This Payment Platform Offers Rebates to Mitigate Trade War Impact

Despite efforts to reignite negotiations, the tariff-infused trade war with China continues to impact business. Companies are trying to mitigate costs by changing suppliers. With some products, such as paper, businesses were able to shift sourcing to Mexico. But it’s not easy for most companies — especially in textiles, said Marwan Forzley, chief executive officer of global payments platform provider Veem. Here, Forzley shares insights into what’s at stake and its impact on business as well as some solutions to better weather the trade war. WWD: How would you describe the current situation? Marwan Forzley: Rising tariff costs in the ongoing trade war with China are affecting businesses across the U.S. Many businesses are concerned their products will be affected, including retailers. Veem has been getting questions from clients about moving suppliers, but finding new suppliers isn’t easy — it’s challenging and time-consuming and it’s virtually impossible to shift sourcing overnight without risking quality, production schedules or both. We advised our customers at the beginning of the trade war that they may need to potentially stock up on their goods to insulate their prices. We’ve seen many do just that, but afterward we’ve watched a large decrease in the size of payments to China —

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