In general, corporate payment solutions need to be fast, reliable and secure. There are some aspects of payments that are necessary for corporations and consumers alike.
But some industries need additional services when it comes to their payments needs that are unique to their business segment. Therefore, event commerce company Eved has launched a new payments automation tool designed specifically for the corporate event space.
In an announcement released Tuesday (Oct. 13), Eved unleashed EvedPay, a payments automation tool that lands on the Eved for Corporate platform, and provides invoice-to-pay capabilities for the industry. This includes payments reconciliation for corporate events, as well as data capture for businesses to analyze their spending on meetings and conferences.
The tool integrates directly into existing AP and financial management systems, the firm said, and allows for budget development and tracking as well as supplier risk management.
According to Eved, meetings and events can amount to a Top-5 spending category. Yet these areas do not always fall within traditional category spend management procedures. According to Eved CEO, Founder and Product Architect Talia Mashiach, the corporate events segment is long overdue for payments innovation.
“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,” Mashiach said in a statement. “EvedPay is the future of payment for the event industry.”
[bctt tweet=”‘The event industry is a laggard when it comes to payment technology'”]
The executive added that the solution will help businesses move away from depending on the meeting or commercial card, wire transfers or ERP and AP tools for their event spending needs. The service, Eved added, nixes manual data entry requirements, and opens up the door to greater spend visibility.
According to Eved, EvedPay can help event planners save up to 30 percent of the time they spent on payment reconciliation processes.
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