On Wednesday, FastPay participated in a webinar hosted by the BCCA… the media industry’s credit association, titled, “How credit can interact with agency finance departments more efficiently.”
David Frogel, Chief Strategy Officer at FastPay, delivered the webinar to an audience of media suppliers covering some common issues and perceptions about media agencies. Frogel, a former COO/CFO of an advertising agency, shared with the attendees his insights on what goes on behind the scenes of an agency finance department and suggestions for media suppliers on how to optimize interaction with an agency. Specific supplier suggestions included:
- Use EDI whenever possible
- Understand how an agency treats duplicate invoices
- Ensure invoices include critical header details, especially estimate and order
- Consider payment portals and accept electronic payments
- Explore solutions that streamline/centralize transactions
- Pick up the phone!
The event concluded with Frogel’s thoughts on the future and Q&A from the audience.
“I learned a lot about collaborative relationships between agencies and suppliers when I was a COO/CFO of an agency. It starts with willingness to change and considering industry platforms that will deliver greater efficiency and reduce friction for both parties,” said Frogel.
Special thanks to our friends at the BCCA… the media industry’s credit association for hosting this webinar. A full recording of the webinar can be viewed here.