FastPay President and COO Secil Baysal spoke about bridging the gap in media payments and finance during his presentation at Montgomery Summit 2020. A summary can be read below:
With the advancement of technology in modern society, companies are eager to pursue investment in front-end systems. However, these same industries are also grappling with legacy back-end systems that make it difficult to capitalize on their new technology.
For example, media agencies are exploring the new and exciting ways virtual and augmented reality can impact the way businesses interact with their customers. However, many media agencies also pay their suppliers via check with no consistent payment schedules, creating friction in the relationship between the two.
Fixing this backend issue for media agencies and their supplies is where FastPay comes in. The FastPay Network uses proprietary technology as well as over a decade of experience in media payments to enable ease of payment across the media landscape. Through a combination of payment processing and capital lending, our partners no longer need to stress over late invoices or cumbersome payment systems.
Interested in learning more about joining the FastPay Network? Reach out to our team to get a quick demo on FastPay Network and join an ecosystem of some of the largest agencies and suppliers in the world.
We were honored to sponsor and attend the 2020 Reed Awards in the Peach State. Named for Campaigns & Elections founder Stanley Foster Reed, The Reed Awards were created to recognize the best content producers in politics. And this year, we’re happy to announce that FastPay clients brought home a total of 29 Reed awards!
It’s no secret that paying political media invoices can be unnecessarily complex. Printing, scanning, and overnighting with FedEx® to meet last minute deadlines is both labor intensive and stressful. FastPay Political was built to meet the unique demands of political media payments and allow political agencies the time to do what they do best…produce award winning campaigns.
Want to reduce the tedious process behind making political payments? Contact our ad sales team to learn more and put yourself on the path to becoming a Reed award winner next year.
As political debates heat up, we thought it was more than appropriate to sponsor the AAPC Mid-Atlantic and FastPay happy hour at Ladder 15 – a restored Philadelphia fire station turned bar and restaurant. It was a fitting setting for those that often find themselves putting out political fires for a living.
The venue was decked out in patriotic decorations, with American flag balloons arranged from top to bottom. Adding to the All-American theme, we catered cheesesteaks and pretzels because when in Philly, how could we not? Of course, there was also an open bar serving up some delicious beverages for everyone to sip on and talk shop in our nation’s first capital.
“It’s always a pleasure to partner with our friends at the AAPC Mid-Atlantic chapter to bring together agencies, media publishers, rep firms, and other industry participants. We were just lucky enough to host it in a city with such rich political history as the backdrop,” said Theresa Mueller, VP of Payment Sales at FastPay.
“I really enjoyed hearing about plans for the 2020 cycle and the buying activity that is already occurring,” said Brendan Kelleher, Relationship Manager at FastPay.
Everyone has thoughts about how the 2020 cycle will shake out, but it seems that one thing is for sure— it will be a wild ride. The AAPC were gracious hosts, and the rich American history of Philadelphia made the perfect location to host the Mid-Atlantic chapter meet-up!
Nearly 80,000 people made their way out to Anaheim last week for the biggest event in the online video community— VidCon. Fans, creators, executives, and brands came together for four days of live performances and interactive experiences to celebrate all that is digital media, including a bowling event held by FastPay and Tubefilter.
Fastpay and Tubefilter hosted more than 30 clients, colleagues, and creators at Bowlmor, bringing together key players across the media landscape to share a few rounds of bowling, drinks, and good eats.
“Since schedules are packed with panels, performances, and chats, we wanted to give creators and executives a getaway from the craziness of VidCon. We saw the Bowlmor event as the perfect opportunity to create a VIP lounge experience for attendees to mingle with other industry players while getting away from the action,” said Caroline Zager, Associate of Business Development at FastPay.
An event that brings together this many people in the online video industry is rare, and it was important to take advantage of the opportunity. The night allowed executives to see the passion creatives bring to their work and was a perfect environment to connect and collaborate.
“We’ve been financing content creators and influencers in this space for 10 years so it was great seeing how our clients have grown and how many new faces are in the market,” explained Maytal Shainberg, SVP of Business Development and Origination at FastPay.
Despite the prospect of looming thunderstorms and humid weather, eight dedicated runners from the FastPay Framingham office took on the 3.5-mile trek of the 43rd annual J.P Morgan Corporate Challenge race in Boston. Held across 13 cities, seven countries, and five continents, the Corporate Challenge is a global run inspired by the New York City marathon but modified to suit the training schedule for even the busiest corporate executive.
For the past 35 years, The JP Morgan Corporate Challenge, Boston, has brought together employees from countless organizations to promote camaraderie, teamwork, and community engagement. This year’s race was made up of 365 teams and 6,729 individuals ranging from entry-level employees to CEO’s, all with the common goal of raising funds for The Every Child Fund at Boston Children’s Hospital.
Named one of the top 100 charities in the US, The Every Child Fund at Boston Children’s Hospital has been the nonprofit of choice for three consecutive years now. Every donation helps to fund research and provide services insurance doesn’t cover so that families receive the compassionate care they need while caring for a sick child.
“We had a blast participating in this year’s run. It was the perfect opportunity for us to get together as a team while also supporting a worthy cause, ” said Colleen Grogan, Relationship Manager at FastPay.
Congrats to our very own Jan Beckwith (Accounting Manager) and John Rumney (Operations Analyst), the first finishers on the FastPay team. Win or lose, everyone had a great time giving it their all for a great cause and making memories with their FastPay friends.
Considering the global scale of the Corporate Challenge, don’t be surprised if you see the London and San Francisco offices taking part in the 2020 run!
Media finance professionals understand the complexity of the invoice to payment process. Suppliers often feel like banks, waiting for more than 110 days to be paid only to experience further delays with discrepancy resolution. Agencies have their hands full with a variety of payment terms, manual check writing, and have little incentive for paying suppliers quickly. The friction points are endless – until now.
We’re happy to introduce, FastPay Network, the industry’s first solution that bridges the gap between suppliers and agencies to deliver faster payments, automated workflow, and reduced costs. During the “You Can’t Live With Them, You Can’t Live Without Them” panel at the Media Finance Focus Conference, FastPay Chief Strategy Officer, David Frogel, announced that FastPay Network is the only platform-based solution linking suppliers and agencies to streamline and expedite media payments.
Industry experts, Breck Templeton of 9thWonder, Edward Mockus of Discovery, Frank Connolly of Viamedia, and Patrick Kennedy of AL Media sat down with David to explore the reality of agency and supplier friction points. “Payment terms are lengthening, and agencies can get caught in that pinch. There isn’t enough incentive for the agencies to pay faster. It’s a lot of data points to manage when using checks,” said Breck Templeton, Chief Financial Officer of 9thWonder. The other panelists agreed that radical change needs to be brought to the media payment cycle. “Both sides can benefit from compressing the cycle,” said Edward Mockus.
When discussing solutions to friction points, David Frogel said, “It’s not uncommon for a $50 discrepancy to hold up a $100k invoice. We’re creating solutions for suppliers that can eliminate issues with invoicing before discrepancies occur. If a necessary data point is off, our solution spots it and can resolve an invoicing issue before the invoice is even submitted. It’s the simple things that can actually move the needle in your overall DSO.”
FastPay Network is designed to connect suppliers and agencies so that suppliers gain more control over the AR process and agencies have an incentive for paying on net terms. Faster payment, better data, and greater visibility make accounts receivable more predictable, which means less friction for all.
If you’re a media supplier interested in getting your invoices paid in 30 or 60 days, see how you can join the network here.
Last week, more than 1,200 people from around the world gathered in San Francisco to connect for the Bay Area’s biggest ad tech conference, Programmatic I/O. Known as the go-to conference for digital marketing executives from top brands, advertising agencies, and publishers FastPay was thrilled to be a part of this year’s festivities.
Hosting an exclusive dinner for more than 30 clients and colleagues at the renowned Per Diem restaurant, we brought key players together from across the media landscape for a night of delicious food, drinks, and meaningful conversation around the current state of ad-tech.
“After a long learning day at Programmatic I/O, we wanted to give clients a relaxing space where they could discuss the shifting media landscape while getting to know other players in the ad-tech space. It was awesome to see people making connections and sharing perspectives from various backgrounds,” said Daniel Guthorn, Business Development Manager at FastPay.
Creating authentic connections is one of the biggest challenges in business but even more difficult is building connections with the right people. This evening allowed our clients to meet with other industry leaders that they normally wouldn’t have the chance to connect with.
“More than just a financing partner, we’re a strategic partner that brings the right people together to develop authentic connections and drive business for our partners. Our knowledge in the space allows clients to leverage our network to build-out business and create new opportunities. We’re always looking for ways to connect the dots so our clients don’t have to,” said Maytal Shainberg, SVP of Business Development and Origination at FastPay.
Every year, hundreds of media finance professionals come together to discuss emerging issues, benchmark best practices, and network with like minds at the ANA Advertising Financial Management Conference. With so many recent developments and conversations around the media ecosystem, this year was especially notable. Panels ranged from fraud in digital advertising and supplier diversity to the development of in-house agencies and navigating what’s next in an explosive media universe.
Nevertheless, it can be difficult to dive deeper into some of these notable topics in just a few days. That’s why we hosted a private dining experience for FastPay clients, friends, and partners to continue the conversation outside of the hustle and bustle. Hosted at celebrity chef Michael Mina’s restaurant Bourbon Steak, invitees had the opportunity to connect 1:1 while enjoying a 3-course meal, craft cocktails, and hand-rolled cigars.
“The ANA AFM Conference is one of the few conferences that include both media and finance professionals so we wanted to utilize this time to facilitate meaningful conversation and learn directly from our client’s experiences. It was a great opportunity to alleviate some concerns and discover ways we can better adapt and support industry professionals,” said Rich Rosenzweig, East Coast Regional Director at FastPay.
As a longstanding sponsor of the ANA AFM, we were happy to be a part of this year’s discussions. Thank you to everyone who stopped by our booth to see us! We hope to see you again next year.
Over 700 people gathered in Napa Valley last week for the 50th anniversary of the 2019 AAPC Pollie Awards & Conference. With a commitment to helping leaders in political media, FastPay was a proud sponsor of the 40 Under 40 Awards ceremony and reception as well as the sold-out wine train excursion.
“It’s always a pleasure to spend time with our clients and watch them win awards. I can’t think of a better way to celebrate than by taking in views along the Napa vineyards with a glass of wine!” said Theresa Mueller, VP of Political Payments at FastPay.
It wasn’t all about the wine and chocolate though, the days were jam-packed with panel discussions and insights from top leaders such as Joanna Burgos of OnMessage Inc. Burgos moderated a panel around women consultants in the workplace and national conversations happening around #metoo, as well as how women candidates have different campaign obstacles to overcome.
Other panel discussions explored the political industry’s off-year cash crunch, sustainable ways of reducing overhead, and the best TV advertising strategies of today. Not surprisingly, data shows that TV continues to be the lead media channel to drive voter awareness but the stakes are high as new digital and targeted strategies are introduced across the industry.
“As TV broadcast remains the dominant platform for reaching voters, it will be interesting to see how political campaigns evolve in such a competitive market to reach divided audiences, especially in the coveted 2020 cycle. We’re just excited to be a part of all of it,” says Rick Weir, VP of Marketing at FastPay.
FastPay joined thousands of entrepreneurs, senior investors, and leading executives last week at the Montgomery Summit to discuss business strategy, market positioning, and innovations in the tech landscape. During this exclusive two-day event, panels and discussions ranged from the advancements in AI to the future of venture capital, with a featured presentation by FastPay’s President and COO, Secil Baysal.
“It was an honor to speak at this year’s summit alongside industry leaders from around the world. It’s not every day you have the opportunity for candid conversations about the challenges and opportunities fintech businesses face today,” said Secil.
In his 20-minute panel, Secil took a deep dive into the world of media and finance to discuss the investments in consumer-facing technology and their implications on back-end developments. While the rapid growth in technology has led to some amazing innovations, if you take a closer look at what’s happening behind the curtain you’ll discover outdated software and back-end technology that is impacting the consumer experience.
“We’ve seen digital transformation throughout the media industry in forms of AR/VR, yet AP departments are still running off of checks and payment terms ranging from 120 days up to 155 days. We can send something to the moon quicker than we can send a payment through ACH or check,” said Secil.
Those in the media industry can all relate to this challenge but it’s an important reminder that technology shouldn’t always be taken at face value, and the Montgomery Summit was just the place for this discussion. Check out a recap from Macquarie here.