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.”