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Facebook Introduces Invoice Fast Track Program

Facebook Introduces Invoice Fast Track Program

Facebook recently introduced their Invoice Fast Track Program, this initiative was given a $100 million commitment by the tech giant. This program is said to support small businesses and businesses owned by women and minorities. As a part of this program, Facebook will buy all of the outstanding invoices of said businesses which will put the money back into the hands of the owners. Otherwise, they would have to wait months to receive money from unpaid customers. The program is estimated to support 30,000 small business owners. 

This step by Facebook is a part of its latest venture to secure long-term relationships with such small-scale businesses. These businesses mostly use apps such as Facebook to connect with their customers and advertise to a niche demographic, therefore making them an important category for Facebook. Small business owners cannot afford to wait for customers to clear their invoices, however, Facebook with its $86 billion revenue can. This is the motivating factor behind the Fast Track Program. Small business owners can submit outstanding invoices with a minimum of $1000 to Facebook, if accepted the tech company will pay the businesses, clearing the invoice, within a matter of days. Then the customers can repay Facebook at the same terms that they agreed with the business, therefore clearing the invoice. 

Source: CNBC 

 

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