Online payment solutions provider Veem is venturing into the buy now, pay later (BNPL) realm with the release of two new products, according to a Thursday (August 12) company announcement.
Aimed at helping small and medium-sized businesses (SMBs) accelerate spending for operations while providing better cash flow management, Veem has launched Pay Later and Pay with Card products. Particularly as businesses recover from the continuing COVID-19 pandemic, having greater access to cash flow is imperative, the company said.
Since Veem has insight on its customer’s payment history and business transactions, all cash advances allotted through Pay Later are paid back in equivalent amounts over a three-month period.
The global payments company began in 2014 with the goal of simplifying international money transfers, according to the company website.
Since then, as PYMNTS reported in July, Veem has introduced Veem Invoicing and Veem Collections as part of a new product line for collecting and receiving payments from 75 countries in local currency as well as multiple currencies. The products allow small business owners to build, customize and send invoices and collect payments globally.
Prior to that, in June the company launched Veem Local Canada, which broadened its no-fee domestic payment service to Canada, PYMNTS reported. The digital solution includes various features, such as electronic fund transfers, no fund caps, payment workflow solutions and integrations with Quickbooks and Xero.
To add greater payments options for international freight transportation, Veem announced, in May of this year, a joint effort with digital global freight reservation platform Freightos.com. As part of the arrangement, Veem is listed as a possible payment choice on Freightos.com. At the time, the companies had said that while eCommerce was skyrocketing in light of the pandemic, 97 percent of U.S. SMB importers were hampered by difficulty securing international payments and logistics.