Veem launches domestic payment offerings for small businesses
With a large number of businesses moving to digital payments platforms, non-bank fintechs are launching solutions which would target small and medium businesses in cost-effective ways. The low-cost solution would allow them to capture the businesses and also expand their presence.
The latest example is Veem, a San Francisco-based payments company, whose Veem Local product is touted as a ‘no-fee domestic payment product’ including ACH and check payment options for small businesses in the US.
Last year, Veem secured $31 million in its funding round while it also launched Veem Check which aims to simplify the commercial payments process for SME customers. The company aims to offer a cheaper, more convenient payments service than banks, while warning in its legal disclaimer that customer funds are not protected by the Federal Deposit Insurance Corporation.
According to the company’s press release, ‘SMBs continue to face economic stress and uncertainty, the company’s latest offering aims to give back value to small business owners’. The product will be available in the US and it claims to improve the in-country payment experience for businesses from end to end.
Other features include payment workflow solutions such as the reconciliation process, flexible pay-out options, 1099, integrations with Quickbooks and Xero and optical character recognition (OCR).
“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, Chief Executive Officer at Veem.
The claims by the company in the press note stress that it would help businesses with a better experience, ‘fee-free option to send, receive and reconcile business payments within the United States’.