Veem, a provider of global B2B payment solutions, has announced the rollout of new functionalities including enhanced card options and faster ACH, allowing small businesses greater flexibility in how they pay and get paid to manage cash flow.
Credit cards are an essential tool for small businesses to manage cash flow and Veem is expanding its card offerings to allow the small businesses it serves to easily accept cards without having to set up a merchant account. Veem has also enabled faster ACH, allowing its small and medium business clients to easily manage their payment delivery time from three business days to one business day, providing greater control of domestic payables.
A recent survey conducted by Veem in March revealed that 33 per cent of small businesses are cutting back on purchases to keep expenses down and manage cash flow amid inflation. With rising prices affecting SMBs globally, Veem’s enhanced payment capabilities provide flexible domestic and international payment options to give businesses more control over paying and getting paid.
“Giving small businesses total control over how to best manage their cash inflows and outflows is a necessity for companies looking to better navigate the current inflation pressures,” said Marwan Forzley, CEO of Veem. “Amid this current macroeconomic uncertainty, businesses are looking to optimise cash flow effectively and with as much flexibility as possible. Veem’s expanded card capabilities and the ability to select faster ACH, are purpose-built solutions for SMBs looking to take control of their payments and part of our enhanced portfolio of payment options. We are excited to offer small business owners with yet another set of tools that simplifies the payments process.”
In addition, Veem and Visa are collaborating to bring more control, choice and optionality to their cash flow management suite by including Visa credit cards and Visa Direct for real-time money movement and access to send money around the world. Veem’s expanded functionality and work with Visa was discussed at NACHA’s Smarter Fast Payments Conference on May 3, where Veem CEO Marwan Forzley spoke on a panel with Jay Darnell, VP, head of B2B fintech partnerships at Visa Business Solutions and Nicole Stiller, VP, product management and commercialisation, Visa Direct. The in-person session, “A New Wave of Global Money Movement for Small Businesses,” took place at the Gaylord Opryland Resort and Convention Center in Nashville, Tennessee on May 3 at 2:00pm CST.