Frequently asked questions for suppliers

For you, Eved is your client's private network of event suppliers, and you've been invited to join it via email. Your client would like to begin paying you with EvedPay, so they would like you to click the link in your email, follow the prompts to setup your Merchant Account, and become ready to receive payments via Eved.

EvedPay offers numerous benefits for suppliers:

• Inclusion in Eved's supplier marketplace, used by Fortune 500 companies and large enterprises • 24/7 access to payment status • Full 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 for faster reconciliation • Direct deposit of payments into your account • SEO-friendly profile page to market your company • Easy account opening process — takes only 10 minutes

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.

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.

EvedPay combines the best of both: no charge-back risk, global acceptance, ease of use, speed to pay, inclusion in the merchant network, real-time reporting and analytics, and full payment status visibility.

Contact our help desk at [email protected]. Help Desk Representatives are available 24 hours, Monday through Friday.

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.

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.

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.

Your client uploads invoices into Eved for payment via EvedPay. No action is required on your part if you are EvedPay ready.

EvedPay brings a new level of transparency and efficiency to the payment process, while also making it easier for suppliers to do business with their clients. An EvedPay Merchant Account reduces change orders, and billing disputes between suppliers and their clients. With a Merchant Account, you have access to exclusive marketing tools designed to increase awareness that will boost sales, and gain exposure to Fortune 500 clients and large enterprises looking to add EvedPay-ready suppliers to their preferred supplier networks.

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.

Click the link in your invitation email and follow the prompts to complete your profile. You'll need to provide your company information, tax documents, and banking details. The process typically takes about 10 minutes.

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.

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.

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.

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.

A 'SWIFT' or 'Bank Identifier Code' is an international code that identifies particular banks worldwide. Your bank will be able to provide that information to you. If you have additional questions you could look to online resources such as theswiftcodes.com for more information.

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.

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.

All payments are made in the currency based on the location of the banking information you provide on your invoice.

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.

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.