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Facebook Sure Looks Like It's Getting Into the Collection Business

  • Written by Steel Rose

Facebook wants to help you get paid. Or so the company claimed in recent days, announcing a new program which essentially turns the social media giant into a debt collector. For a small fee, of course. 

Dubbed Facebook Invoice Fast Track, the program works by buying up a company's outstanding invoices and quickly forking over the owed cash. When payment comes due, the customer with the outstanding bill then must pay Facebook directly. 

"The program provides affordable, immediate cash for pay that your customers owe you," the announcement explained. Facebook said it will take a "one-time low fee" of one percent of the invoice value. Notably, Facebook intends for the program to focus on businesses that are "majority-owned, operated and controlled by racial or ethnic minorities, women, U.S. military veterans, LGBTQ+ people or individuals with disabilities."

Perhaps coincidentally, as of Nov. 30, 2021, debt collectors will be allowed to direct message people on social media platforms in an effort to chase down cash. To read more click here.