Facebook partners with Zip for advertising payments
Facebook has entered a partnership with Zip Business, to enable small and medium businesses to pay for advertising with the buy now, pay later service.
The partnership is currently in testing on Facebook, with Zip co-founder and COO, Peter Gray, describing it as a great opportunity for the crucial part of the economy that is SMEs.
“With 14 million Australians using Facebook every day, the social network is an increasingly important advertising channel for small businesses,” Gray said.
“Providing Zip as a payment option makes Facebook advertising even more accessible and valuable to business owners and helps smooth their cash-flow.
“Small businesses are a crucial part of the Australian economy, making up almost 98 percent of the business sector. For many of these businesses, cash-flow is a primary concern, and 92 percent of small businesses believe they would have generated more revenue in the previous year if their cash-flow was better. Partnering with Facebook is an important step not only in the expansion of Zip Business, but in helping small business owners to capitalise on recent growth in the ecommerce sector and to get ahead.”
The partnership is the latest move from Facebook to support small businesses which rely on its platform for marketing and commerce. Earlier in the year, Facebook and Instagram added the capability for local consumers to purchase gift cards for small businesses through the platform, in response to COVID-19 lockdowns.
Facebook also launched a campaign in November to educate SMEs on how to utilise the commercial tools on the platform to drive interest in and results for their businesses.
Wide-spread access to Zip Business on Facebook will commence following a controlled, staged roll-out, starting with Facebook pre-paid advertisers.
Facebook Australia and New Zealand’s director, Paul McCrory, said: “Small to medium businesses are the heartbeat of the Australian economy. When businesses succeed the entire community benefits.
“We are excited to launch the buy now pay later advertising payments integration, that will help businesses access capital to grow. This innovation, coming directly from Australia, holds great potential to ensure small business thrives.”
