Veem now offers more flexibility on how to manage 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 the payment including either the 2.9% (updated to 3.5%) credit card fee or the 1% (updated to 3.5%) 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% (updated to 3.5%) fee. Payments by credit card will incur a 2.9% fee if the payer is located in the US and 3.9% (updated to 3.5%) if the payer is located outside the US.
What countries does this affect?
This change will affect any payer that will opt to use their debit/credit card as their preferred payment method. They 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.
Can the invoicer split the fee with the receiver?
The credit and debit card fees cannot be split between the receiver and the sender.
For more information on credit card payments, please click here.
Still, need help? You can chat or call our Customer Success team here.