Are you looking for the most cost-effective way for your business to pay and get paid? A point of sale system comes with a lot of bells and whistles that some business might not necessarily need, and those bells and whistles will certainly cost you.
One top option for simplifying your business’s transactions? Veem payments services.
This tech-based digital payment processor will take the complication and the costs out of paying your vendors and invoicing your customers.
We’ve compiled a comprehensive guide to all the ins and outs of the solutions that Veem payments can offer your business.
What Is Veem?
Veem is a secure payment network that has revolutionized wire payments—for good and for the better. Unlike traditional bank wires, Veem payments will streamline the wiring process to not only speed it up, but to also cost you less—way less.
What Veem Offers
Veem offers an updated, tech-based way to send and receive money. Traditional bank wires will involve lots of hands on deck—costing you lots of money in handling fees and lots of time in the delays involved.
Veem cuts out the multiple middle men that bank wires involve—saving you some serious cash in avoided fees and some serious time in avoided turnover delays.
The Technology That Makes Veem Run
The technology that allows Veem payments to run so efficiently is called blockchain. Blockchain allows Veem to process payments safely and securely through a digital ledger of transactions, effectively taking all of the intermediary banks—and their corresponding fees—out of the process.
How Does Veem Pricing Work?
How does Veem pricing work? Veem pricing is where the deal really starts to sweeten.
Veem is a free payment processing platform, with only one, easily avoidable potential fee. You’ll have to pay a $20 fee if a receiver opts to receive an international wire outside of the U.S. in USD.
By avoiding this one fee, Veem will be free for your business to use.
Does Veem Serve the Countries You Need It To?
Another question you might be wondering about Veem is whether or not it works in the countries that your business sends and receives payments from.
Because Veem works in more than 60 countries, the answer to this question is likely yes. That said, certain countries that are only able to receive Veem payments, whereas others will be able to both send and receive Veem payments.
Be sure to check out the complete list of countries that Veem serves so that you can make sure they will be able to meet your needs.
Automatically Syncing Veem Payments: What You Need to Know
If your business keeps its books with Xero or QuickBooks Online accounting software, then you’ll be able to integrate your business’s books with your Veem account. After you integrate these two accounts, your Veem payments and invoices will automatically load into your business’s online books.
Veem Reviews From Customers
Veem reviews are, by-and-large, very positive. Here are the three main points that come up in Veem reviews:
Veem reviews are filled with customers who are just excited about the fact that Veem payments are completely fee-free.
Veem reviews also consist of many users that are happy with how intuitive the product is.
Slow to Process
The main negative feedback in customer reviews is users reporting that they’ve experienced delays with Veem payments. Some say that larger payments were delayed for up to a week through the platform.
Who Is Veem Best For?
Put briefly, most businesses will benefit from the free payment processing that Veem offers.
That said, businesses that work with multiple international customers and/or vendors should seriously consider Veem as their go-to payments solution. You’ll be able to avoid bank inefficiencies while also avoiding unnecessary fees for both you and your international customers.
Plus, tacking Veem payments onto your pre-existing payment processes is incredibly low stakes—and with such a high reward potential of avoiding wiring fees, why not give it a shot for your invoicing and payments needs?
The Advantages of Veem Payments
Having combed through all of the logistics on Veem payments and all that they can offer your business, it’s time we took a step back. What do all of these logistics mean for your business?
Let’s start on the positives and take a look at the most noteworthy advantages to using Veem for your business’s payment processing needs:
Completely Free Payments Service
If you’ve already made it through this much of this Veem review, then you’re already pretty familiar with the most-laudable Veem payments feature. But it bears repeating that Veem payments are almost entirely free. And this fact is only augmented by how costly many of Veem’s alternatives are.
As long as you avoid the $20 charge that Veem will apply to your payment, should your abroad receiver decide to claim a payment in USD, then Veem payments will be completely free.
Competitive Foreign Exchange Rates
Veem offers stellar foreign exchange rates. If you’re invoicing an international customer or paying an international vendor, Veem will be able to convert your currency at some of the fairest rates you’ll be able to find.
Plus, this will add extra incentive for you to encourage international receivers to access your Veem payments in their local currency in order to avoid that $20 fee.
No Additional Hardware Necessary
Finally, Veem is unique in that it won’t require your business to invest in any additional hardware in order to process payments. Other payment processing services will require your business to buy smart devices, card readers, and countertop displays.
Your business will simply need access to the Internet in order to send and receive Veem payments.
The Disadvantages of Veem Payments
All that aside, no payment processing service—not even Veem—comes without its fair share of downsides.
Although there aren’t many downsides to just trying Veem (it is free, after all) there are a few key pain points to keep in mind:
Fee for International Payments Received as USD
Be sure to know that Veem payments will come with a charge of $20 if you send an international wire that the receiver chooses to accept in USD.
That said, you probably won’t be able to find international wires for a lower fee than this. In fact, many banks will charge you up to $50 for international wires that the receiver chooses to accept in USD.
Nonetheless, though fee is exceptionally fair stacked against industry standards, you should still be aware that the fee exists.
As a blockchain technology, Veem payments, by nature, will be completely 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 perform traditional, in-person transactions like you might with a more hardware-based POS system. As such, Veem won’t necessarily be the end-all and be-all for your business’s transaction needs, especially if you’re working face-to-face with customers and vendors often.
No Credit Card Payments
As a result, you won’t be able to adhere to your customers’ or vendors’ payment preferences with Veem should they want to involve credit cards in the picture.
All in all, because Veem can’t process credit card payments through its technology, Veem payments might limit what you, your customers, and your vendors can accomplish together.
POS Systems That Work Well With Veem
As you’re probably gathered, Veem can’t quite do it all: It’s far from a comprehensive payment solution—and that’s especially the case for businesses who rely heavily on credit card payments, both for paying and getting paid.
What are some ideal POS systems that can make up for what Veem payments might lack?
Let’s take a look at the top two options:
Square offers a multitude of ways to convert your business’s smart devices into powerful, comprehensive POS systems.
Even with Square’s most affordable hardware and software options—their free magstripe reader and the free Square Point of Sale app—your business will be able to accept card payments, offer recommended tip options, capture signatures, and send receipts. And you’ll be able to do it all from a smartphone, tablet, or iPad.
Be sure to note that, unlike Veem payments processing, Square’s payments processing won’t be free—you’ll have to pay a Square fee for payment processing that starts at 2.6% plus $0.10 for non-manual card transactions.
Then, should your business need to send or receive wires, you can turn to Veem for free payments and invoicing.
Additionally, to access a more traditional, hardware-based payment processing system, you can look to Clover.
Just like Square, Clover will allow your business to accept in-person card payments. Unlike Square, Clover won’t require your business to come to the table with a smart device in order to use its POS systems. As a result, Clover POS systems tend to be pricier than Square systems.
Clover also has processing fees, but should you need to run a large payment, you could opt to do it for free through Veem and avoid Clover’s fees.
Top Alternatives to Veem
Alternatively, you might not be looking to supplement Veem payments services, you might be looking to replace them. In other words, you might have learned through this review that Veem simply isn’t the right fit for you.
While there are similar alternatives to Veem for you to shop, just know going in that you almost certainly won’t be able to beat Veem pricing—this is pretty much the extent of completely free payment processing on the market.
However, if you still want to get an idea of your other online payment processing options, we suggest you look to the following alternatives to Veem:
If you need your online payment processing service to be able to process credit card transactions, then PayPal might be your best alternative to Veem.
PayPal allows you and your customers to pay in whatever way you prefer. That said, 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 fixed fee that will be based on the currency it’s received in.
Another option you’ll have for online payment processing is Authorize.Net. Unlike Veem, Authorize.Net allows your business to accept credit card payments online. However, again, this access to credit card payment processing will cost you.
In order to access the Authorize.Net payment gateway, your business will have to pay a $25 monthly fee. You’ll also pay $0.10 per transaction, plus a $0.10 daily batch fee.
Is Veem Payments Right for Your Business?
Now that we’ve combed through all the ins and outs that Veem payments can offer your business, what’s the bottom line?
Well, after finishing this review, you’re particularly well-positioned to answer this question for yourself. You’re now familiar with:
- The fundamentals on how Veem works
- The details on Veem pricing and availability
- The advantages and disadvantages of Veem payments
- The best POS systems to pair with Veem
- And the potential alternatives to Veem
With all of the newfound knowledge under your belt, your next moves are up to you.