Veem Debuts No-Fee Domestic Payment Product

Veem, which works to provide online payments solutions, has rolled out Veem Local, a no-fee domestic payment product with ACH and check payment options for small businesses, a Tuesday (March 9) press release emailed to PYMNTS said.

The latest offering comes as many small businesses continue to feel the effects of the pandemic, including economic stress and uncertainty.

Veem Local will work on the in-country payment experience end-to-end as it’s now available in the U.S. There are other features, including payment workflow solutions like enhanced reconciliation processes, flexible pay-out options, 1099, integration with QuickBooks and Xero, and new free features, like optical character recognition (OCR).

“We’re always looking for ways to provide more value to our small business users. That’s why we’re removing any of the typical fees you see from other providers, which often impedes the end-to-end payment experience,” said Marwan Forzley, CEO at Veem, according to the release.

Veem is attempting to do away with a cumbersome pastime in which businesses have to work with monthly subscriptions and per-use and per-transaction costs, which end up making businesses spend valuable time on reconciling and re-entering payment data into separate applications, often paying arbitrary fees for payment features they needed.

Veem, according to the release, lets users work with a better experience, including fee-free sending, receiving and reconciling options.

Amanda Mesler, CEO of U.K.-based Cashflows, told PYMNTS recently that the important thing about card payments now is to help them get from one place to another as fast as possible. That especially includes smaller businesses, who need cash flow more than anyone to survive the pandemic.

Mesler said the company was also working on connecting businesses more easily to the money they’ve earned, which it plans to do from faster access to capital and better cash flow.

In Mesler’s assessment, the offering of business, the choice of how payments are made, and the choice on how funds are received are very important.