Facebook Launches Debt Collection Program Via …
Facebook has embarked on a new business: collecting money from unpaid business invoices, according to a report in Mashable this week.
The program, called Facebook Invoice Fast Track, involves purchasing a business’s unpaid invoices and then Facebook will collect payment from the consumer directly after paying the business for the accounts, according to the article.
“The program provides immediate and affordable cash for payment your customers owe you,” the ad said, according to the article. [1%] the value of the invoice. Notably, Facebook intends the program to focus on businesses “majority owned, operated and controlled by racial or ethnic minorities, women, U.S. Army veterans, LGBTQ + people, or people with disabilities.”
Mashable did not receive a response when asked if Facebook would collect the accounts internally or by working with a third-party agency.
The program will launch on October 1, and Facebook has said it will work with businesses that have invoices with businesses or government customers.
Learn more in the Mashable report here.
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