Question 1

Who is Eved?

Accepted Answer

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 vendors and help enterprises digitize how they request, order and pay for services rendered. EvedPay is the digital payment solution for all fast paced categories.

Question 2

What is an Eved invite, and why did I receive one?

Accepted Answer

For you, Eved is your client's private network of vendors, 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.

Question 3

How is EvedPay beneficial for vendors?

Accepted Answer

EvedPay offers numerous benefits for vendors: Easy account opening process (takes only 10 minutes), secure payments with encrypted bank and tax information, direct deposit into your account, real-time payment tracking, 24/5 payment support, competitive rates that decrease with volume, and no manual paperwork.

Question 4

Why does my client use Eved for payment processing?

Accepted Answer

Eved optimizes buying, selling, accounts payable and payment processing for fast-paced industries like meetings, events, and entertainment. Eved allows clients to quickly and efficiently pay vendors while bringing a new level of visibility and transparency to B2B payments.

Question 5

How is EvedPay different from a Purchase Order or credit card payment?

Accepted Answer

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. Unlike POs there is no time-to-pay challenge, and unlike credit cards there is no charge-back risk.

Question 6

Who do I contact for more information about creating a Merchant Account?

Accepted Answer

Contact our help desk at help@eved.com. Help Desk Representatives are available 24 hours, Monday through Friday.

Question 7

How does EvedPay work?

Accepted Answer

For vendors, EvedPay is like PayPal or other forms of digital payment. You continue to invoice your client per your normal process; your customer initiates payment against your invoice based on agreed net terms, and in 3-5 business days the payment settles in your account. The charge is the net amount minus the merchant rate.

Question 8

Why did I receive an RFP on Eved?

Accepted Answer

Receiving an RFP means a company would like to buy services from you and needs a proposal to make decisions. By creating an Eved Merchant account you make yourself available to prospective buyers, see order changes along the way, and can easily close out business.

Question 9

Why did I receive a Purchase Order on Eved?

Accepted Answer

Receiving a PO means a company committed to buy services from you. To expedite payment, your client requested that you accept EvedPay, their preferred method of sending you money.

Question 10

Why am I seeing an invoice I sent directly to my client in Eved?

Accepted Answer

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

Question 11

Why should I open an EvedPay Merchant Account?

Accepted Answer

EvedPay brings transparency and efficiency to the payment process. A Merchant Account reduces change orders and billing disputes, provides access to exclusive marketing tools, and gives exposure to Fortune 500 clients looking to add EvedPay-ready vendors to their preferred vendor networks.

Question 12

What does it cost to open an EvedPay Merchant Account?

Accepted Answer

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.

Question 13

How do I set up a Merchant Account?

Accepted Answer

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.

Question 14

Who in our company should set up a Merchant Account?

Accepted Answer

Ideally, create an account accessible by your finance team (preferably a general finance email) as they will receive payment notifications. Additional users from sales can be added if clients will use Eved for RFPs and POs before payment.

Question 15

Why does Eved need a tax document for non-U.S. vendors?

Accepted Answer

Based on U.S. tax law, when a U.S. entity uses non-U.S. vendors for services within the U.S., tax must be withheld unless you are exempt. We require a tax document or Withholding certificate to properly account for taxes and for reporting purposes.

Question 16

Which tax document do I need?

Accepted Answer

U.S. vendors need to complete the W-9 tax document and non-U.S. vendors need to complete a W-8 (variations exist) tax document.

Question 17

What is my SWIFT code?

Accepted Answer

A SWIFT or Bank Identifier Code is an international code that identifies particular banks worldwide. Your bank will be able to provide that information. You can also look to online resources such as theswiftcodes.com.

Question 18

What are Eved's merchant fees/rates?

Accepted Answer

There are no startup, monthly or termination fees. You pay a merchant fee only when payment is processed. Rates range from 3.0% (up to $1M) down to 1.8% ($200M+), decreasing as your payment volume increases.

Question 19

What currency do I receive payment in?

Accepted Answer

All payments are made based on the currency on your invoice.

Question 20

When can I expect to receive payment?

Accepted Answer

Payment dates are discussed and agreed upon by the vendor and their client outside of Eved. Vendors can request expedited payment by adjusting the payment due date on their Eved invoices.

Question 21

Why did I receive lower payment than invoiced?

Accepted Answer

Like credit cards, a merchant fee is charged when payment is processed. Unlike credit cards where you receive the full amount then a separate fee charge later, Eved processes the payment and merchant rate together, giving you the net payment in one transaction.

Vendor FAQs — Payments, Onboarding & Merchant Rates