Long Payment Terms Plague Small Vendors, Further Burdening Minority- and Women-Owned Companies

Business leaders called for change at GSD&M's summit this week in Austin, Texas

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As the industry grapples with a reckoning on payment terms and the request for proposal (RFP) review process, diverse-, minority- and women-owned companies—those with smaller teams and often without reserves of cash on hand—are often hardest hit.

And while areas of the ad industry brace for an economic downturn and tightened ad budgets, some vendors are extending the time it takes to pay their partners, while others are shortening the RFP process and calling for quicker turnaround times for campaigns, putting pressure on smaller outfits.

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