Veem’s new product suite will enable small businesses to collect and receive payments in local and multi- currencies from 40 countries. Credit: Blake Wisz on Unsplash.

Digital payments firm Veem has rolled out a new product suite focused on domestic and cross border transactions.

The new offerings, which include Veem Invoicing and Veem Collections, will enable small businesses to collect and receive payments in local and multi- currencies from 40 countries.

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According to Veem, these offerings eliminate friction from the process by helping small businesses build, customise, and send invoices.

It also allows them to cost effectively collect any payments from around the globe, including zero-fee payments in domestic markets.

The product suite extends multiple payment methods for payers, including bank account, credit card, cheque as well as Veem Wallet.

Veem chief growth officer Jeff Revoy said: “Whether it’s billing, collections, payments or cash flow management, small and medium businesses face a flurry of challenges when managing their domestic and global payment needs.

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“That is why we’ve released Veem Invoicing and Veem Collections, to provide a centralised, single solution that is specially made to fit the back office needs of small businesses.”

Besides invoicing features, Veem provides accounting integrations with Quickbooks Online (QBO) and Xero for automatic payment tracking and reconciliation.

Last month, the company expanded its no-fees domestic payment services to Canada, including Québec.

The service, dubbed Veem Local Canada, will provide Canadian business with ‘all-in-one, end-to-end solution’ for cross payments between provinces and territories across the country.

Last November, Veem bolstered its domestic payment offering in the US by launching Veem Check, a new business-to-business tool.

In September last year, Veem secured $31m investment to develop a channel partner programme for geographic expansion.