As our aim is to simplify your business payment processing needs, we are pleased to announce that Veem now offers the flexibility to make payments with credit and debit cards for faster transfers for all our clients!
What Changed?
This feature is now available for all accounts located in the countries currently supported by Veem.
When will this feature be live?
The change is live as of Tuesday, October 25th, 2022.
What cards are currently supported?
We currently support business Visa credit cards or debit cards, and business and personal MasterCards or debit cards.
How much is the current fee for sending payments using a card?
- For clients located in the US, there is a 2.9% fee when using a credit card. Clients outside the US are subjected to a 3.9% fee when using a credit card to fund payments.
- A 1% fee will be charged when using a debit card to fund payments.
How does this feature work?
This option can be used when the sending account set is an active and supported debit or credit card. The processing time for card payments is 1 business day after the payment is verified. For more details on card payment timelines, click here.
Are these payments processed in real-time?
Payments funded by debit or credit cards are not real-time payments.
How can I add a debit/credit card to make payments?
Click here to learn how you can add a debit card to your Veem account.
Click here to learn how you can add a credit card to your Veem account.
To make the card added as the default debit method, please go to Settings > Funding > Funding Routes.
Is there a maximum on the total amount being transferred?
The maximum amount to be sent using a debit/credit card is $50,000 USD per transaction.
How can I disable this feature?
To disable this feature, simply change the account you automatically use to send payments from your card to your bank account. You can do this by going to:
- Settings > Send Payment > Defaults > Default Sending Account > **update this to your preferred sending method.
Click here to learn how you can remove the card added to your Veem account.
Need more help? You can chat or call our Customer Success team here.