From social media marketing to invoicing, there’s no question that business ownership is a busy venture with many complicated factors. When you’re running a small to medium-sized business, waiting on client payments can be frustrating and hinder the cash flow that’s necessary for growth. Facebook continues to grow its business applications, and the platform has recently announced the introduction of the Facebook Invoice Fast Track program. Interested in learning more? Here’s what you need to know:
What is the Facebook Invoice Fast Track Program?
Facebook created the Invoice Fast Track program to solve a problem that many small and medium businesses (SMBs) face: lack of timely access to capital. Many of these small to medium-sized companies are owned or run by women, ethnic minorities, individuals with disabilities, veterans, and members of the LGBTQ+ community. The COVID-19 pandemic has had an enormous impact on these businesses, and many are struggling to stay afloat. Since we all benefit from the presence of SMBs in our community, Facebook has responded to a need to help these companies flourish.
According to Facebook’s Director of Global Supplier Diversity, Jason Trimiew: “A lot of these minority-owned, women-owned, LGBT or disabled-owned companies are having trouble accessing capital. When I was talking to our suppliers last year, when the pandemic hit, many told me how they saw their revenue decline. They talked to me about the importance of being able to access cash so they can continue to invest in their business.” As a solution to this problem, Facebook launched the Invoice Fast Track program. This allows business owners to submit invoices and receive advance payments. Facebook only charges one percent of the invoice to cover the associated costs, and the company has pledged that it never plans to profit from this venture.
How Does It Work?
If you’re interested in benefiting from this program, you’ll be pleased to note that it’s often simple to get started. First, you’ll need to determine your eligibility. Eligible businesses must be certified as majority-owned, operated, or run by racial or ethnic minorities, women, U.S. military veterans, people with disabilities, or LGBTQ+ individuals. After you’re registered, you can submit invoices of at least $1,000 for review. If approved, these invoices will be funded and you’ll enjoy freedom from long waiting periods.
Facebook’s Invoice Fast Track program is an exciting new development by the platform. If you’re the owner of a small or medium-sized business, this opportunity may help you increase your cash flow and keep moving forward. If you’re ready to help your business grow to its full potential, social media marketing is one of the factors you need to succeed. Our firm is here to help you achieve your goals, and we’d love to help you create a customized marketing plan. Interested in learning more? Please contact our team to start the process.