MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Facepay Inc. announces their new offering FacepayCapital immediately available for all auto repair shops on its platform. This product comes at a unique time when auto shops are grappling with accelerating demand from the ongoing pandemic. FacepayCapital provides access to funds needed for staffing, diagnostic services, training and other near term upgrades. Customers who use Facepay tend to have better cash flow and therefore are more likely to get loans or lines of credit approved quickly. With FacepayCapital, they can apply for a loan directly from the product, which saves time and paperwork.
Facepay is already helping auto repair shops increase profits, on average $25,000 a year. Auto repair shop adoption of Facepay is accelerating as they deploy Facepay to convert customers from paying with credit cards to direct payments. This is happening as the repair industry is facing a historical increase in credit card rates for all full service and discount card processors. Facepay offers customer conversion tools to facilitate this shift. According to Dr. Mark Hale, Founder of Facepay, “Facepay integrates with all management systems and, when deployed with the workflow, auto repair shops can immediately see up to 40% conversion to direct bank payments. This technology is already available in consumer applications used by half of the population.” He goes on to say that “the net benefit is immediate as that cash goes straight to the bottom line”.
Facepay now offers FacepayCapital which gives repair shops access to term loans and lines of credit to grow their business. Owners have never been busier amidst used car repair demand driven by emerging pandemic duality of both restricted purchasing ability and new vehicle availability. FacepayCapital presents multiple offers from best-in-class lenders. This capability is integrated directly into the Facepay platform as a one-stop-shop for acquisition, underwriting, origination, and onboarding that is needed to get access to the money needed, and it is powered by Lendflow, the leading platform for embedded lending. Todd Westerlund, a 30 year industry veteran and Chief Revenue Officer of Facepay, worked with the industry on this product. He states that “the timing of FacepayCapital could not be better as auto repair shops need to have access to funds to grow in 2022. Making these upgrades is paramount to ensuring shop success and maintaining high customer satisfaction. It is a game changer.”
The innovation of FacepayCapital is that, because these shops are using Facepay, the shops free up cash to pay for the loans or credit they need. So they are truly growing their business with money they saved from eliminating credit card fees. This is a favorable position with the lenders, which increases the access to more favorable loan offers. There is no charge to use FacepayCapital beyond the service terms of the loan or line of credit. This is a disruption to the credit card processor oligopoly that burdens businesses with fees and it is becoming a bigger issue as rates are scheduled to go up.
Bill Adams, of Adams Autoworx and Facepay early adopter, is clear that he can leverage the new offering to grow his business. Bill says “having quick access to capital allows us to take advantage of opportunities we would have had to pass on before FacepayCapital.” The combination of significant savings from credit card fees and quick access to capital is a game changer for auto repair shops struggling to keep up with customer demand and increased competition. Facepay provides both.
Todd Westerlund will moderate a 1-hour webinar on Thursday, December 16th at 9AM (PST) / Noon Eastern with an Expert Panel on the subject of Growing Your Business in 2022. Panelists include Kim Hickey, Automotive Training Institute; Ryan Burton, CEO of LeadsNearMe; Monique Mondragon, Shop-Ware; and Brittany Schindler, Facepay Power User and GM of Rod's Japanese Auto Care Inc. Webinar registration is open now at www.facepay.io.
FacepayCapital is available now 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.
About Facepay
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.
About Lendflow
Lendflow provides embedded finance infrastructure for vertical SaaS platforms. Combining a vast marketplace, contextual product placements and powerful data services that include data aggregation, orchestration, decisioning, monitoring and standardization, Lendflow enables every tech platform to build, enhance or embed financial products within their ecosystems. With Lendflow, SaaS platforms increase customer engagement and retention, lenders can expand their reach and increase operational efficiencies and SMBs can quickly access capital to power their growth.
