The scheme, announced today by Advenue’s CEO is aimed at closing the payment gap between supply and demand in the programmatic space.
A 2017 study revealed that almost 60% of publishers are always paid late, while a staggering 23% of publishers have advertiser invoices that have never been paid. With standard terms ranging from 45 to 60 days, the reality is somewhat different, with publishers reporting an average payment cycle of 70 to 90 days and regular occurrences of due dates exceeding 120.
“Publishers have always been at the end of the payment chain and generally get a bad deal, effectively helping advertisers fund their business. When a contract is signed agreeing payment terms, the demand side should pay, and do so on time.” says Advenue’s CEO Damon Francis. “We’re going one step further by offering an attractive commercial benefit for publishers that work with us. Our partnership with Fastpay makes that possible”
The former Head of Commercial of a global telco exchange launched Advenue in October 2017 with a determination to change many of the programmatic trading practices that are either inefficient or ineffective.
The company created their proprietary global exchange technology to be technically advanced and efficient to run; it’s gearing up to offer a range of unique benefits for both publishers and advertisers; a 14 day publisher payment cycle is another tick in the box for their endeavours.
With over 40k apps trading on the Advenue AD exchange, the company has seen a 400% increase already for Q3 with further growth forecast for the end of the current year.
Matt Byrne, Managing Director UK for FastPay said “We’re delighted to be working with Advenue, and in doing so helping their publishers benefit from significantly better payment terms than are provided elsewhere across the digital media ecosystem. FastPay’s goal is to help companies optimise working capital in order to maximise growth – and it’s great to see a FastPay client pass on those benefits to it’s own partners too.”
FastPay is a financial technology platform providing credit and payment solutions to digital industries. Leveraging proprietary technology and analytics, FastPay dynamically assesses the creditworthiness of borrowers and can issue working capital loans up to $100M+. Since its inception in 2009, FastPay has originated over $2B in loans and has access to hundreds of millions of dollars in deployable capital from partners including Citibank, Wells Fargo, and Hitachi. Its leadership team brings decades of credit and payments experience from Green Dot Corporation, Capital One, Morgan Stanley, Goldman Sachs, and Skrill. Headquartered in Los Angeles, FastPay has offices in San Francisco, New York, London, and Westborough, MA. For more information, please visit https://gofastpay.com.
Advenue is a global full stack advertising exchange, providing a fluid marketplace for thousands of publishers, demand platforms and digital advertising agencies. Their extensive in house technology suite includes the Advenue SSP, DSP and DMP, all of which are connected to one of the world’s most advanced and efficient RTB exchanges.