WooCommerce partners with Veem

Friday 13 October 2023 14:08 CET | News

Open-source ecommerce platform WooCommerce has partnered with Veem to streamline payables and receivables for ecommerce businesses worldwide.

The collaboration allows the integration of Veem’s B2B extension into WooCommerce’s marketplace, enabling businesses to implement payment collection into their checkout flow without paying interchange fees. Moreover, the extension facilitates the management of companies' payables both domestically and internationally.

Open-source ecommerce platform WooCommerce has partnered with Veem to streamline payables and receivables for ecommerce businesses worldwide.


The partnership’s objective

Veem’s new extension on the WooCommerce platform aims to enable businesses to accept payments online from customers and other businesses around the world. The extension has a simple installation process into any WordPress-hosted website, providing buyers with flexible payment options and merchants with a convenient method to collect and send payments.

According to Veem’s officials, WooCommerce merchants are currently looking for ways to digitise their processes for accounts payables and receivables, and the partnership allows businesses to collect against their larger-ticket sales, as well as pay their suppliers and contractors globally. Furthermore, the collaboration with Veem will help WooCommerce to support their B2B merchant segment and enable them to manage their finances more efficiently within the Woo dashboard.

Currently, WooCommerce has 3.9 million online stores built on its platform, with some of its customers including Nutribullet, Weber, Singer, All Blacks, and Airstream Supply Company, among others. 

Veem’s past developments

Operating in over 100 countries and serving approximately 800,000 businesses, Veem’s objective is to enable owners, accountants, and finance professionals to have better control over their payment processes. The company also provides payment tools to small businesses. Veem’s suite of services maintains a high level of data security and privacy, the company adhering to compliance and data protection practices and holding all required federal and state licences.

At the end of September 2023, Veem introduced the Visa virtual card to expand its real-time payment capabilities. By using the virtual card, customers can receive payments and make purchases worldwide, with businesses being able to manage their spending by transforming incoming payments into cards that can be used at every location where Visa is accepted.

Moreover, in December 2022, Veem partnered with Finastra to provide business payments via native integration with the latter’s Fusion Digital Banking Platform. Through this collaboration, banks and other financial institutions can offer innovative payment services for small and medium-sized enterprises (SMEs) using automated electronic invoicing and bill-pay capabilities.

About WooCommerce

Launched in 2011, WooCommerce enables companies from any industry to sell their products and services with extensibility, flexibility, and control over how they build and evolve their business. Back in June 2023, Clik2pay developed a plugin for WooCommerce, aiming to facilitate payment options. The implementation of the plugin allows businesses on WooCommerce to provide their customers with a direct-from-account payment option. Also, companies can accept debit payments using Clik2Pay.  

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Keywords: partnership, online payments, online platform, ecommerce, cross-border ecommerce, B2B payments, accounts payable
Categories: Payments & Commerce
Companies: Veem, WooCommerce
Countries: World
This article is part of category

Payments & Commerce




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