Webinar: The Future of Media and Agency Operations

 

The disruption caused by COVID-19 across the media landscape has been sudden, dramatic, and is expected to have a lasting impact. Agencies, brands, and media suppliers are all feeling the impact both financially and operationally while working remotely. As businesses across the US slowly start to return to business as usual, what will this new world look like for advertising?

FastPay and 4As sat down with industry leaders from agencies across the country to discuss the financial and cultural impact of COVID-19 on the media and advertising industry, and what they’re doing to reposition themselves in the new normal.

FastPay Provides Business Continuity to Media Agencies and Suppliers Working Remotely

FastPay data shows 40% decrease in ad spending, 20% slowdown in payment timing (DSOs), accompanied by 3x increase in FastPay loan requests

LOS ANGELES, April 22 2020 — 

As the majority of the United States is asked to work remotely and practice social distancing, FastPay’s ePay, Capital, and FastPay Network solutions have helped media agencies and media suppliers continue to operate. ePay and FastPay Network are automating payments for agencies and suppliers who formerly relied on checks, while the Capital solution is arming media tech firms and publishers with access to liquidity they need to maintain business as usual. 

“In these uncertain times, we’re hearing from many agencies and media suppliers about the importance of payment automation to maintain business continuity.  Over the last thirty days, we’ve seen an increased need for capital across the ecosystem as companies look for additional sources of revenue. Thankfully, we’re in a position to help.” said Jed Simon CEO and Founder of FastPay. 

In the month of April alone, FastPay’s proprietary data revealed a 24% decline in payment volume and a 20% increase in payment delays. Requests for capital have surged by 277%. Media buying on a programmatic basis was down 40% according to FastPay’s payment data. The media organizations seeing the biggest negative impact are those that have relied too much on checks for too long and are struggling to work remotely. 

According to Zehnder Communications CFO Jeremy Hunnewell, “Working remotely has been an impetus for us to look at how we can move more of our processes from paper to digital. Our partnership with FastPay has been critical in how we pay our vendors quickly, securely and safely.”  

With shelter-in-place restrictions likely to continue, media companies responsible for informing and entertaining a quarantined public are rushing to apply more automation to their backend payment systems. FastPay predicts that this turn to automation is here to stay even as national restrictions are lifted and is proud to provide financial support to media businesses in this time of crisis. 

FastPay is a financial technology platform that reduces friction and unlocks capital for buyers and sellers across the media landscape. Since its inception in 2009, FastPay has secured the movement of more than $7B in capital providing access to hundreds of millions of dollars in deployable capital from partners including Citibank, Wells Fargo, and Oak HC/FT. Its leadership team brings decades of credit and payments experience from Green Dot Corporation, Capital One, Morgan Stanley, Goldman Sachs, and Skrill. Headquartered in Los Angeles, FastPay has offices in New York and Framingham, MA. For more information, please visit https://gofastpay.com/ .

Media and press inquiries, contact Kyle Mears at kyle.mears@gofastpay.com.

FastPay’s Response to COVID-19

As we continue to monitor the spread and impact of COVID-19, we want to let you know that we have the proper infrastructure and processes in place to continue services without disruption. 

As of now, the Capital, Payments, and FastPay Network systems are seeing no interruptions or delays in uptime or processing. We have received no indication from our partners that there will be any changes in service that would impact our clients.

In light of recent developments and government recommendations, FastPay has taken the following steps to ensure business continuity:

  1. All FastPay teams and employees are currently working remotely and will continue to do so as long as local conditions dictate.  

  2. FastPay has system redundancy and geographic disbursement of teams across the country.

  3. Remote access for all of our platforms and financial systems continue operating with full capabilities. 

  4. Continued secure protection and privacy of all client data to be handled with the utmost care.

  5. Account managers are available to help answer any questions you may have regarding your business.

We understand the difficulties that some institutions are currently faced with in managing a rapid transition to remote work. If you have any questions or concerns, please reach out to your account manager. FastPay is committed to providing quality assistance through this turbulent time.

Please make sure to check back periodically for updates. We appreciate your understanding and support.