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.