For a small fee, Facebook will buy a company’s invoices and pay up front, then collect the outstanding payments directly from its consumers.
9/16/2021 8:00
Facebook has entered into a new business: collecting money on companies’ outstanding invoices, according to a report in Mashable this week.
The program, called Facebook Invoice Fast Track, includes buying a company’s outstanding invoices and then Facebook will collect payment from the consumer directly after paying the company for the accounts, according to the article.
“The program provides affordable, immediate cash for pay that your customers owe you,” the announcement explained, according to the article. “Facebook said it will take a ‘one-time low fee’ of [1%] of the invoice value. Notably, Facebook intends for the program to focus on businesses that are ‘majority-owned, operated and controlled by racial or ethnic minorities, women, U.S. military veterans, LGBTQ+ people or individuals with disabilities.’”
Mashable did not receive a response when they asked if Facebook would collect on the accounts internally, or by working with a third-party agency.
The program will launch Oct. 1 and Facebook said it would work with companies that have invoices with corporate or government customers.
Read more in the Mashable report here.
To receive notifications about ACA content—including member alerts, upcoming events and new products—text ALERTS to 96997. Message and data rates may apply. Message frequency will vary. To opt-out at any time, reply STOP to any message we send.