Business Opportunities Weblog

Get Paid Fast: Fast Pay

By on May 26, 2010 in Featured / Profiles

Traditionally, companies like Google Adsense pay publishers more than thirty days after the’ve run their advertisements on the publisher’s site. Other ad networks can sometimes have as much as a 100 day lag between the time that they say you’ve earned money and when they send it. This delay can really hamper the growth of an online company, and there was a real need for a factoring company to fill this need.

Factoring is a financial transaction where a business sells it’s accounts receivables to a third party at a discount in exchange for immediate money to finance their continued business. Factoring is different from a bank loan, because the emphasis is on the receivables and not on the firm’s credit worthiness.

In the offline world, if a manufacturer received an order for 100,000 units from Wal-Mart, for example, they could take their purchase order into a commercial bank and get a loan to finance the manufacturing. Online, though, there hasn’t been a way to do this, until now.

Fast Pay is a new company that allows you to get paid faster for your online ad sales. In exchange for a small fee (2.5% per month) they will immediately loan you 70% of your previous month’s ad sales five days after the end of the month. Later, when the ad sales company sends your check, they’ll will send it directly to Fast Pay, who’ll collect their fees and send you the balance.

So, if for example, you earned $10,000 from Google Adsense in the month of January, they’ll send you $7,000 February 5th, and after Google sends them your check in late February, they’ll send you the remainder ($3000) minus their fee ($175).

Currently, you must have $10,000 or more of ad sales per month to participate, but when I spoke to one of the partners, Patrick Yee, today he said that they’re working on a self serve platform that would allow them to service much smaller publishers.

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Business Opportunities Weblog editor and publisher Dane Carlson lives in the Sierra Nevada mountains of California, just 15 miles from Yosemite National Park. He accidentally became a professional blogger in 2001. He has added 12,198 posts to the site.

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  • http://wahm.business-opportunities.biz Angela Shupe

    Very interesting! I can see how some people would want that money faster, especially if they’re still a new business that is trying to get started. The fee is even quite reasonable. I hope they’re able to come up with something for people who don’t make nearly that much per month because it seems to me they’d need a service like Fast Pay even more than those that are making 10k or more per month.

  • http://www.dbsquaredinc.com Steve Ray

    We’ve already “come up” with something for those who don’t invoice $100k monthly! Here at DB Squared we factor invoices for any size business. We have no monthly minimums, no minimum invoice amount, and no admin/junk fees! We only charge a fee for invoices factored. If you’d like to know more about unlocking your accounts receivables so that you can grow your business, meet financial obligations without penalty, or take on jobs you would have been otherwise too “cash-strapped” to entertain send me an email! Or you can call 702-547-4300 and ask for Steve. I’d love to explain more about factoring and find out if we can be a benefit to your business……

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