Facepay to Take Direct Bank Transfers
Aug. 13, 2021—Facepay, a payments technology firm whose customer base is largely auto repair shops, announced Tuesday it has added an alternative payment method to lessen the blow of credit card acceptance rates.
According to a Digital Transactions report, Facepay will offer a service that would offer direct bank transfers from customers’ accounts to the shop. This would save the 5-10 percent of profits that otherwise would have gone to credit card interchange.
“Auto shops have never made more and never paid more fees than they have this year,” says Todd Westerlund, chief revenue officer at Facepay, in a statement. “The pandemic and supply-chain aftermarket impact are incredible. Next year, they will pay even more fees because of the [credit card] rate increases and the time to prepare is now. It will erode all profits.”
Facepay says its technology can ease customer sign-up for the bank-transfer service with a dashboard to invite customers to use the service and measure results. It works with a shop’s existing software and doesn’t replace current processors, the company adds.