Veem now offers more flexibility on how to manage the card fees for debit/credit card payments. Payees located in any country serviced by Veem that can receive funds in USD now have the option while creating an invoice, to cover the debit/credit card fees for the payer.
This feature will give the invoicer the ability to cover any card fees associated with a payment including either the 2.9% credit card fee or 1% debit card fee.
When will this change be effective?
The change will be rolled out as of March 24, 2022.
How much is the fee for debit and credit cards?
Payments by debit cards will incur a 1% fee. Payments by credit card will incur a 2.9% fee.
What countries does this affect?
This change affects US payers. Currently, only US clients can make payments by debit/credit cards, and therefore only US payers that will opt to use this option as their preferred payment method will be able to have their card-associated fees covered.
Only payees located in any country serviced by Veem that can receive funds in USD will be able to cover the fees; and if the recipient has opted to receive funds in USD.
How does this work?
Click here to learn how to cover the payer's card fees.
Which credit cards does Veem accept?
Veem accepts business credit cards issued by Visa and Mastercard only. Cardholders must be US residents.
Can the invoicer split the fee with the receiver?
The credit and debit card fees cannot be split between the receiver and sender.
For more information on credit card payments, please click here.
Still need help? You can chat or call our Customer Success team here.