Facepay introduces new technology to further increase customer conversion from credit cards to bank debit at auto repair shops as industry prepares for imminent Visa and Mastercard audits and rate increases.
MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–Facepay Inc. announces significant usability enhancements to its core Relational Payments platform amidst coming increases in credit cards merchant processing not seen in decades. Repair shops using Facepay offer increased convenience to their customers as part of their service workflow. Shop customer adoption is accelerating while using Facepay just as credit card rates are increasing for all full service and discount card processors (announcement).
Repairs shop owners choose Facepay because profits directly increase when credit card transaction fees are offset with a fixed, low-cost monthly subscription enabling direct debit payments from customers. Facepay has been disrupting the automotive repair market for two years and analyzed thousands of interactions with shop customers resulting in millions in payments. Facepay responded with significant new usability enhancements that offer significant improvements on customer conversion rates.
- When combined with shop workflow 40% of customers convert from credit cards to direct bank payments because they value the convenience of an expedited checkout.
- Customers prefer instant banking 5:1 over manual entry of routing and account numbers found in legacy systems. This traditional barrier to adoption is all but eliminated.
- New usability enhancements reduce customer signup steps by 55%.
- Checkout for shop customers is modernized as consumers are now used to the convenience offered from everyday subscription services. Our technology is used in many consumer applications where more than half of the population has had direct connectivity to more than 11,000 financial institutions.
Facepay has been able to achieve these remarkable break throughs without requiring any application to install. There is no reason for any repair shop to adopt a solution that passes on credit card fees to consumers which ultimately hurts their business. Stored credit cards have higher card-not-present rates. The Facepay Relational Payments platform is the preferred method of payment.
Dr. Mark Hale, founder of Facepay and the inventor of Relational Payments, goes on to say that “all of these improvements are white labeled for auto repair shops to incorporate their customers as part of their existing workflow. Customers now rank convenience above loyalty points, awards or other incentives because time and ease-of-are more important.” Hale goes on to say that “it is also just as easy for service writers since they accept payment without having to go through the hassle of processing a credit card at the counter.”
This announcement and recent customer conversion tools by Facepay are timely as the industry prepares for credit card rate increases next year. Todd Westerlund, Chief Revenue Officer of Facepay, states “I’ve been in the auto industry more than 30 years. The industry has not seen a rate increase like this ever that comes into effect in 2022. The rate increase and anticipated audits are a shock to the industry when owners are short staffed and often back in the bays working further complicated by part shortages. Facepay is the only way for owners to keep profits from all the extra effort.”
The usability enhancements are available now free of charge as an upgrade to all business customers on our Relational Payments platform subscription plan. If you would like a demo, please visit www.facepay.io or call (800) 403-0221.
The Facepay Relational Payments platform that helps business owners substantially increase profits by eliminating credit card processing (transaction) fees.
Facepay’s disruptive technology allows auto shop owners to adopt a modern payment structure with a low-cost, fixed monthly subscription as an alternative to paying around 2.5% of their revenues to credit card processors. Facepay works with all management systems and our easy-to-dashboard is used in your existing workflow. On average in US auto repair shops, the Facepay model adds $25,000 to the bottom line each year.
Facepay also enables repair shops to offer their customers multiple payment options, including contactless payments, monthly installments, and service subscription plans.
For more information or to schedule a demo, visit www.facepay.io or call (800) 403-0221.
Dr. Mark Hale
Founder and Chief Pilot