Veem

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review new │ 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 new │ Pros And Cons

Pros:

tick new Free Payments

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.

tick new 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.

tick new 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.

tick new 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. 

Cons:

cons new 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.

cons new Only for Business Transactions

Veem is only available for B2B transactions. You cannot use the payments system for personal payments.

cons new 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 AdvantagesVeem Disadvantages
plus new Enables payments without chargesminus new No dedicated app
plus new Easy management of payments through a dashboardminus new Available only for B2B transactions
plus new Affordable foreign exchange ratesminus new 2.9% charges per transaction using a credit card
plus new Easy setup without additional hardware requirements

what new │ 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.

point new FunctionalityAvailable for domestic and international B2B transactions
point new Technology UsedBlockchain
point new IntegrationsVeem supports integration with accounting software like QuickBooks Online, Xero, and NetSuite. Transaction information loads automatically onto these programs and helps you save time. 
point new Website DesignIntuitive layout and smooth navigation

how new │ 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?
point new EFT payments in Canada and ACH payments in the US are free while using Veem
point new 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.
point new 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.

feature new │ Features of Veem

point new 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. 

point new 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.

point new Top-Level Security

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. 

point new 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.

point new 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.

Highlights
point new Real-time integration with accounting software reduces the chance of error and increases back-office efficiency
point new Both senders and receivers can see the transaction details and pay or receive payments as per individual terms
point new High-level security is guaranteed through encryption, multi-factor authentication, strong passwords, and regular compliance
point new Supported in more than 80 countries 
point new Foreign exchange rates are much lower than the ones offered at banks

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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 new │ 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.

point new Businesses

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.

point new Sole Proprietors

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.

Usage
point new Great for small businesses who send and receive international payments
point new Large B2B vendor with global clients
point new Sole proprietors who need a time-saving payment solution

Veem Logo

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!


cost and time new │ 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.

usability new │ Usability

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.


pricing new │ Pricing

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. 

Cross-Border Pricing
Exchange RatesLive Rates
point new International USD wire transfer$29 
point new International local currency$0
point new International wallet to wallet transfer$0
Pricing Plan in the US
point new Sign up and monthly subscription$0
point new Sending checks$0
point new Bank Transfer (ACH)$0
point new Unlimited client AP/AR management$0
point new Unlimited users per account$0
point new Credit card payments2.9%
point new Instant deposit to card1%
point new Debit card payments1%
Pricing Plan in Canada
point new Sign up and monthly subscription$0
point new Bank transfer$0
point new Unlimited client AP/AR management$0
point new Unlimited users per account$0

Veem Logo

Veem seems to be a budget-friendly solution for B2B vendors. With competitive rates, Veem is perfect for scalability. Install Now!


tools new │ Tools

The different tools available with Veem are as follows:

  • Pay

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.

point new The payment tool on Veem enables both domestic and international payments.
point new The get paid tool is great for sending payment requests.
point new Small businesses can use their instant deposit tool to accelerate their cash flow.
point new The mass payment tool saves time and offers the benefit of low foreign exchange rates.

point new 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.

point new Cargocentric

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. 


support new │ 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.

point new PhoneEnglish +1.877.279.2629Mandarin +86.400.120.8709
point new Email [email protected]
point new Abuse/ Fraud Concerns[email protected]
point new 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
CriteriaVeem Wise
Technology Uses blockchain for high speed and securityUses the mid-market exchange rate for international transfers to help save money
Payment time2 to 3 business days or more0-4 business days depending on the payment method
Charges1% for instant deposits$29 for international payments when receiving USD2.9% for local credit card paymentsThe fee depends on the currency, amount, and payment method. You can calculate the exact charges using the Wise fee calculator.

conclusion new │ 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.


Veem Logo

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!


Frequently Asked Questions (FAQ)

Veem is committed to ensuring secure transactions for customers. They use all the latest security technologies in the market. Anything that you store, share or upload on the payment system is encrypted using advanced protocols. The payment network is Comodo certified and runs on a low-risk business model.

The time required for account verification varies depending on the location and nature of the businesses responsible for the transaction. In a majority of cases, the verification gets done almost instantly. But in some cases, it might take up to 3 business days for the verification to be complete.

When a bank sends money internationally, it fails to reach the receiving bank directly. Your money travels through various intermediary banks before reaching the destination bank. Every intermediary bank deducts a small fee during the transaction.

With Veem, intermediary banks do not come into the equation. The software uses blockchain technology to transfer money. It reduces the time required for transactions and also eliminates transaction charges.

Payments sent with Veem usually take 2 to three working days to reach the destination account. Depending on the country, there might be delays in some cases.

The blockchain network for processing payments is secure and decentralized. It can transfer funds from the sender to the receiver instantly.

Veem enables you to add multiple users to your account. The roles and levels of access that can be offered to the users are as follows:
  • Admin: Complete access to the account, including updating information and assigning user privileges.
  • Agents: Creating and sending payments or invoices, viewing reports, and managing contacts.
  • Clerks: Creating and editing payments or invoices but not sending them, managing contacts, and viewing reports
The ease of managing multiple users in a single account is highly appreciated.