Facebook wants to help you get paid.
At least that’s what the company has claimed in recent days, announcing a new program that essentially turns the social media giant into a debt collector. For a small fee, of course.
Dubbed Facebook Invoice Fast Track, the program works by redeeming unpaid invoices from a business and quickly returning the amounts owed. When the payment is due, the customer with the unpaid invoice must then pay Facebook directly.
“The program provides immediate, affordable cash payments your customers owe you,” the announcement explained. Facebook said it would take a “low one-time fee” of one percent of the invoice value. 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.”
We asked Facebook if it intends to charge a fee other than the percent listed. We also asked who, exactly, will take care of the collection: is it a Facebook team or a third party? – and what happens when an invoice is inevitably unpaid.
We received no immediate response.
Perhaps coincidentally, as of November 30, 2021, debt collectors will be allowed to send direct messages to people on social media platforms for the purpose of chasing money.
“Take control of your cash flow,” pleads the Invoice Fast Track page. “Free yourself from waiting for payment.
Facebook touted its latest venture as a boon to small businesses. Unsurprisingly, Facebook will pay attention to the types of businesses eligible for this type of financial aid.
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“In general, qualifying businesses must also have invoices with corporate or government clients that have an investment rating,” noted Facebook, which clearly intends to be paid.
The program is expected to launch on October 1, when Facebook will open the registration process.