Facepay Inc., a payment platform for businesses that eliminates credit card processing fees, has announced today the release of Facepay Crypto to leverage blockchain technologies. The company offers a fixed-price subscription model as an alternative to paying two to three percent of revenues for credit card payments, and is available to automotive repair shops across the country.
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, Facepay said in a news release.
“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,” said 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 to 20 percent 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, the company said.
“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 percent 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.
