Veem Rolls Out Real-Time Payment Tool for SMBs

Veem has launched a real-time payment tool for small- to medium-sized businesses (SMBs) in more than 100 countries.

The service is for businesses with domestic and cross-border payments, according to a Tuesday (Oct. 25) news release.

“This will be the largest coverage of countries where businesses can pay and get paid in real time, helping SMBs get instant access to their pay and manage cash flows,” the company said in the release, noting that “instant” refers to wallet-to-wallet transactions.

This includes support for a global Veem Wallet that lets customers store balances and send payments from their wallet anywhere on the planet at no cost. Aside from wallets, Veem now supports “getting paid to bank accounts that link to debit cards internationally,” along with paying from credit and debit cards any place in the world where Visa and Mastercard are accepted, the release stated.

San Francisco-based Veem said in the release the launch is happening with the help of money movement platform TabaPay and Cross River, a technology infrastructure provider of embedded financial solutions and banking services.

Cross River Head of Payments Keith Vander Leest said in the release that the partnership addresses a “growing need for real-time solutions in an outdated and traditionally slow, complicated, and expensive process.”

Research by PYMNTS has found that many SMBs run into a host of pain points when sending B2B payments.

Read more: Small Businesses Willing to Pay Premium to Eliminate AP/AR Hassles

Many of them encounter, as Vander Leest put it, outdated methods, with 20% relying on checks and 23% choosing regular automated clearing house (ACH) as their go-to methods of sending payments, and there is a substantial asymmetry in the preferences of buyers and suppliers

PYMNTS found that SMB buyers and suppliers are tired of inefficient and outmoded accounts payable (AP) and accounts receivable (AR) platforms. Many are interested in using — and willing to pay for — an all-in-one solution.

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