Veem Payments Review: Features, Costs, Alternatives

• 2.9% for credit card transactions. Veem was designed for electronic bank transfers. You do have an option to send payments via credit card, but a 2.9% transaction fee applies.
• 1% for global instant deposit. Most payments made through Veem will land in your bank account within three business days. If you want your money instantly deposited to a debit card, you'll pay a 1% transaction fee. A $1.50 minimum fee applies.
• $29 for international payments in USD. If you're paying someone outside of the United States who wants to receive their payment in U.S. dollars, you'll pay a fee of $29. However, if you and your payee both use Veem Wallet, this fee is waived. Your payee can then withdraw funds from their Veem Wallet to their bank account in their local currency at a competitive foreign transaction fee.

• Accounts payable and accounts receivable management. When your business uses Veem's paid Premium Plan, you get access to customizable invoicing, payment links and the ability to make multiple payments all at once. You also get a dashboard to help you track payments made or received through Veem, even those that are still in transit.
• Free payment availability. It bears repeating that Veem payments are almost entirely free after the monthly subscription fee. Just remember to avoid the $29 charge that Veem will apply to your international payments by asking the recipient to either accept payment in their local currency or use Veem Wallet.
• Competitive foreign exchange rates. Veem offers stellar foreign exchange rates. If you’re invoicing an international customer or paying an international vendor, Veem will be able to convert your currency at some of the fairest rates around.
• No additional hardware or complicated setup necessary. Veem is unique in that it won’t require your business to invest in any additional hardware in order to process payments. Other payment processing services might require your business to buy smart devices, card readers or countertop displays. Your business will simply need internet access to send and receive Veem payments. Also, the effort necessary to set up your Veem account is nominal; an account can be set up in under five minutes.

• Veem’s recently updated pricing structure may be costly for some businesses. In addition to the monthly subscription fee, businesses requiring fast (within one business day) bank transfers or global instant deposits will want to pay attention to the additional fees that Veem charges for these services. As a percentage of the total transferred — 0.5% for expedited bank transfers and 1% for instant deposits — these fees could amount to a sizable sum.
• Veem isn’t 100% available in every country. Although Veem gives you the ability to complete transactions in over 80 currencies and to more than 110 countries, some countries are set up only to receive payments. Your customer might not be able to send you money through Veem.
• Your customers pay more to pay you by credit card. Some customers prefer to pay using a credit card, but additional fees to pay that way can be a turnoff. Veem charges the payer 2.9% per transaction to pay by credit card, something you’ll want to keep in mind before sending a Veem payment link to your customers. Additionally, if you need a point-of-sale credit card processing system, you'll need to use a more traditional payment processor.

1. Melio supports limited countries outside the U.S. (currently, just Canada, the U.K. and the European Union).
2. Melio currently syncs only with a limited number of accounting software products, including QuickBooks Online.

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