San Francisco, March 04, 2019 (GLOBE NEWSWIRE) -- Veem, the only global payments processor built for business, is giving back to businesses that have suffered the consequences of rising tariffs on international goods. The Veem Tariff Relief program will reimburse those who’ve been disrupted by the ongoing trade war and pay back $1,000 toward a business’ tariff bill on imports from China.
“We’ve seen dramatic changes in payment size after tariffs were implemented two years ago, with a 57% drop in payment size from U.S. to China from 2017 to 2018, and 50% from 2018 to 2019. That’s a 79% drop in two years that can be directly linked to the trade war,” says Veem CEO and founder Marwan Forzley.
Veem’s proprietary data suggests the size of payments correspond directly to the amount of business activity between U.S. and China. Less money sent means less business, which could spell major consequences for the economies and relations of both nations.
The program was borne out of mounting concerns and complaints from Veem’s primary user base: U.S. small businesses. Business owners are finding it harder and harder to justify taking their businesses to global markets, and even considered leaving them altogether because they can’t keep up with the mounting costs.
“We're an advocate for small businesses and their needs in the market, the tariffs are just another stressor and another barrier to making small businesses successful,” Forzley said. “We believe that access to the global economy is a necessity for small businesses today. Whatever we can do to help, we’ll do.”
The Veem Tariff Relief Program kicks off Monday, March 4th. For more information, visit https://www.veem.com/tariff-relief/
About Veem
Veem is a global payments company built for businesses. We enable users to send and receive payments in local currency through our unique multi-rail technology and intuitive dashboard.
Founded by a world-class team of industry veterans with over 100 years of combined experience in payment processing, Veem's mission is to revolutionize the legacy financial payment system using disruptive technologies such as blockchain, and build a new user-centric financial ecosystem that services global businesses in their international endeavor.