Veem Payments Review: Features, Costs, Alternatives
Many small businesses can benefit from the free payment processing offered by Veem Payment Services, which simplifies and eliminates the costs associated with paying suppliers and invoicing customers. However, the free has its drawbacks, such as online transactions limited only to ACH payments without the ability to accept credit card payments.
We’ve compiled a comprehensive guide to all the ins and outs of the solutions Veem payments can offer your business.
Veem is a secure payment network that has revolutionized electronic payments – for better and for better. Unlike traditional bank transfers, Veem Payments will streamline the cabling process not only to speed it up, but also to cost you less, much less.
What Veem offers
Traditional bank transfers will involve many hands on the bridge, costing you a lot of money in processing fees and a lot of time in delays. Veem eliminates the multiple middlemen involved in wire transfers, saving you money in avoided fees and significant time in avoided turnover delays.
The technology that makes Veem work
The technology that allows Veem payments to work efficiently is blockchain. This allows Veem to securely process payments through a digital transaction ledger, effectively removing all intermediary banks – and their associated fees – from the process.
How does Veem pricing work?
Veem is a free payment processing platform, with only one potential avoidable fee: your business will have to pay a $ 20 fee if a recipient chooses to receive an international wire transfer outside of the United States in USD.
Does Veem serve the countries you need it for?
Given that Veem works in over 60 countries, the answer to this question is probably yes. That said, some countries can only receive Veem payments, while others will be able to both send and receive Veem payments.
Be sure to check out the full list of countries that Veem serves so you can make sure they will be able to meet your needs.
Automatic synchronization of Veem payments
If your business keeps its books with Xero accounting software or QuickBooks Online, then you will be able to integrate your company books with your Veem account. After integrating these two accounts, your Veem payments and invoices will automatically be loaded into your company’s online books.
Overall reviews of Veem are very positive. Here are the three main points that emerge from Veem’s reviews:
Free of charge
Veem reviews are filled with customers who are happy that Veem payments are completely free.
Veem reviews also consist of many users who are satisfied with the intuitiveness of the product.
Slow to process
The main negative feedback in customer reviews is that users report that they have experienced delays with Veem payments. Some say larger payments have been delayed for up to a week through the platform.
Which companies benefit from Veem?
Most businesses will benefit from the free payment processing offered by Veem, especially businesses that work with multiple international customers and / or suppliers. You will be able to avoid banking inefficiencies while avoiding unnecessary costs for you and your international customers.
Plus, integrating Veem payments into your pre-existing payment processes is an incredibly low stake – and with such a high reward potential for avoiding cabling fees, it makes sense that a business would give itself a chance to meet the needs of billing and payment.
Benefits of Veem payments
What does all this logistics mean for your business? Let’s start with the positives and take a look at the most notable benefits of using Veem for your business payment processing needs:
Completely free payment service
It bears repeating that Veem payments are almost completely free. This fact is only increased by the cost of many alternatives from Veem.
Remember to avoid the $ 20 fee that Veem will apply to your payment, if your recipient overseas decides to claim payment in USD.
Competitive exchange rates
Veem offers exceptional exchange rates. Whether you invoice an international customer or pay an international supplier, Veem will be able to convert your currency at some of the fairest rates you can find.
Plus, it’ll give you more incentive to encourage international recipients to access your Veem payments in their local currency to avoid that $ 20 fee.
No additional hardware needed
Finally, Veem is unique in that it won’t force your business to invest in additional hardware to process payments. Other payment processing services will require your business to purchase smart devices, card readers, and counter displays.
Your business will simply need Internet access to send and receive Veem payments.
Disadvantages of Veem payments
No payment processing service – not even Veem – comes without its fair share of inconveniences. There are a few key pain points to keep in mind:
Fees for international payments received in USD
Veem payments will incur a fee of $ 20 if you send an international wire transfer that the recipient chooses to accept in USD.
That said, you probably won’t be able to find international threads for a price lower than this. In fact, many banks will charge you up to $ 50 for international wire transfers that the recipient chooses to accept in USD.
As a blockchain technology, Veem payments by nature will be entirely online. This will make Veem payments ideal for international transactions. But it will also make Veem payments less ideal for retail transaction needs.
With Veem, you won’t be able to do traditional in-person transactions like you would with a more hardware POS system. As such, Veem won’t necessarily be the ultimate solution for your business transaction needs, especially if you often work face-to-face with customers and suppliers.
No credit card payment
Finally, on what might be the most notable of Veem’s downsides – it doesn’t process credit card payments. In fact, Veem will only process payments directly from bank accounts or ACH payments.
As a result, you will not be able to meet your customers ‘or suppliers’ payment preferences with Veem if they wish to involve credit cards in the picture.
Overall, because Veem cannot process credit card payments through its technology, Veem payments can limit what you, your customers, and your suppliers can accomplish together.
Point of sale systems that work well with Veem
Veem is far from a complete payment solution – and this is especially the case for businesses that rely heavily on credit card payments, both to pay and to get paid.
Square offers a multitude of ways to convert your company’s smart devices into powerful, comprehensive point-of-sale systems.
Even with Square’s most affordable hardware and software options – their free magnetic stripe reader and the Square Point of Sale app – your business will be able to accept card payments, offer recommended tip options, capture signatures, and send emails. received. And you can do it all from a smartphone, tablet or iPad.
Be sure to note that unlike Veem payment processing, Square’s payment processing will not be free – you will need to pay a Square payment processing fee that starts at 2.6% plus $ 0.10 for payments. non-manual card transactions.
Then, if your business needs to send or receive wire transfers, you can turn to Veem for free payments and invoicing.
To access a more traditional hardware payment processing system, you can turn to Clover.
Much like Square, Clover will allow your business to accept card payments in person. Unlike Square, Clover won’t require your business to come to the table with a smart device to use its point-of-sale systems. As a result, Clover POS systems tend to be more expensive than Square systems.
Clover also has a handling fee, but if you need to make a large payment you can choose to do it for free through Veem and avoid Clover’s fees.
If you’ve learned through this review that Veem is not the right fit for you, there are options to consider – just know that you definitely won’t be able to beat Veem’s prices.
If you need your online payment processing service to be able to process credit card transactions, PayPal might be your best alternative to Veem.
PayPal allows you and your customers to pay however you prefer. PayPal charges you 2.9% of the transaction value, plus $ 0.30 per domestic transaction. And for international transactions, PayPal will charge you a whopping 4.4% of the transaction value, plus a flat fee that will be based on the currency it is received in.
Another option that you will have for online payment processing is Authorize.Net. Unlike Veem, Authorize.Net allows your business to accept credit card payments online. This access to credit card payment processing will cost you dearly.
To access the Authorize.Net payment gateway, your business will pay a monthly fee of $ 25. You’ll also pay $ 0.10 per transaction, plus a daily lot fee of $ 0.10.
A version of this article first appeared on Fundera, a subsidiary of NerdWallet.