Frequently Asked Questions for Suppliers
GENERAL
Who is Eved?
Eved is a Fintech company that was purpose-built for those categories that just don’t fit the traditional P2P process. We connect buyers and suppliers and help enterprises digitize how they request, order and pay for services rendered. EvedPay is the digital payment solution for all fast paced categories.
What is an Eved invite, and why did I receive one?
How is EvedPay beneficial for suppliers?
- Inclusion in Eved’s supplier marketplace, which is used by fortune 500 companies, and other large enterprises looking for suppliers
- 24/7 access to payment status
- Transparency into all your payments
- Streamlined change orders
- Freedom from credit card authorization forms and credit checks
- Real-time collaboration and reporting of client spend, resulting in faster and easier reconciliation
- Direct deposit of payments into your account
- SEO-friendly profile page to market your company
- Easy account opening process – takes only 10 minutes
Why does my client use Eved for payment processing?
How is EvedPay different from a Purchase Order (PO) or credit card payment solution?
Traditionally, suppliers are paid in two main ways: either via Purchase Order using a check or wire transfer which introduces a time-to-pay challenge; or, via credit card that comes with charge-back risks and no guarantee of global acceptance. EvedPay offers unique advantages to these methods, without the trade-offs. Plus, EvedPay provides real-time reporting, analytics, and visibility into your client’s payment process. An EvedPay Merchant Account also has no annual fees or set-up fees.
Purchase Order |
Credit |
EvedPay |
|
No charge-back risk | ✓ | × | ✓ |
Included in client private network | ✓ | × | ✓ |
Accepted globally | ✓ | × | ✓ |
Ease of use: Onboarding | × | ✓ | ✓ |
Ease of use: Payment | × | ✓ | ✓ |
Speed to pay | × | ✓ | ✓ |
Included in merchant network | × | ✓ | ✓ |
Real-time reporting and analytics | × | × | ✓ |
Payment status visibility | × | × | ✓ |
Who do I contact if I have further questions or need more information about creating a Merchant Account if I did not receive an invite?
HOW DOES IT WORK | WHY DID I RECEIVE THIS?
How does EvedPay work?
Why did I receive a RFP on Eved?
Receiving an RFP from a company using Eved means that company would like to buy services from you, and therefore would like a proposal in order to make decisions. Eved’s RFP features centralize all of the relevant information a company would need to bid on new business. By creating an Eved Merchant account you make yourself available to prospective buyers by getting on their preferred supplier list, see order changes along the way and can easily close out business.
Why did I receive a Purchase Order (PO) on Eved?
Receiving a PO from a company using Eved means that the company committed to buy services from you. To expedite payment, your client requested that you accept EvedPay, their preferred method of sending you money.
Why am I seeing an invoice that I sent directly to my client added to the Eved system?
Eved Payments
Why should I open an EvedPay Merchant Account?
What does it cost to open an EvedPay Merchant Account?
How do I setup a Merchant Account if I received an invite from a client or new company?
Who in our company is the best person to set up a Merchant Account?
Why does Eved need a tax document or withholding certificate if I’m a non-U.S. based supplier?
Completing a tax document or withholding certificate does not necessarily mean you will have to pay taxes, or that taxes will be withheld from your payment. Based on U.S. tax law, when a U.S. entity is using non-U.S. suppliers to provide services within the U.S., U.S. tax must be withheld and submitted to the U.S. taxing authority, unless you are exempt from U.S. withholding tax. So we require a tax document and/or a Withholding certificate to properly account for the taxes. Additionally, U.S. companies doing business with other U.S. and non-U.S. vendors are required to collect tax documents or Withholding certificates for reporting purposes.
Which tax document do I need to complete?
Who is the ‘recipient’ when filling out my banking information?
What is my swift code?
Why do I need to create a new account with a new email?
What are Eved’s merchant fees/rates?
There are no startup, monthly or termination fees associated with an EvedPay Merchant Account. Just as with a credit card, you pay a merchant fee only when a payment is processed. Payment will post from Eved, LLC. Your merchant fee is determined by your merchant rate, which is based on your overall payment volume through EvedPay.
Annual Sales Threshold | Merchant Rate |
Up to $1,000,000 | 3.0% |
$1,000,001 – $5,000,000 | 2.8% |
$5,000,001 – $25,000,000 | 2.6% |
$25,000,001 – $50,000,000 | 2.4% |
$50,000,001 – $100,000,000 | 2.2% |
$100,000,001 – $200,000,000 | 2.0% |
$200,000,001+ | 1.8% |
Which currency do I receive my payment in?
When can I expect to receive payment?
Why did I receive lower payment than was invoiced?
Have more questions? Contact Us
General Inquiries
Help Desk
APAC & GC Phone: +86 0731 8448 5215
/ Toll Free: 800-492-2355 (within Singapore only)
Help Desk Representatives are available Monday-Friday 8am-7pm CST. Hours may vary by region.