, and it’s also supported on mobile devices. Users will come across a self-explanatory dashboard. The dashboard contains details about the payments sent and received. It also shows transactions that are yet to be processed.
The main options are available on the left menu bar of the website. Here, you will find the options for sending and receiving payments. If you click on the top, you will be able to turn off the visibility of the menu.
The process of setting up an account on the website is also pretty quick and easy. You will have to enter basic personal details such as the name, address, type, and operating country of your business.
You will also have to include your banking information and verify your identity. Without getting your identity verified, you won’t be able to send or receive payments. The last step involves getting your email address verified.
After you complete the required steps, your account is likely to get verified instantly. But it can take around three days for the verification process to be complete. You should know that there are no hidden fees for creating a Veem account.
The pricing plans for Veem can be divided into two categories. The first one is local pricing with separate charges in the US and Canada. The local pricing plan includes check payments and bank transfers without a fee.
The cross-border pricing plan offers competitive rates and payment tracking visibility to every business. Veem offers businesses the tools required for scalability.
|Exchange Rates||Live Rates|
|International USD wire transfer||$29|
|International local currency||$0|
|International wallet to wallet transfer||$0|
|Pricing Plan in the US|
|Sign up and monthly subscription||$0|
|Bank Transfer (ACH)||$0|
|Unlimited client AP/AR management||$0|
|Unlimited users per account||$0|
|Credit card payments||2.9%|
|Instant deposit to card||1%|
|Debit card payments||1%|
|Pricing Plan in Canada|
|Sign up and monthly subscription||$0|
|Unlimited client AP/AR management||$0|
|Unlimited users per account||$0|
Veem seems to be a budget-friendly solution for B2B vendors. With competitive rates, Veem is perfect for scalability. Install Now!
The different tools available with Veem are as follows:
You will be able to pay contractors and suppliers as per your terms from this easy-to-use and cost-effective solution. Veem enables businesses to easily pay both domestic and international contractors and suppliers. You won’t have to enter vendor bank information for the payments.
The payment network ensures secure and reliable tracking of payments. Payments are possible with information as little as your email address. You can choose from different payment methods, including bank transfers, checks, debit and credit cards, and Veem wallet.
- Get Paid
With Veem, you can request payments effortlessly. Create professional invoices digitally to send with your payment request. You can also receive payments by sharing a unique Pay Link to a secure payment portal.
You will be able to request more payments without having to put in too much work. Veem will help you accept different payment types, including bank transfers, wires, credit cards, instant deposits to a debit card, and Veem wallet. You will be able to strengthen customer relationships and accelerate cash flow at the same time.
- Instant Deposit
The instant deposit tool removes delays associated with the standard banking process. As a result, your payments get processed within less than an hour instead of taking up to three days. When you activate Instant Deposit, Veem allows faster processing of all future deposits till a certain amount.
The instant deposit tool will help stabilize your cash flow. You will be able to use the instant deposit tool with a special reduced rate of 1% to a maximum charge of $20. Therefore, the growth and escalation of your business will be at your fingertips.
- Mass Pay
Do you need to make a lot of payments but don’t have enough time to do it? The mass payment solution from Veem will come to your rescue. The tool will allow you to send thousands of payments using a simple and scalable solution.
Veem integrates well with all your existing systems to allow seamless data transmission for sending and reconciling payments. You won’t have to bear additional costs for sending mass payments. You will be able to avoid hours of manual processing time as well as enjoy the benefit of low foreign exchange rates from Veem.
|The payment tool on Veem enables both domestic and international payments.|
|The get paid tool is great for sending payment requests.|
|Small businesses can use their instant deposit tool to accelerate their cash flow.|
|The mass payment tool saves time and offers the benefit of low foreign exchange rates.|
│ Popular Use Cases of Veem
American Credit Union (ACU)
ACU needs to provide global payments to customers such as Neptune Seafood to retain customers who usually seek these services from multinational banks. A credit union often finds it expensive to offer complex services linked to global payments. ACU was looking for a simple, secure, and fast solution for members doing business in other countries.
Veem became that particular solution for ACU with its streamlined approach to international money transfer and vendor payments. ACU sends around 18 to 20 payments per month using Veem and pays suppliers fast at a minimal cost. The unified solution for international payments also enables ACU to offer to track their transactions.
The customers of Cargocentric are importers purchasing goods from suppliers and manufacturers. They were in need of a solution scalable as per their clients’ needs and included cutting-edge technology for digital payments processing. Veem emerged as a solution that could integrate well with their systems.
The simple Veem API offers constant updates to the company. It works seamlessly without any bugs. Veem offers Cargocentric a simple workflow for receiving payments from clients.
│ Customer Support
Veem has efficient customer support working 24*7. Customer support is available in multiple languages. You will be able to reach the support team through phone, email, and live chat.
|Phone||English +1.877.279.2629Mandarin +86.400.120.8709|
|Abuse/ Fraud Concerns||[email protected]|
|Cybersecurity concerns or questions||[email protected]|
|Alternative to Veem|
|The Fintech company Wise, formerly called TransferWise, is a great alternative for Veem. It is a cheap way to send money to around 80 countries. Wise also has a mobile app available for both Android and iOS.|
Wise is great for people who are looking for a strong web experience and low costs while sending money internationally. The tool supports quick delivery for transactions using credit cards or debit cards. The fixed cost to most countries is a combination of a flat amount of around $1 and less than 1% of the transfer amount.
|Comparison Between Veem and Wise|
|Technology||Uses blockchain for high speed and security||Uses the mid-market exchange rate for international transfers to help save money|
|Payment time||2 to 3 business days or more||0-4 business days depending on the payment method|
|Charges||1% for instant deposits$29 for international payments when receiving USD2.9% for local credit card payments||The fee depends on the currency, amount, and payment method. You can calculate the exact charges using the Wise fee calculator.|
│ The Final Verdict
If international payments are a major part of your business, you will benefit from using Veem. The blockchain-based payment solutions eliminate waiting time and reduce the amount you are spending on fees. With a quick sign-up process and competitive foreign exchange rates, Veem is ideal for most businesses.
Veem has certain drawbacks – they don’t have an app, and they don’t support personal transactions. If you can find your way around these drawbacks, Veem is the best payment network for your business.
After analyzing the different aspects of the platform, Veem is worth a try. Check out the features yourself for time-efficient, low-cost, and international payment transactions. Visit Now!