Supplier Success Helps With Facebook’s Invoice Financing Effort

Supplier finance and corporate diversity consultancy Supplier Success has been chosen by Facebook to distribute early payments on receivables to diverse suppliers, according to a Wednesday (Feb. 3) announcement.

Supplier Success, which worked with the Global Supplier Diversity workforce of Facebook, planned, built and provided a receivables financing offering that delivers next-day liquidity to diverse suppliers based in the U.S. at nearly no cost, according to the announcement.

Facebook’s qualified minority, woman, veteran, LGBTQ and disability-owned suppliers can now sell their current invoices belonging to non-Facebook clients to Facebook at a fixed 0.5 percent rate no matter when the supplier receives payment from their customer.

The social media company chose Supplier Success to promote and allow for the disbursement of early payments over a 12-month period subject to fund availability. It is also working with Crowdz.io on the receivables financing effort, according to a Facebook news update.

“I view the Facebook Receivables Financing Program as a watershed moment in the receivables finance industry,” Supplier Success CEO and Founder Louis Green said in the announcement. “This sets a new paradigm for how ‘cash abundant’ companies can turn their diversity objectives into meaningful action. Facebook’s program has the power to transform many lives and livelihoods for the better.”

Facebook rolled out the program in December to address the disproportionate effect of the pandemic on diverse companies and also to support their broader racial equity programs.

“By placing instant, affordable cash in the pockets of our diverse suppliers, we are not only supporting them during a time of enormous need — we are leveling the playing field in a big way, and fueling their immediate growth and opportunity,” Jason Trimiew, director of global supplier diversity at Facebook, said in the announcement.

The news comes as Coupa, the California-based spend management company, introduced a Diverse Business Directory to make it simpler for firms, especially big ones, to locate diverse and inclusive suppliers. As part of its efforts, Coupa collaborated with many organizations that concentrate on diversity and inclusion.