LOS ANGELES, April 22, 2020 /PRNewswire/ -- 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 30 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, Massachusetts. For more information, please visit https://gofastpay.com/.
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