EvedPay is the only category-specific payment solution designed to capture 100% of event spend data while streamlining reconciliation and supplier payments
CHICAGO – October 13, 2015 – Eved, an event commerce company built by event experts for event experts, today announced the launch of EvedPay, a payment solution designed to automate the back-end financial and reconciliation processes for events. The new offering includes all of the invoice-to-pay capabilities from the company’s full platform solution, Eved for Corporate.
Each year, over $770 billion is spent on meetings and events across the globe. For some corporations, travel, meetings and events are collectively one of their top five spend categories, yet these areas fall outside traditional category management practices. EvedPay is designed to meet the dynamic nature of events while supporting company controls and compliance guidelines. The solution integrates with existing financial back-end systems to capture granular event spend data and streamline payment-related functions.
“In our modern age where a gesture on your phone can buy a cup of coffee, the event industry is a laggard when it comes to payment technology,” said Talia Mashiach, CEO, Founder & Product Architect at Eved. “EvedPay is the future of payment for the event industry. Innovative companies are replacing the legacy practice of putting their entire event spend on meeting cards in favor of a more flexible yet compliant solution. Both our corporate and agency partners will benefit from this solution.”
Despite advancements in online payment technology, most companies continue to rely on a fragmented set of methods for capturing detailed event spend and paying their many suppliers. This includes the meeting card (similar to a P-Card), wire transfers, traditional credit cards, and bulky ERP and AP systems. Front-end meeting management solutions provide a narrow view and require manual entry of invoice data to get any type of spend visibility, which is cumbersome and introduces data integrity issues. EvedPay was conceived to address these gaps in the market.
“The launch of EvedPay as a category-specific payment solution is a significant opportunity for corporate finance, procurement and event creators to maximize their investment in corporate events,” said Bruce Morgan, Senior Vice President of Marketing and Sales for long-term Eved partner, BCD Meetings & Events. “Access to detailed insight into event spend can unlock cost-saving strategies while saving time and resources. Companies that choose to automate these back-end financial processes will be at a competitive advantage over their peers.”
EvedPay features and benefits:
- Easy Integration: Works with existing AP and financial systems
- Event Spend, Consolidated: Complete, granular-level data capture
- Automated Reconciliation: Planners save up to 30% of their time on reconciliation with three-way budget/invoice/payment matching
- Budget Management: Built-in budget checks track real-time activity to prevent overspending and overpayment
- Compliance and Control: Suppliers are on-boarded with verified W8, W9 & MSA forms
EvedPay is available now. For more information or to schedule a demo, visit www.evedpay.com.
About Eved
Eved is an Event Commerce company built by event experts for event experts. The company believes nothing is more powerful than human connections to engage with an audience and live events are the best channel to foster this connection. By reducing the back-end financial and procurement workload, event planners can focus on being experience builders and improve the quality and impact of their events. Eved offers a collaborative procurement platform for events and a marketplace with hundreds of millions in event commerce running through it. Founded in 2010 by Talia Mashiach, the Eved platform automates the buying and selling for events including accounts payable and payment processing. Eved bridges the gap between procurement, event planners, finance and suppliers to improved event quality, drive 70% efficiencies, 20% cost savings and a 50% improvement in compliance. For more information, visit www.eved.com.
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Contact:
Regan Gleason
Head of Marketing, Eved
[email protected]
312-902-3833
