Simon identified this opportunity in the media finance and payments arena and decided to develop a suite of comprehensive solutions, which led to the founding of FastPay. As the name implies, the company’s objective is to accelerate the payment processes of media companies and help them adopt electronic payment systems for faster transactions. FastPay offers a remarkable B2B financial services platform designed specifically for global media. They empower advertisers, agencies, media suppliers and technology companies with smarter payments covering the entire media ecosystem, increased access to capital, and intelligent back-office workflows that improve efficiency and reduce cost. Having a decade of experience in the media industry, FastPay has built a robust database of 60,000+ media suppliers to ensure efficient and accurate delivery of payment information. “With our payment and capital solutions, media companies can gain liquidity, obtain more capital, improve processes, and ensure smooth payment transactions,” says Secil Baysal, president and COO of FastPay.
FastPay’s user-friendly B2B payments platform automates payment methods and provides data for reconciliation and reporting—all in a single integrated system. This allows both media buyers and suppliers to manage payments and gain visibility of their cash flow.
In an age where there is an influx of invoices, approving and processing them manually is next to impossible. What FastPay brings to the table is a highly automated and algorithmic system to seamlessly manage tons of complex invoices making the process more smart and scalable. Behind the success of FastPay’s proven payment solution is a large team of media industry experts, proprietary data and technology, and vast capital resources.
With our payment and capital solutions, media companies can gain liquidity, obtain more capital, improve processes, and ensure smooth payment transactions
According to Baysal, the most common challenge faced by CIOs in the media industry is the adoption of new technologies on the backend since many are still tied to legacy systems for managing ERP, accounting, and other workflows. However, scrapping legacy systems and replacing them with more modern technologies can be cumbersome and expensive. “At FastPay, we have built solutions that seamlessly integrate with clients’ existing accounting systems. Rather than replacing the current systems, customers can now leverage all existing data to digitize the last mile of payments to suppliers,” explains Baysal. In addition, agencies and suppliers can continue to work collaboratively using all payment methods available, thus reducing friction in the media ecosystem.
Headquartered in Los Angeles, with offices in New York, San Francisco, Boston, and London, FastPay has originated over $6 billion in transaction volume since inception. Having carved a niche for itself in the media and advertising landscape, FastPay continues to deliver innovative payment and capital solutions that surpass client expectations. With the aim of reaching a new zenith, FastPay is committed to staying cutting edge in their core vertical and expanding their footprint globally.