Facepay revealed on Tuesday that it will develop its own cryptocurrency, dubbed “Facepay.”
Facepay is a blockchain-based relational payments system that eliminates credit transaction costs for company owners. The declaration prevents payment processors from forming an oligopoly over transaction fees.
Their previous fixed-price approach shook the market in 2021. With the addition of Bitcoin, it will outperform the market once more.
Crypto as Mode of Payment
The United States’ relational payment network will now allow shops to take payments straight from customers. Digital currencies such as Bitcoin, Ethereum, and others will be used.
The Ethereum-based blockchain payments company will alleviate the burden of growing charge structures in classic payment procedures. Unlike traditional credit card options, the Facepay system does not enable chargebacks because blockchain transactions are irreversible. As a result, there are no vulnerabilities for fraudsters or dispute processes.
Mark Hale founded Facepay. They figured out how to incorporate Bitcoin and other cryptocurrencies’ benefits into the platform. At the same time, maintaining that auto repair shops get paid directly.
Consumer cryptocurrency will only grow in popularity over time, and repair companies should invest in the appropriate technologies to capitalize on it. If not, Bitcoin will become simply another money-sucking payment option for merchants. Every direct payment made with the company results in a transaction that is 15-20% more profitable.
Traditional payment methods’ rates have been steadily rising, paving the path for cryptocurrencies to penetrate the mainstream. Similarly, shops will prefer to incorporate a low-cost payment method into their processes. The relational payments company will help them increase their profit margins.
Facepay Breaks Up Payment Processor Oligopoly
Facepay, according to Hale Mark, is a means to keep crypto payments out of the archaic transaction paradigm given by the oligopoly of credit card processors. When it becomes an intrinsic part of a shop’s workflow, enormous savings are realized. Furthermore, 63 percent of customers prefer this form of payment arrangement with their service providers.
Buckley, the creator of the premier auto care firm, is also a Facepay customer. He said that they must stay on top of their clients’ experiences. In today’s world, contactless and digital payment methods are commonplace. These transactions’ adoption rates are steadily increasing. This technology allows consumers to save money while maintaining convenience and security. Facepay is the most appropriate payment system for the present and future.
Surprisingly, no other platform provides similar services for auto dealerships, allowing direct banking while maintaining the security of blockchain technology.
Furthermore, because of its cooperation with Diamond Payments Processing Inc., members of the Automotive Training Institutes choose to use this relational payment method.
Facepay, a relational payment company established in the United States. It operates on a subscription model rather than taking 2-3 percent of transaction income like typical payment processors do. It also gets rid of credit card costs. The payment firm works with all management systems and offers simple dashboards linked into existing procedures.
In addition, the payment platform provides a variety of payment options, including monthly installments, subscription plans, and contactless payments.