TTT Studios and Veem: Booting Up AP/AR Technology

As a problem-solving IT whiz in his own right, David Hobbs knows a thing or two about creating effective digital products. The company he founded with his twin brother and another partner, TTT Studios, prides itself on building custom software that addresses business problems. So, when he was first introduced to Veem, he was pleased to find a product that could live up to his standards. 

“One of our contractors sent me an invoice through Veem, and then I found out it allowed me to conduct transactions in Canada, without Interac’s limitations, and pay internationally,” Hobbs recalled. “I was like, ‘I’m sold.’”
 

A Canadian Conundrum

Interac serves as Canada’s e-transfer system between bank accounts, and Hobbs was leveraging it for a majority of payments. However, the system was set up with transaction limits of $10,000 per day and $30,000 per week. With large contractor invoices flowing in on a bimonthly scale, Hobbs was left scrambling to schedule payments in a way that was responsive to their partners, fair and equitable in terms of prioritization, and in line with Interac maximums. 

“We were in a situation with our contractors that felt like, ‘I can’t pay you yet, not because I don’t have the means, but because of Interac limitations,’” said Hobbs. “Veem allowed us to get around that problem.”

In addition to simplifying the payment schedule, Veem also helped Hobbs standardize payments. Previously, he had been subjectively determining who to pay when, based on Interac maximums, but with Veem, he steadily schedules the payments for all invoices at the same time. 

“I just love the standardization,” Hobbs remarked. “Rather than trying to remember what I did for an individual invoice, it allows me to consistently pay upon invoice receipt. That standardization is key to simplifying business processes.”
 

A Global Network

In addition to making intra-Canadian payments, TTT Studios engages with contractors outside of the country, including those in Chile and Mexico. Those global transactions caused even more heartache for Hobbs, requiring a trip to the bank every time he wanted to send a payment. 

“We had people I had to pay in Chile, and I had to go to bank every time I wanted to pay them,” Hobbs reflected. “It was a real pain, and I got tired of going, and that’s how I started using Veem.”

Today, Veem has taken the friction out of the payment, saving Hobbs hours of trips to the bank each month. In addition, it’s allowed TTT Studios to benefit from lower costs in wire fees and to extend business process standardization into global transactions, which, according to Hobbs, is a literal lifesaver. 

“Veem standardizes all of my contractor payments, which allows me to save time and lowers my blood pressure. It eases my stress,” he remarked.

TTT Studios also leverages Veem to lock in favorable exchange rates. When the company needs to convert U.S. to Canadian dollars, they use Veem as a way to ensure they receive the best rate and make the most of the conversion.

“Veem provides competitive exchange rates, and we can make those exchanges strategically,” Hobbs said. 

With such a global presence, it comes as no surprise that TTT Studios is considering standing up offices outside of Canada, with Mexico City as a chief target. Having Veem onboard ensures that if the company does go that route, they have an AP/AR partner to support their expansion efforts—from paying for office space and utilities to ensuring streamlined processes in a new country.

“It’s good to know that we have global payments support from Veem if we do decide to open another office,” concluded Hobbs. “We really benefit from using Veem, and we have made it the default option for all of our receivables and payables.”