Facepay, a blockchain-based relational payments platform known for freeing business owners for credit transaction fees, has announced on Tuesday that it plans to launch its native cryptocurrency, ‘Facepay’, to prevent transactions fee oligopoly of payment processors. Although the previous fixed-price model of Facepay disrupted the industry in 2021, the addition of cryptocurrency will again set it to outperform in the market.
With this move, the relational payment platform of the U.S. will enable shopkeepers to directly receive payments from customers in digital currencies like Bitcoin, Ethereum and others. The blockchain payments firm based on the Ethereum network will prevent the pain of the rising fee structure applied in legacy payment processes. Unlike the other credit card options, the Facepay system will not allow chargeback as transactions are irrevocable in a blockchain. Hence, no vulnerabilities for fraudsters or dispute processes can occur.
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Dr. Mark Hale, the founder of Facepay, said;
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. 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 the company results in a 15-20% more profitable transaction.
The continuous increase of traditional payment mediums in fees has opened the way for cryptocurrency to enter the mainstream. Similarly, shopkeepers will prefer to add a cheap payment medium in their workflows. The relational payments firm will make them achieve more profit gains. The customers’ money will be sent directly to the shops or service centers without passing the funds in traditional payments platforms.
Facepay To End Up Oligopoly Of Payment Processors
“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. And when it 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”, added Hale Mark.
Founder of the leading Auto Care company Buckley, which is also a customer of Facepay, expressed;
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. This platform saves me money while remaining convenient and secure. Facepay is the right payment technology now and for the future.
Interestingly, there is no other platform offering such services for auto shops that allow direct banking alongside the security of blockchain technology.
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Moreover, the Automotive Training Institutes members also prefer using this relational payment medium because of its partnership with Diamond Payments Processing Inc.
The US-based relational payment firm Facepay works on a subscription model instead of taking 2-3% of the revenue in transactions like traditional payment processors. Alongside, it eliminates credit card fees. The payment company works with all management systems and provides easy-to-handle dashboards integrated into existing workflows. Also, the payment platform offers multiple ways to pay for the service with monthly installments, subscription plans, or contactless payments.
Featured image from Pixabay and chart from TradingView.com