Veem, an established provider of online payment services, has introduced two new Veem Capital products in order to assist SMBs with improving how they manage spending for their business operations.
Veem has introduced Pay Later and Pay with Card products that have been developed to offer business owners the ability to have more control over their cashflow and also have more financial freedom to take the appropriate steps to enhance their business operations.
Jeff Revoy, Chief Growth Officer at Veem, stated:
“SMBs struggle to stay open not because of poor sales or profitability. It’s because of temporary lack of cash flow, This is why we felt it was important to launch these services through Veem Capital. This will provide cash flow support for our customers in the form of paying with credit cards and access to capital with a more likely approval process than a bank. While revenue may not be available for SMBs, Veem Capital allows businesses to stay afloat, avoid bankruptcy and cover operational costs such as payroll, electricity, and rent.”
Most small or medium-sized firms face several challenges on a daily basis. From having little to no established credit history to temporary cash shortage, company owners may run out of funds within a few business days.
Since Veem has access to the firm’s payment history and transaction logs, small businesses may qualify for all-cash advances via Pay Later. These loans can be repaid in equal installments over a 3-month period, the announcement noted. It also mentioned that Pay Later is flexible and cash may be used to take care of any business-related expense.
Revoy added:
“Business might be rebounding, but what owners aren’t aware of is they still need help managing cash flow in order to keep their doors open. Veem is helping SMBs get out of this payment situation with the assistance of Veem Capital. Instead of looking at credit scores, Veem looks at the whole picture.”