EVED FOR EVENT SUPPLIERS FAQ

FREQUENTLY ASKED QUESTIONS

What is EvedPay?

Getting Started on Eved

Video includes: Create your Eved account and setup EvedPay merchant account (0:03), accept client invitation (2:00), complete tax document information (2:35), upload W-8 (foreign entities only) (3:03), create company profile and add certificates (3:20), add users (3:50), complete profile (4:20) and set up notifications (5:10)

How is EvedPay beneficial to suppliers?

EvedPay brings a new level of visibility and transparency to the payment process and makes it easier for suppliers to do business with their clients. Having an EvedPay Merchant Account eliminates manual data entry, streamlines change orders, and reduces billing disputes between suppliers and their clients.

What are the associated Merchant rates?

There are no startup, monthly or termination fees associated with an EvedPay merchant account. Merchant rates are as follows: 

Is EvedPay required for all Suppliers?

There is no longer a membership in Eved. The only way for a supplier to be a part of Eved is to sign up for an EvedPay Merchant Account. Premium members who have paid a membership fee will be grandfathered in and we will transition them to be EvedPay-ready.

Why should I open an EvedPay Merchant Account?

In addition to bringing a new level of visibility and transparency to the payment process and make it easier for suppliers to do business with their clients. An EvedPay merchant account eliminates manual data entry, streamlines change orders, and reduces billing disputes between suppliers and their clients. With access to exclusive marketing tools designed to increase awareness and boost sales, suppliers gain exposure to Fortune 500s and large enterprises looking to add EvedPay-Ready suppliers to their preferred networks.

What does it cost to open an EvedPay Merchant account?

There is no cost to open an EvedPay Merchant account. To sign up, event suppliers just need to enter their bank info to set up direct deposit for client payment. Suppliers are only charged according to their Merchant Rate when they complete a transaction, and this is typically less than a credit card rate. 

How is EvedPay different from a PO or credit card?

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 over both of 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. View a full comparison chart:

How does EvedPay work?

EvedPay is similar to Paypal, your customer will initiate payment against your invoices and in 3-5 days the payment will settle in your account. The charge will be the net amount minus the merchant rate. The charge shows as being from Eved LLC. You can view information on your payments in the Payments tab within your account. The batch email will show usage rate per invoice paid. 

The payment wasn’t for the full amount?

The EvedPay merchant rate is just like a credit card fee. Unlike a credit card where you receive the full amount of the invoice and then a separate charge at a later date for the credit card fee, we process the payment and merchant rate all at once. For accounting purposes, the full invoice amount should be recognized/credited as sales revenue and the EvedPay merchant rate debited to the credit card fees account in your general ledger.

Why did I receive an invite to Eved?

You've been invited to join your client's private network of event suppliers. Eved facilitates the request, order and payment processes between you and your client. Experience centralized communication, streamlined payments and much more! Learn more about the benefits of working with your client on Eved, click here.

Why did I receive a RFP on Eved?

Eved’s RFP features centralizes all of the relevant information you need to bid on new business. Make yourself available to prospective buyers, see changes along the way and make it easy to close out business.  To learn more about the benefits of RFPs, click here.

Why did I received a purchase order (PO) on Eved?

Receiving a PO from a company using Eved means that company  is a commitment to buy event services from you. To expedite payment, your client has requested that you accept EvedPay, their preferred method of sending you money. To learn more about the benefits of POs and EvedPay, click here.