Face Pay Inc. – a firm that looks to help credit card companies avoid or eliminate third-party fees – announced it is unveiling its own cryptocurrency known as Face Pay Crypto.
Face Pay Is Launching a New Crypto System
The company made headlines roughly two years ago when it launched a new fixed-price subscription service. Now, the enterprise will be entering the digital asset market so customers can shop utilizing currencies like bitcoin, Ethereum, and similar altcoins. Its new cryptocurrency is set to be built on a private Ethereum network.
The goal is to help its customers keep transactions simple and to the point. Face Pay is looking to help its clients avoid additional fees of any kind so two parties can engage in swift and straightforward payments. Doing this via blockchain technology will also help in that blockchain is fully verifiable. Thus, all transactions will be irreversible, preventing them from being susceptible to fraud, chargebacks, and other dispute processes.
Dr. Mark Hale – the founder of Face Pay – explained in an interview:
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 Face Pay results in a 15 to 20 percent more profitable transaction… I see Face Pay as a means of keeping crypto payments from being incorporated into the antiquated transaction model offered by the credit card processor oligopoly. When Face Pay 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 is a Face Pay customer and the owner of Buckley’s Auto Care. He also threw his two cents into the mix, saying:
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. Face Pay’s platform saves me money while remaining convenient and secure. Face Pay is the right payment technology now and for the future.
Crypto Payments Are Becoming Mainstream
He is particularly excited about the developments as he is unaware of any other enterprise at the time of writing that offers blockchain capabilities to companies in the auto industry.
Credit card companies have seen heavy fee increases over the past year or so given how high inflation has become. Firms say they can expect to see more in the coming weeks and with crypto becoming mainstream, this could be their opportunity to save.
