Veem, a global financing and payments platform, recently unveiled a program created to help companies negatively affected by the ongoing trade war between the U.S. and China. The Veem Tariff Relief program reimburses its users for up to $1,000 annually to cover the cost of tariffs. The program helps businesses that import their supplies or goods overseas.
Currently, Veem serves over 100,000 businesses from 110 countries worldwide. The company got the idea for the tariff relief program from its customers.
How to Qualify for Tariff Relief
To enjoy the benefits of the Tariff Relief program, users can simply sign up for an account that allows them to send and receive payments at the Veem website.
A user who is buying goods from another country enters the corresponding codes. If the amount to pay increased due to a higher tariff, the user can submit the invoice to Veem and get tariff reimbursement for up to $1,000 in a year.
Flexibility of Small Businesses
Veem CEO Marwan Forzley, in an interview with Small Business Trends, encourages business owners “to be open to the idea of using the latest tools available to them to source and find supplies from different markets.”
He added that global trade policies change and the trade war with China could happen with other countries as well and it’s a smart move for businesses to be flexible by looking for solutions that may help them.
Veem Designed to Address Trading Cost Concerns
Veem was specifically created to help address some of the pain points encountered by small businesses operating in a global economy. However, the platform may not cover all the cost issues for businesses affected by the tariff increase for goods or supplies from China.
So it’s important that businesses adapt to different situations by trying solutions like Veem and other tools.