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!
9thWonder is a full-service strategic marketing and advertising agency that operates across seven offices worldwide. Over the past few years, they have experienced rapid growth, averaging one acquisition a year and reaching nearly 250 employees. With such quick expansion, they witnessed an increase in media spend and faster-paced operations. As a result, the 9thWonder finance team experienced thousands of invoices that varied in payment method and constantly shifting terms.
CFO of 9thWonder, Breck Templeton acknowledged that they needed more support. “The previous provider that we had was already in place, but they weren’t doing a good job at all. So I jumped in with both feet, and learned what was happening, and got involved in the process. We eventually decided to bid the business out, and when we looked at FastPay and a couple of their competitors, it was an easy choice.”
Leveraging proprietary data from 60,000+ media suppliers and buyers, FastPay was able to capture additional spend with 532 new suppliers while optimizing the payment process along the way. FastPay’s automated payment technology saved 9thWonder nearly 400 hours that otherwise would have been spent manually entering payments into supplier portals.
Additionally, FastPay’s 24/7 customer support team monitors all supplier payments and follows up directly to ensure processing. Breck Templeton, CFO of 9thWonder noted, “The service element is very important to me, and FastPay really understands service. They deliver on what they say and are available when we need them. I can trust FastPay as a partner.”
Following their transition to FastPay, 9thWonder has experienced the highest payment throughput, revenue share, and invoice approval in their history. But they’re not the only ones, check out more case studies here and find out why other top media agencies rely on FastPay.
Thank you to 9thWonder for being such a great partner!
Last week, FastPay invited a few clients to tee off at the D.C. area TopGolf for a night of friendly competition. Although the weather consisted of torrential downpours, it had nothing against our covered bays, hot buffets, and white-glove drink service.
“With things heating back up in the political world, this event provided the perfect escape for folks to spend time together and get out on the range. It’s always a pleasure connecting with our clients and seeing what they’ve been up to recently. I’m looking forward to our next event in August – a rooftop happy hour in D.C.,” said Theresa Contario, FastPay VP of Political Sales.
FastPay Relationship Manager and in-house golf expert, Brendan Kelleher, spent the night giving out free lessons, explaining “I had so much fun sharing my love of golf with our clients and getting to know them in such a casual and interactive environment.”
Unlike in real golf, there were a few high-scoring winners at the end of the night. We awarded them with medals they could take home and display proudly next to their high-school sports accolades.
Winning aside, everyone had a great time showing off their golf swings and mingling with the best of the best within the political media space in D.C. We look forward to hosting another Top Golf event in the future after working on our golf game.
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!
FastPay welcomes Larry Shiels as our Vice President of Supplier Development for FastPay Network, the only platform linking suppliers and agencies for the purposes of streamlining and expediting media payments. With the introduction of FastPay Network earlier this month, Larry will lead the charge to reduce inefficiencies and ensure that suppliers are paid on their terms.
Larry comes to FastPay from WideOrbit, where he spent 8 years developing strategic partnerships with agencies, brands, holding companies, television broadcasters, and media suppliers. Prior to his time at WideOrbit, he served as the Sales Director at Mediaocean. His extensive experience and industry knowledge is an invaluable resource to our team as we continue to build the relationships necessary to grow FastPay Network.
“We’re thrilled to have Larry onboard as the newest member of our executive team,” said Michael Wehner, General Manager and Senior Vice President of Payments. “With over 20 years of experience selling enterprise software to media buyers and sellers, Larry understands, firsthand, the complexities of the media ecosystem. He has the leadership experience and proven track record in pursuing growth opportunities and developing relationships with C-level executives, which is exactly what we need as we go to market with FastPay Network.”
Larry currently lives in Northern New Jersey with his wife and three children where he spends weekends sailing his Catalina 22 sailboat on the Hudson River. When asked why he joined FastPay, Larry said, “FastPay Network solves for the media industry’s most talked-about challenge: knowing how and when you’re going to get paid and the visibility around that process. By bridging the gap between suppliers and agencies with faster payments, an automated workflow, and reduced costs, we’re able to reduce friction across the entirety of the media landscape. This is something no company has ever taken on before, so it’s an exciting time to be joining.”
In an annual listing of 50 companies that are at the forefront of providing fintech solutions and impacting the marketplace, CIOReview has selected FastPay as the Best B2B Payments Solution of the year. This recognition comes from a distinguished panel of CEOs, CFOs, and industry analysts that have closely scrutinized and nominated the best-in-class vendors in the fintech marketplace.
“These vendors are domain experts who are innovating the fintech space with new technologies, a fresh perspective and new found energy while giving customers the flexibility and security that they need,” said CIOReview.
CIOReview is a leading technology publication that bridges the gap between enterprise IT vendors and buyers by providing insights and opinions of C-suite executives and leaders on the wide range of choices available in the tech arena.
“In an age where there is an influx of invoices, approving, and processing them manually is next to impossible. What FastPay brings to the table is a highly automated and algorithmic system to seamlessly manage tons of complex invoices making the process more smart and scalable,” said CIOReview. “They empower advertisers, agencies, media suppliers, and technology companies with smarter payments covering the entire media ecosystem, increased access to capital, and intelligent back-office workflows that improve efficiency and reduce cost.”
“We’re continually on the quest to better serve our media clients with advanced offerings such as our recently launched FastPay Network. It’s encouraging to see the team’s hard work recognized alongside some of the most innovative fintech companies in the industry,” said Rick Weir, VP of Marketing at FastPay. To learn more about our recent honor, check out the feature article here.
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.
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.
FastPay recently facilitated a roundtable discussion titled “The Political Tech Stack” at this year’s Campaign Tech East in Washington D.C. With so many technology providers in the market, we wanted to gain a better understanding of the products and features agency leaders look for in a partner, so we brought together a group of political media experts to discuss their key components for a tech stack.
Moderated by Theresa Mueller, VP of Political Payments at FastPay, we examined some of the most sophisticated political campaigns to discover how agencies are leveraging modern technology to accelerate their operations. Not surprisingly, agency leaders prioritized the following in their go-to tech solutions: easy integration, trusted customer service, extensive data, and remote accessibility.
With many agencies still relying on legacy systems, integration is one of the biggest considerations when adopting new technology. If systems are non-compatible or have a multitude of layers, departments can be left dealing with various platforms and logins that only hinder efficiency. It’s important to make sure your tech stack is adapted to flex and grow with new demands. Does it connect with my current Quickbooks? Is there technical support or onboarding? These are just some of the questions experts recommend looking into.
Whether a campaign is in the planning process or execution phase, efficiency is critical every step of the way and the right technology is key to success. Check out this interview with Theresa and C&E’s Shane Greer and learn how you can drive greater efficiency with your tech stack.
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.