Frequently Asked Questions for Suppliers
Who is Eved?
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 Meeting & Event 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?
Eved is a collaborative, digital payment method that optimizes buying, selling, accounts payable and payment processing for meetings and events. Eved bridges the gap between procurement, event planners, finance and suppliers. EvedPay brings a new level of visibility and transparency to B2B payments not offered by traditional software providers.
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.
|No charge-back risk||✓||×||✓|
|Included in client private network||✓||×||✓|
|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?
For suppliers, EvedPay is like Paypal or other forms of digital payment. You will continue to invoice your client per your normal process; your customer will then initiate payment against your invoice, based on your agreed upon net terms, and in 3-5 business days the payment will settle in your account. The charge will be the net amount minus the merchant rate. The charge posts on your statement from ‘Eved LLC’. You can view information on your payments in the Payments tab within your account. An email notification will summarize the gross and net amounts as well.
Why did I receive a RFP on Eved?
Receiving an RFP from a company using Eved means that company would like to buy event 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 event 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?
Your client uploads invoices into Eved for payment via EvedPay. No action is required on your part if you are EvedPay ready.
Why should I open an EvedPay Merchant Account?
What does it cost to open an EvedPay Merchant Account?
It is free to create your Eved Merchant Account. Much like with other digital forms of payment, a merchant fee is charged only when you receive payment, and your merchant rate is based on your overall payment volume.
How do I setup a Merchant Account if I received an invite from a client or new company?
Follow the instructions here.
Who in our company is the best person to set up a Merchant Account?
Ideally, you should create an account accessible by your finance team (preferably a general finance email), as they will then receive notifications when you receive payment. In addition to the finance account, it would be helpful to have multiple users from other departments (specifically sales) on your account, if a client will want to use Eved to send an RFP and exchange POs before sending payment. Please note that if the primary account holder’s email is no longer accessible then you will not receive notifications when you are sent RFPs, POs, or Payment from a client.
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 mean you will have to pay taxes, and no taxes will be collected from you as a result. We require them because 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?
U.S. vendors will need to complete the W-9 tax document and non-U.S. vendors will need to complete a W-8 (variations exist) tax document.
Who is the ‘recipient’ when filling out my banking information?
The recipient is the name on the account. In most, cases it will be the name of the company, but sometimes it is a name of an individual, depending on how you do your banking.
What is my swift code?
A ‘SWIFT’ or ‘Bank Identifier Code’ is an international code that identifies particular banks worldwide. Your bank will be able to give you that information. Here is a list you can reference if you do not know your bank’s swift code: https://www.theswiftcodes.com/
Why do I need to create a new account with a new email?
Each supplier location needs its own account. If you are a person who is working for one company at different locations, we need to know where to send payment to then differentiate between the different supplier systems.
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 $250,000||3.0%|
|$250,001 – $750,000||2.8%|
|$750,001 – $2,000,000||2.6%|
|$2,000,001 – $5,000,000||2.4%|
|$5,000,001 – $25,000,000||2.2%|
|$25,000,001 – $100,000,000||2.0%|
Which currency do I receive my payment in?
All payments are made in the currency based on the location of the banking information you provide on your invoice.
When can I expect to receive payment?
Payment dates are discussed and agreed upon by the supplier and their client outside of Eved. Suppliers can request that their payment be expedited by adjusting the payment due date on their Eved invoices.
Why did I receive lower payment than was invoiced?
Just as with credit cards, you pay a merchant fee only when a payment is processed. However, unlike a credit card where you receive the full gross amount of the invoice and then a separate charge later for the credit card fee, Eved processes the payment and merchant rate all at once giving you your net payment. 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.