Is Facebook joining the debt collection race?
In an interesting turn of events, we learn this week that Facebook launches a debt collection program.
Mashable reported this week that for a small fee, Facebook will buy an outstanding invoice and then collect the payment directly from the consumer charging a fee on the invoice value under their new product Facebook Invoice Fast Track. At the time of publication, there had not been any disclosure from Facebook as to who would manage this process or if an invoice went unpaid, what further enforcement action they would take to recover the debt. Facebook, in their FAQ, said:
"The Facebook Invoice Fast Track Program helps suppliers improve cash flow, purchase inventory, hire employees, invest in growth and — most importantly — stay in the game. Facebook is committed to helping small, midsize and diverse-owned businesses. Strong suppliers are important to the functioning of our company and the global economy."
Interestingly, on the Facebook Invoice Fast Track website we previously linked to, the FAQ states that the program registration opens on 1 October 2021 however a large graphic shows several apparent prominent business people providing a testimonial before the service has apparently been launched.
As this program appears to be only US based, at this point in time, we would urge anyone considering any such service to do their due diligence and only partner with a business that holds the appropriate licences and insurances as well as having clear policies and procedures, transparent commission and charging structures and holds similar values to your own.
To discuss how LCollect, an Australian owned and operated business, can assist you please contact us to discuss recovery of your outstanding invoices. Image Credit: Luca Sammarco #facebook #debtcollection #debtrecovery #australianowned #baddebts