Face Pay Inc., a company seeking to help credit card companies avoid or eliminate third-party fees, has announced that it will launch its own cryptocurrency known as Face Pay Crypto.
Face Pay launches a new encryption system
The company made headlines about two years ago when it launched a new fixed-price subscription service. Now, the company will enter the digital asset market so customers can buy using currencies like bitcoin, Ethereum, and similar altcoins. Your new cryptocurrency must be built on a private Ethereum network.
The goal is to help your customers keep transactions simple and straightforward. Face Pay seeks to help its customers avoid additional fees of any kind so that both parties can make quick and direct payments. Doing this through blockchain technology will also help with the fact that the blockchain is completely 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 found out how to provide the advantages of bitcoin and other cryptocurrencies on the platform, while keeping the mechanics direct payout. Consumer cryptocurrency will only increase over time, and garages need to invest in the right technology to take advantage of it. Otherwise, bitcoin will be just another payment method that costs stores money. Every direct payment made with Face Pay results in a transaction that is 15 to 20 percent more profitable… I see Face Pay as a means of preventing crypto payments from being integrated into the outdated transaction model it offers the credit card processor oligopoly. When Face Pay is an integral part of the store's workflow, stores begin to see big savings. Additionally, 63% of consumers prefer this type of payment relationship with their service providers.
Greg Buckley is a Face Pay customer and owner of Buckley’s Auto Care. He too threw his two cents into the mix, saying:
We all need to be at the forefront of our customer experience. Digital and contactless payment methods are everywhere today. The adoption rates of these transactions are constantly increasing. The Face Pay platform allows me to save money while remaining comfortable and secure. Face Pay is the right payment technology now and for the future.
Crypto payments are going mainstream
He is particularly excited about the developments, as he is not aware of any other companies at the time of writing that offer blockchain capabilities for companies in the automotive industry.
Credit card companies have seen big rate increases over the past year due to high inflation. Companies say they can expect to see more in the coming weeks, and with the popularity of cryptocurrencies, this could be your chance to save.