Facepay to Take Direct Bank Transfers

Aug. 13, 2021
The company says it will lessen the blow of rising credit card acceptance rates and save up to 10 percent in profit for businesses.

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.

About the Author

Ratchet+Wrench Staff Reporters

The Ratchet+Wrench staff reporters have a combined two-plus decades of journalism and mechanical repair experience.

Sponsored Recommendations

Find the right shop management system to boost your efficiency

Find the right shop management system to aid in efficient scheduling, communication and payment processing

Craft a strategic marketing plan

Develop strategies and communicate them to your staff to keep you on track

Establish and track your KPIs: Technician Productivity

WHAT IT IS: Technician productivity refers to the time a technician is available to work measured against the actual time spent working on positive cash flow repair orders. Tracking...

Empower your technicians with the right tools for efficient repairs

Foster a highly motivated and efficient team to get vehicles out the door faster