Veem Leverages the Power of Finexio for Small Business Payments
For decades, small businesses have operated at a payments and cash flow disadvantage. Traditional financial organizations were oriented towards larger businesses, discounting the needs of small businesses for strong cash flow and efficient payments.
In fact, the cash flow needs of small businesses have only escalated since the beginning of the Covid-19 pandemic in March 2020. More than 50 percent of small businesses surveyed by Mercator Advisory Group report that their cash flow concerns have increased or increased significantly.
Fortunately for entrepreneurs across America, Veem’s payment ecosystem allows small businesses of all sizes to make and receive payments rapidly and at a reasonable cost. In an episode of the B2B Cashflow Conversations podcast, Finexo Founder and CEO Ernest Rolfson spoke with Marwan Forzley, CEO and Founder of Veem.
Like Finexio, Veem was founded to create a seamless payment experience, eliminating the friction that characterizes traditional small business payment platforms. Veem not only facilitates payments within the U.S., but it also expedites overseas payments. Regardless of where a payment originates and ultimately ends up, Forzley’s objective is to create as seamless an experience as possible, an attitude that Rolfson shares.
“Veem is oriented towards whatever the customer wants to do — domestic, international, cross border, foreign exchange,” said Forzley. “We have a different approach in that it’s very customer-centric.”
Solving customer pain points
“What are the typical problems you’re solving for your customers?” Rolfson asked.
“They’re looking for a simple way to move their money around, to pay or get paid,” he replied. “For example, if I have a business in California, I might want to pay a supplier in New York. I don’t have their bank account information on me, that would take some time to figure out. Instead, Veem lets them log into their account and send an email out with the payment. Our service is similar to Venmo, Square Cash or Zelle, but for businesses.”
“Essentially, you’ve removed the friction,” Rolfson said.
“That’s a key value proposition — the simplicity of the experience,” Forzley agreed. “Because when you’re doing domestic payments, you are generally doing ACH, checks, cards or wires. Wires are the bigger instrument for larger transactions. What we’re doing is basically giving you the ability to make payments of any size, pulling money from one side and depositing it on the other side.”
Adding checks to the payment platform
Rolfson noted the collaboration between Veem and Finexio that occurs in domestic payments, specifically in the check space. To assist its customers as fully as possible, Veem uses many different modalities to transmit payments, including Finexio’s network.
“We teamed up with Finexio during the pandemic when we got feedback from our customers that they wanted to spend using checks, which is kind of odd since you would assume that since people were at home, they would want to do electronic payments,” replied Forzley.
“The way we manage a check payment is different,” continued Forzley. “When the check is sent, the receiver gets a notification with an expected delivery time. When they are notified that the check has arrived, they can go actually pick it up. It’s marrying new technology with an old payment method — the new technology is the ability to track and refine delivery times and the old is actually paying by check.”
“Could you tell me why rolling out a new payment modality — in this case, checks with Finexio — is important to you and your customers?” Rolfson asked. “I’d love to learn more about your thinking behind what you call Veem local, which is your attitude towards being a comprehensive payment solution.”
“Being local is really the concept of having businesses in local markets that pay locally and want choice in their payments,” Morzley explained. “They can pay by check, card, ACH whatever they want. It turned out that there were situations in which the payer and the payee found checks appealing, especially when packaged with this new technology. So, we ended up teaming up with you to do it. I go with whatever the customer wants — because that’s what we do for them, fulfill their payment needs.”
Rolfson asked Forzley if the experience of expanding into checks is a way to expand their market share or if there was other reasoning behind this addition of a new payment modality to the Veem platform.
“We think of it primarily as the opportunity to deliver a delightful simple experience to our customers,” replied Forzley. “As a result of that, we end up getting more share of the payments wallet from our customers. Share of wallet is a by-product of simpler things — essentially that I am giving you a different experience, the experience is life long and you get what you need today.”
Learn more about how fintech capabilities can create a seamless payment experience for your customers. Contact us for a consultation.
Watch the full episode of “B2B Cashflow Conversations” with Marwan Forzley.