***First shown on Facebook, transcribed below.
Tanya: Hey, everybody! Today on day two of the vendor days at Scaling New Heights here in Orlando, I am with Devin from Veem.
Devin: Hello. My name's Devin. I'm a senior account executive on the accounting channel, the partnerships channel at Veem. I'm also from Canada so we have that special bond.
Tanya: Neighbors, literally hours away, just a few hours apart from each other.
Devin: So that's me in a nutshell.
Tanya: Awesome. And I have to say, I've been working with Veem for quite some time. Their largest office is in Silicon Valley. I think it's Silicon Valley, but their head office is in Canada and that's where they were founded. So just a little interesting tidbit for other Canadians out there.
Tanya: So, for those people who don't know what Veem is, I do because I've been using you guys a long time. Why don't you tell everybody what Veem is and what you guys do?
Devin: So Veem is an AP, sometimes AR solution. Our goal is to really become your all-in-one solution for your client's payables, receivables, and integrations. We do international and domestic payments. You have multiple different options. And then we integrate back with whatever accounting suite you're on. So if you're on QuickBooks, Xero, or NetSuite, and we're going to do all the automatic reconciliation for you. So you're going to work out of that platform. It's going to communicate into our platform and then we're going to facilitate the financial aspect of the transaction.
Tanya: Awesome. So you guys handle domestic payments?
Devin: Yep.
Tanya: International payments?
Devin: Yep.
Tanya: How many countries are you in right now?
Devin: 130 I believe we can send to.
Tanya: Awesome.
Devin: Sending out of, I'm not entirely sure, but it's upwards of 20 I believe. Don't quote me on it.
Tanya: The stats are on the website, the actual numbers on the website. But I do believe I recall 130 is still that number. So, I think you're right on that one.
Devin: It might be 138 now, to be honest.
Tanya: Oh, that's awesome. And the one thing that I love about you guys is you're able to do things cheaper and quicker because they use blockchain technology. And this was my first introduction to blockchain technology was through Veem and wow, that's actually really, really cool. How many days is it to do the transfers?
Devin: So right now, our timeline on payments is three to four business days. Obviously first time payments, you have to establish that relationship between the payer and the counterparty. But once that first payment's gone through, you've established a relationship, that's when you can really rely on that timeline and plan accordingly.
Tanya: Absolutely. And is it the same for domestic?
Devin: Same for domestic, same for international, yeah.
Tanya: Now, I will just let the Canadians know, I don't know much about the Americans. So you'll have to correct me on that, but in Canada, things do take longer because of government regulations. It is not them. There are certain government regulations that the Canadian Payment Association makes them follow and if they want to stay in business, they kind of have to follow them.
Devin: It's true.
Tanya: And I'm sure it's the same thing with the US, right?
Devin: It's similar, yeah. There are definitely limitations, but I mean, we've kind of worked around those limitations in order to get to that three to four business day timeline.
Tanya: Yeah, absolutely. And then you don't have to sit there and worry if you're making a payment. Again, us Canadians or again, in the US if you're dealing with somebody overseas, you don't have to worry about it, I can't even reconcile this until I see the amount coming out of my bank account to figure out what that exchange is, because it's just all there. You just, this is what I want to send, or this is what I want to receive. Here's the currency I want to send or receive it in and boom, it's gone, and it's really easy.
Devin: And it's locked in, right? So as soon as you start making the payments, as soon as it’s pulled over from whatever accounting system you're using, that exchange rate, as long as you're doing multi-currency technology, is locked in for the entirety of the payment, so it's not fluctuating.
Tanya: And that's amazing because I know when I do a credit card purchase, and when I'm here in the States, I see an authorization for X number of dollars, but that's not the same amount that actually goes through on my credit card. It's different because it depends on the exchange as of the moment it is processed. So, it makes reconciling so much easier, which is amazing. And you guys have a partner program you want to talk about too.
Devin: We do. So, as I said, I work in the accounting and partnership space here at Veem. And we have a partner program through an affiliate that we use. So, for any accountant that comes on, there's a rev share agreement. So, you're going to get 20% revenue shared rev, for the first year that you're on the platform and then any client that you bring onto our platform. So, I mean, if you bring on your book of business, count, how many clients you have, and then add a hundred dollars for each client. So you're going to get a hundred dollars for every client that you bring onto the platform.
Tanya: That’s awesome. And where they're really good, and where I use them, is before I put my QuickBooks to multicurrency and started changing that, I didn't do a lot of transactions in The States. So, it really wasn't worth it. I mean, we've got on the Bootcamp side is all I did. And some of the things that my templates and whatnot, and so it wasn't worth it for me to do that. So, if I'm invoicing through QBO, it's invoicing in Canadian dollars, they're paying me Canadian dollars. So, it's great for the Americans. They've got a great deal, but not so great for me. And what I did is I used Veem and I just went in there, and sent an invoice from Veem. Essentially you can send the invoice, and have it look the same. And it will come through and bill again in US dollars. So, you don't have to do any workarounds if you don't want to have a multicurrency account because you just don't do a lot of transactions. And then of course, if you've got clients that have volumes of transactions, again, it makes it easier. And you're able to save your clients money, which makes you look like a hero.
Tanya: I mean, who doesn't want to be your client's hero? That's what we want, we're in business for.
Devin: That’s right.
Tanya: Absolutely. And so, was there anything else you wanted to let anybody know before we wrap it up?
Devin: Yeah. I mean, as you said, you're not overly familiar with the options or optionality of payments in the US. I mean, obviously, we have a lot of clients in the US, we're at a conference in the US.
Devin: But a lot of companies don't necessarily have all these different options and then also include the international payment aspect, but we can send paper check payments on your behalf, in the US. So a benefit to that is, your vendors that still really want to receive a paper check, they can still get that, but then you, as the accountant, get all of the functionality of an electronic solution. We also have the option of sending a direct deposit ACH so that your vendor doesn't have to lift a finger. There's no action item. And then the third option would be, if you don't have all your vendor's information, you can still send them a payment only using their email address, and they can enter their details on their behalf. So there are a lot of options and kinds of customizability yet.
Tanya: That's awesome. It really does make it easy and beautiful. So just as we wrap things up, I know you guys have seen the puppies around. Veem is a sponsor of one of the puppies. And so $50 from this puppy is going to Beagle Freedom Project. So, you're definitely, they're supporting a social cause.
Until next time,
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