Veem Payments Review | Wire Transfer Solution | Summary and Q&A

TL;DR

Veen payments is a web app solution that allows for easy wire transfers and ACH payments without the need for visiting a bank, with features like ease-of-use, fast processing time, low costs, enhanced security, and integration with accounting software.

Key Insights

• 🏦 Veen payments eliminates the need to visit banks for wire transfers, making it convenient and time-saving.
• 😄 The web app's ease-of-use simplifies the process of sending and tracking payments.
• 💨 Veen payments has fast processing times for wire transfers, comparable to banks and faster than many FinTech solutions.
• 🤱 There are no fees for wire transfers through Veen payments, with only exchange fees for international transfers.
• 💁 The solution prioritizes security by implementing user permissions and validating vendor information.
• 🪡 Integration with accounting software reduces the need for double entry and ensures accurate financial data.
• 🤙 Veen payments also offers a program called "Veen Capital" that provides credit for payments, which will be discussed in a separate video.

Transcript

I'm Stephen Brown Fletcher Gers we're the accounting department for your business empowering you to build with better numbers in this video I'm going to do a review of Veen payments for wire transfers and ACH payments I'm going to tell you about being what it does why we like it and why it might be a good fit for your business veem is a solution th... Read More

Questions & Answers

Q: How does Veen payments make the wire transfer process easier?

Veen payments eliminates the need to visit a bank for wire transfers, allowing users to send payments from a secure web app. It also provides features for tracking payments and easily inviting vendors to set up their payment information.

Q: What is the processing time for wire transfers with Veen payments?

The processing time for domestic wire transfers is about two days, while international transfers may take two days or more depending on the country and amount. However, this is still comparable to banks and faster than many other FinTech solutions.

Q: What are the costs associated with using Veen payments for wire transfers?

Unlike banks, there are no fees to send a wire through Veen payments. However, there are exchange fees ranging from 1-2% for international transfers, which is significantly less than what banks charge.

Q: How does Veen payments ensure security for users?

Veen payments offers user permissions, allowing for a separation of tasks between preparing the bill and approving/submitting payments. It also ensures security around vendors by inviting them to input their own bank information, which reduces the risk of incorrect account information.

Summary & Key Takeaways

• Veen payments is a web app solution that eliminates the hassle of bank visits by allowing for wire transfers and ACH payments from a secure web browser.

• It offers ease-of-use, allowing users to easily send and track payments, as well as invite vendors to provide their payment information.

• The processing time for wire transfers is comparable to banks and faster than many other FinTech solutions, with no fees except for exchange fees ranging from 1-2% for international transfers.