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CASE STUDY


ACE MARKS AND VEEM: CREATING A LUXURY PAYMENTS EXPERIENCE



Industry
Fashion
Location
Miami, Fl., U.S.A.
Customer Since
Veem client since 2017
Company Size
5
Tech Stack
QuickBooks®
Using Now
For International & Supplier Payments
Looking Forward to Using
Veem for Business Expansion

THE VEEM EFFECT

Saved $120,000 in foreign exchange fees alone
By switching to Veem, Ace Marks earned a more competitive foreign exchange rate,
saving the company an estimated $120,000 since joining.
Increased transparency of payment
With important international supplier relationships, Ace Marks wanted to provide
full line of sight to the transaction for its partners. Veem provides detailed
payment tracking to allow the payee to know where the money is at any given
point.
Reduced accounts payable time by 5+ hours per month
Ace Marks found Veem so much easier to set up and use that they were able to
drastically shrink the time it takes to pay their suppliers and partners.

ON THE RECORD

"I recommend Veem all of the time. I’ve been very happy with the service."
Paul Farago
Founder and CEO, Ace Marks, LLC

--------------------------------------------------------------------------------

Ace Marks, LLC, was founded with the idea that luxury products should be
available at affordable prices, and by cutting out the middleman, they were able
to make that dream a reality. The company gained a cult following through a
Kickstarter campaign around affordable, luxury, Italian-leather men’s shoes, and
that initiative built them not only an instant customer base, but also a true
community. 

“We launched on Kickstarter in 2016, and back then we were the most funded
footwear project in crowdfunding history. That’s really how we got our name and
our brand out there,” said Paul Farago, founder and CEO. “We have built a nice
connection with our early customers and that’s helped us grow our AceMarks.com
business organically” 

With that personal relationship in the foreground, it goes without saying, Ace
Marks expects to be able to provide a similar connected experience when sending
payments to their supplier-partners, starting with better transparency around
the transaction. 

“We use Veem for international payments to pay our footwear suppliers in Italy,”
shared Farago. “It’s nice to be able to send our supplier a graph that shows the
status of the wire and where it is in the chain. That’s been helpful to show
them that it’s on the way.”
 


A MORE SECURE PATH

Beyond payments transparency, Farago points to Veem’s added layers of security
as a differentiator. For example, because the service confirms bank account
details, it makes for a more seamless, certain transaction on both ends. 

“I explain to our suppliers that Veem is a more secure service,” said Farago.
“Because there is so much fraud out there these days, I let them understand
we’re doing this for everyone’s safety.”
 


A BACK-UP BENEFIT

In fact, Farago recalls just how grateful he was for Veem’s security when he was
hit with a ransomware attack last year. The assault wiped out his QuickBooks
content—the majority of his payment history—and he had to rebuild everything
from scratch. Because Farago paid all of his suppliers through Veem, he had the
records from those transactions logged, and Veem played a significant role in
helping to recreate Ace Marks’ accounting history. 

“Being able to be able to go to Veem, seeing who we sent all of the wires to,
having the easy-to-navigate transaction history, and being able to download all
of the invoices and documents, all of that was very helpful in reconstructing
our books,” shared Farago. 

A year later, Ace Marks is still working on the recovery process, but the
headache the attack caused has made them all the more thankful for their
diligence and history with Veem. 

“We pay all of our suppliers only through Veem. So, I knew that I had all of the
information at my fingertips going back to 2017,” Farago noted. 
 


THE CASE FOR VEEM 

Yet, according to Farago, these benefits are the icing on the cake, and as Ace
Marks continues to expand its business, he sees these sorts of secondary
advantages growing. From deeper integration with QuickBooks, expanded bill pay
use cases, and even workflow solutions, Veem brings a lot to the table for a
growing business. But it’s the more cost-effective, efficient experience that
will continue to bring new customers into the fold. 

“The pitch is that it does the same thing we’re doing now, but it’s much less
expensive, easier to use, and integrates with our back-office tech stack
allowing us to automate processes and maintain a lean operation. At the end of
the day, these are the biggest selling points. What else do you want if it meets
those criteria?” concluded Farago.

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ABOUT VEEM

Veem is a global payments network built for businesses. We began in 2014 with
the intention of making international money transfers as simple as purchasing a
cup of coffee. Since then, we’ve revolutionized the way businesses pay and get
paid around the world by empowering owners, accountants, and financial
professionals to take control over their payment processes. We level the playing
field by providing enterprise-level financial tools and negotiating power to the
small businesses who need it most.


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FOR A VIP EXPERIENCE


XS SUPPLY AND VEEM: MAKING PAYMENTS SIMPLE, QUICK AND CERTAIN


TEALET AND VEEM: BREAKING DOWN INTERNATIONAL PAYMENT BARRIERS

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