E-commerce is a global game, but an international marketplace inevitably means international payments. Avoid the costly fees by using a payment platform designed with you in mind. Let’s look at what Veem can do for your business.
Veem (formerly Align Commerce) may have only been on the scene since 2014, but e-commerce businesses and others who use frequent international payments are vastly appreciative of its advantages, including the substantial time and money it saves them.
What is Veem?
Veem is a simple and cost-effective secure payment network. It has changed the international payment market by providing a service that was a dramatic step up from that offered by banks and PayPal.
Using a network of rails, Veem ensures your international payment gets from A to B quicker and cheaper than the alternatives. It was designed with freelancers and offshore services in mind, but suits e-commerce businesses perfectly. You can use it to send payments overseas for goods or receive payments from your customers.
Veem uses blockchain technology to process payments securely. International payments will skip intermediary banks (and their fees) and instead move straight to their destination.
They’ve received countless praise from respected sites such as Forbes and The Wall Street Journal and have more than 100,000 small business customers worldwide.
How will Veem help my business?
Veem may be quicker than standard international payments, but it’s also cheaper. Veem is completely free, barring one exception. If a fund recipient wishes their funds to be in US dollars but wishes to receive it outside of the States, then a $20 fee will apply. Avoid this scenario and your international payments will be free from the moment you sign up. If this scenario does come up it is worth remembering that many banks will charge you $50 for the same scenario, so Veem is still a saving. By cutting unnecessary trading costs your e-commerce business will have more funds to grow.
You won’t find better exchange rates on your international payments. We have all suffered at the hands of the banks when an amount received is not what we had calculated. This is due to banks using less than preferable exchange rates. Veem’s rates are rarely beaten.
You will also be able to track your funds as they go, meaning you will never wonder whether they have been received.
Xero and Veem Integration
If you are already using Xero for your e-commerce business, then you’ll be pleased to know it will seamlessly integrate with Xero. Simply log in to your Veem account, go to the integrations tab on the right and follow the instructions. Tie Veem in with Xero’s multi-currency capabilities and you will have an easy to use accounting system that will save you significant time.
What countries does it serve?
Veem can send money to 98 countries (as of writing, although they are always adding to this list) and can receive money from 25 countries. This makes it extremely likely to cover your business needs for international payments, although you can check the full list out here.
Right now, you are likely thinking that this sounds too good to be true. After all, it is a free system. To date, Veem won’t accept credit card payments. It can only process international transactions directly from bank accounts. While this is a disadvantage to few, it is worth bearing it in mind if your e-commerce business is largely credit based.
The sooner you make the move to platforms best suited for e-commerce businesses like your own, the sooner you will start to reap the benefits.
If you need help guidance on integrating Veem to your business or need assistance moving to Xero please contact one of our team, who will be happy to help you.
The best time to start is now.