MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Facepay Inc. announced today the release of Facepay Crypto, an addition to its pioneering relational payments platform known for freeing business owners from credit card transaction fees and leveraging the security of blockchain technologies. Facepay’s Relational Payments disrupted the industry with its bold fixed-price subscription model in late 2020 and is poised to shake up the payments industry again with the introduction of Facepay Crypto.
Built on a private Ethereum network, Facepay Crypto will allow shops to accept Bitcoin, Ethereum, and other cryptocurrency payments from customers directly, displacing complicated fee structures associated with legacy payment processing. And because payments made on the blockchain are irrevocable, they are not subject to the chargeback, fraud, and dispute processes that credit cards are.
“We figured out how to provide the advantages of Bitcoin and other cryptocurrencies into the platform while still maintaining that auto repair shops are paid directly,” explains Dr. Mark Hale, the founder of Facepay. “Consumer cryptocurrency will only increase over time, and repair shops should be investing in the right technology to take advantage of it. If not, Bitcoin will be just another payment method that costs shops money. Every direct payment made with Facepay results in a 15-20% more profitable transaction.”
Cryptocurrency is entering the mainstream, just as repair shops are already heavily burdened with excessive credit card fees and planned fee increases. Facepay will allow shops to integrate alternative payments into their workflow and immediately realize additional profit gains because customers pay businesses directly, circumventing the traditional payment processor entirely.
“I see Facepay as a way to keep crypto payments from being incorporated into the antiquated transaction model offered by the Credit Card Processor oligopoly,” adds Hale. “And when Facepay is an integral part of shop workflow, shops start seeing huge savings. On top of that, 63% of consumers prefer this type of payment relationship with their service providers anyway.”
Greg Buckley, Owner of Buckley’s Auto Care, industry expert, and Facepay customer shares that “we all need to keep in front of our client’s experience. Contactless and digital payment methods are everywhere today. Adoption rates for these transactions are climbing higher and higher. Facepay’s platform saves me money, while remaining convenient and secure. Facepay is the right payment technology now and for the future.”
Currently, there is no other platform on the market designed for auto shops to offer crypto-ready, direct banking with the security of blockchain technology.
As a Diamond Partner, Facepay is the Preferred Payments to members of the Automotive Training Institute. Members can learn more about Facepay Crypto at the showcase held at the ATI SuperConference 2022 in Carlsbad, CA, March 16-19 and on their member portal. Auto shops attending the 2022 VISION HiTech Training & Expo in Kansas City, MO, on March 3-5 can visit us at the Facepay booth #435.
Facepay is permanently registered into the Ethereum blockchain with its internal token address 0x72665aa1dbfdd90fcaa2afed64830450c1585817.
About Facepay
The Facepay Relational Payments payment platform helps business owners increase profits by eliminating credit card processing fees.
Facepay’s technology allows auto shop owners to adopt a modern payment platform with a low-cost, fixed monthly subscription as an alternative to paying 2% - 3% of revenues to credit card processors. Facepay works with all management systems with an easy-to-use dashboard easily incorporated into existing workflows. On average, US auto repair shops using the Facepay model add $25,000 to their bottom line annually.
Facepay enables repair shops to offer their customers multiple payment options, including contactless payments, monthly installments, and service subscription plans.
For more information or to schedule a demo, visit www.facepay.io or call (800) 403-0221.
