FastPay's Complete unifies credit, vendor payout processes
FastPay says it will provide digital businesses with a new platform for receiving payments from advertisers and agencies, and also for paying vendors in a timely manner.
Los Angeles-based FastPay provides lending services for media vendors and other digital companies and will expand that service with the launch of Complete, a platform that pairs credit processes with vendor payout capabilities.
"Having processed nearly $2 billion in payment advances, we've seen firsthand the friction in collecting from buyers and disbursing to vendors throughout the media supply chain," FastPay president and chief operating officer Secil Baysal said in a June 1 press release. "We believe offering advanced payment solutions paired with lending is a strong value proposition to our client base and will dramatically improve efficiency within the media supply chain."
For borrowers, FastPay says enrolling in Complete will lower the cost of funds and provide higher advance rates on their accounts receivable financing. For advertisers and agencies, Complete will activate payables as a new source of income and satisfy their vendors by offering access to accelerated payment options.
Complete offers card payments, as well as Automated Clearing House, domestic and international wire transfers as options for vendors.
FastPay has partnered with Comdata, which provides virtual credit cards and electronic payment processors, to provide Complete users access to the Mastercard network to manage vendor payments at scale.
FastPay and partner Afex bring disbursement of foreign exchange payments to the Complete platform, allowing vendors in more than 180 countries access to the service.