Many of the entrepreneurs and small businesses we work with at Reconciled do business all over the world, and they look to us not just for their bookkeeping needs but for guidance on creating systems and processes that provide them greater efficiency while ensuring security of their financial assets.
When I was recently introduced to Veem — an app that allows businesses to easily pay invoices domestically and internationally — I was delighted to begin recommending it to my clients.
Because if you can Venmo money to your friends after they cover brunch, a business shouldn’t have to go through a cumbersome wire transfer process to pay an invoice. Why can’t they make their payments with the same ease and security as an individual?
Veem also uses blockchain to manage half of its payments. Since I’m fascinated by the way blockchain is disrupting the accounting industry and was recently certified as a blockchain expert, I’m excited to get on board with companies that are using the technology.
After connecting with some of the folks from Veem, I got the opportunity to interview Sean X, Vice President of Marketing at Veem about what’s driving this innovative company.
Michael Ly: Earlier this year Veem announced that your users can now send money to and from over 90 countries. How many more countries does Veem expect to introduce by year-end?
Sean X: 2018 has been a big year for us, and it’s not over yet. We’ve significantly expanded our operations and are now able to service 96 countries. We not only want to expand to more locales, but we’re also always looking to improve payments to our existing countries by making them faster, and more efficient.
ML: We’ve noticed Veem’s partnership with other online bookkeeping and accounting firms similar to us. What do you think has made you so popular among accountants?
SX: Accountants like Veem because we present an easy solution to a long-standing pain point: international payments. Our fast and personalized service, secure payment rails, and easy processes allow accountants to offer the best solution to their clients’ wire transfer woes.
Accountants have tolerated an assortment of international payment options for their clients. Wires, off-currency paper checks, and more. None were the right fit for their needs. Before Veem, there was no concise, robust solution that everyone could use.
Our platform goes one step further by integrating directly into accountants’ GL, becoming part of their own service offerings. This is a necessary step, as the accounting industry moves toward cloud-based and outsourced bookkeeping. Their clients want a more global approach, and this is the best way forward.
ML: With technology changing so rapidly, how are international payments still a major problem for small businesses?
SX: Small businesses play a very important role in the US economy, and yet their needs are often ignored. Banks tailor their services to big companies, especially when it comes to lending and global transfers.
High transaction costs, the inefficient SWIFT system, unfair foreign exchange rates, and unnecessary wait times are just a few of the pain points plaguing small businesses when sending international wire transfers. Veem is putting a stop to that.
ML: What inspired the founder of Veem to solve this problem?
SX: Technology is driving small businesses to expand and outsource their operations into global markets. But, they’re being stifled by outdated and obsolete bank wires that are fundamentally broken.
Marwan Forzley, Veem’s co-founder and CEO, has a long history with eCommerce and mobile payments. He founded Veem because he wanted to provide an easy, fast, and secure payment method that helps small businesses thrive in a new, global economy. He also found it got rid of an outdated system that favors the big guys.
ML: Veem is one of the few apps in the Quickbooks Online ecosystem that includes blockchain technology. Can you briefly explain how that is used in your app?
SX: Veem uses a unique multi-rail technology structure to send payments across the globe. Veem’s payments algorithm intelligently factors in location, speed, and potential cost to the user for any particular payment. Once the information is gathered, our system chooses one of our three rails that will make the payment travel as seamlessly and securely as possible.
Blockchain technology is one of these rails. Currently, 51% of our transactions are sent using blockchain. It’s simply one of the most secure, fast, and cost-effective ways to send and receive funds internationally.