While we would love to process every payment on Earth, because we are a financial services company and are regulated in the countries we operate, there are some situations we may not be able to accommodate.
Business Payments Only
Veem may only be used for business payments. We are not able to process "person-to-person" or remittance payments.
For goods or services
In general, payments must be for the exchange of goods and service. For example, paying off an invoice for the import of widgets. Or paying a freelance programmer in another country.
- If the purpose for payment is unclear, Veem may request a copy of invoices or service contracts to clarify
- Veem is not permitted to process payments for "money businesses". This includes lending, escrow, securities and collections.
- Payroll to employees is prohibited, however payments to 1099 contractors qualify as business payments and are permitted
- Inter-company payments are allowed if the two entities are separate. For example a US company transferring to a foreign subsidiary.
- The named entities on each side of the transaction must be the original source and final destination of the funds. Funds may not pass-through an intermediary.
- For example, an accountant or bookkeeper may not send or receive funds from their own Veem account on behalf of their customers. The Veem account must be established in the client's name and business information.
- All funds must originate from the sender’s bank account and be received at the receiver’s bank account.
No Illegal Goods or Services
We are not able to process payments for goods and services that are illegal in the jurisdictions we serve.
- See Appendix for Unacceptable Business Policy and List of Banned Countries. If a business activity is unclear, Veem will perform an enhanced review to determine business acceptability.
- Veem cannot service any illegal drug, online pharmacy or marijuana industry payments.