In 2020, Facepay was launched and it shook the market as it worked to liberate the auto shop merchants from the processing fee on credit card payments. In 2022, again Facepay is all charged up to change the way cryptocurrency payments are made. In the beginning, this payment platform only allowed credit and debit payments. But, now Facepay has included cryptocurrency payments as well.
Before, the platform helped in saving processing fees imposed on debit cards and credit cards. But, now with cryptocurrency payments, one can avoid the transaction fees of cryptocurrency payments as well. These transaction fees were charged to the merchants as per the legacy cryptocurrency payment processing.
Facepay starting with Cryptocurrency Payments
Now, Facepay can help avoid these fees as well. The facepay cryptocurrency will be an addition to the already existing framework of the facepay payment platform. It will be supported by the Ethereum blockchain. Payments can be done using any type of cryptocurrency like bitcoin, Ethereum, etc. however, the crypto-based fees imposed on the network will not be charged to merchants.
Also, this platform help avoids frauds and chargebacks as the transaction is done on the cryptocurrency blockchain. The transactions cannot be changed and reversed once it is added to the blockchain.
As the number of crypto users keeps increasing in this era, not adding cryptocurrency payment options can be quite a loss for the merchants. Also, having direct payment processing will only put the merchants on the map.
Founder of Facepay, Hale mentioned how using cryptocurrency payments on the platform will help cut back on the processing fees. He also mentioned that the direct customer to merchant transactions will help save 20-25 percent overall transactions.
He also mentioned how customers appreciate a direct payment channel without any other party interference. The easy integration of the platform with the management software will also help cut costs on making other planned changes.
This can be a major change in the way auto shops accept payments. There is no other application currently in the market that uses the direct payment process by cutting the processing fees. And now that the cryptocurrency payments are added, it will be one of a kind in the market. Cryptocurrency payments tagged with digital and contactless payments with no transaction fee to process, facepay will change the way merchants accept payments.
What is Facepay?
Facepay is an artificial intelligence-based relational payment application. This platform allows the users to receive and send payments without changing any application or disrupting the workflow. The users can make payments using their debit or credit cards and can make payments in cryptocurrency as well.
One will have to upload their selfie on the platform along with the payment details. After this, whenever there is a need to pay after receiving any service, simply scan the face and get payments automatically.
This payment application helps in making transactions without paying for the processing fees of the credit cards. The application works on a monthly subscription basis and can integrate with all types of management software. This has changed the way auto shops are accepting payments on a daily and monthly basis. Also, as per reports, auto shops can save up to $25,000 annually.