Mountain View California based Facepay Inc. adds cryptocurrency payments to its relational payments platform which enables businesses 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.
Facepay’s Relational Payments disrupted the industry with its bold fixed-price subscription model in late 2020. The new feature named Facepay Crypto is built on a private Ethereum network. The company said that it will allow Auto shops to accept Bitcoin, Ethereum, and other cryptocurrency payments from customers directly, displacing complicated fee structures associated with legacy payment processing.
As the crypto payments are made on the blockchain are irrevocable, they are not subject to the chargeback, fraud, and dispute processes that credit cards are.
Dr. Mark Hale, the founder of Facepay, pointed out that consumer cryptocurrency will only increase over time. He said that Auto 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.
“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,” Mark added.
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.
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