BITCOIN AND CRYPTO

Facepay Announces Facepay Crypto to Bring Cryptocurrency Payments to Auto Shops

Facepay | March 07, 2022

Facepay_Announces_Facepay
Facepay Inc. announced today the release of Facepay Crypto, an addition to its pioneering relational payments platform known for freeing business owners from credit card transaction fees and leveraging the security of blockchain technologies. Facepay’s Relational Payments disrupted the industry with its bold fixed-price subscription model in late 2020 and is poised to shake up the payments industry again with the introduction of Facepay Crypto.

Built on a private Ethereum network, Facepay Crypto will allow shops to accept Bitcoin, Ethereum, and other cryptocurrency payments from customers directly, displacing complicated fee structures associated with legacy payment processing. And because payments made on the blockchain are irrevocable, they are not subject to the chargeback, fraud, and dispute processes that credit cards are.

We figured out how to provide the advantages of Bitcoin and other cryptocurrencies into the platform while still maintaining that auto repair shops are paid directly, Consumer cryptocurrency will only increase over time, and repair shops should be investing in the right technology to take advantage of it. If not, Bitcoin will be just another payment method that costs shops money. Every direct payment made with Facepay results in a 15-20% more profitable transaction.”

Dr. Mark Hale, the founder of Facepay.

Cryptocurrency is entering the mainstream, just as repair shops are already heavily burdened with excessive credit card fees and planned fee increases. Facepay will allow shops to integrate alternative payments into their workflow and immediately realize additional profit gains because customers pay businesses directly, circumventing the traditional payment processor entirely.

We all need to keep in front of our client’s experience. Contactless and digital payment methods are everywhere today. Adoption rates for these transactions are climbing higher and higher. Facepay’s platform saves me money, while remaining convenient and secure. Facepay is the right payment technology now and for the future.”

Greg Buckley, Owner of Buckley’s Auto Care.

Currently, there is no other platform on the market designed for auto shops to offer crypto-ready, direct banking with the security of blockchain technology.

As a Diamond Partner, Facepay is the Preferred Payments to members of the Automotive Training Institute. Members can learn more about Facepay Crypto at the showcase held at the ATI SuperConference 2022 in Carlsbad, CA, March 16-19 and on their member portal. Auto shops attending the 2022 VISION HiTech Training & Expo in Kansas City, MO, on March 3-5 can visit us at the Facepay booth #435.

About Facepay
The Facepay Relational Payments payment platform helps business owners increase profits by eliminating credit card processing fees.

Facepay’s technology allows auto shop owners to adopt a modern payment platform with a low-cost, fixed monthly subscription as an alternative to paying 2% - 3% of revenues to credit card processors. Facepay works with all management systems with an easy-to-use dashboard easily incorporated into existing workflows. On average, US auto repair shops using the Facepay model add $25,000 to their bottom line annually.

Facepay enables repair shops to offer their customers multiple payment options, including contactless payments, monthly installments, and service subscription plans.

Spotlight

Trade Finance in its simplest form is when an exporter requires an importer to prepay for goods shipped. This gives the importer two main challenges, the first being that prepaying for goods from places such as China or India, for example, will seriously impact the company’s cash flow due to the long shipping times involved. The second is how does the importer reduce the risks of paying for goods in advance? These two challenges are mainly resolved by the importer’s bank or independent trade finance provider providing a letter of credit to the exporter, or the exporter’s bank, guaranteeing payment upon presentation of certain documents, such as a bill of lading. The exporter/manufacturer can also benefit as his bank may then make a loan to the exporter/manufacturer on the basis of this letter of credit so that manufacturing costs can also be covered from their point of view. Both sides benefit, the importer’s cash flow is not seriously harmed by paying in advance and the exporter can begin manufacturing without cash flow difficulties"


Other News
FINANCIAL MANAGEMENT

Primepay announces the launch of its new digital payment platform

Primepay | December 16, 2021

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INVESTMENTS

Wealthbox Announces $31 Million Equity Investment from Frontier Growth

Wealthbox | March 10, 2022

Wealthbox, a leading CRM software platform for financial advisors, announced today that Frontier Growth, a growth equity firm focused on fast-growing software businesses, has taken a minority stake in the company with a $31M equity investment. Founded by serial entrepreneurs John Rourke and Dan Ferranti, Wealthbox is a purpose-built CRM technology for financial advisors at wealth management firms and broker-dealers to track client relationships, collaborate as a team, and streamline operations. Launched in 2014, Wealthbox is known for its modern product design, powerful features, and intuitive user experience and is now integrated with leading custodial platforms and wealth-tech products. Frontier Growth has an amazing track record in helping rapidly growing companies scale even faster, and we're delighted to partner with them in our Series B round of financing, The investment capital for Wealthbox will allow us to accelerate product development and innovation so we can continue providing best-in-class CRM and related software solutions for financial advisory firms of all sizes." John Rourke, CEO of Wealthbox. Wealthbox's talented team, impressive growth rate, and excellent business metrics are a great fit for the added support, expertise, and funding we offer, We look forward to the partnership with the Wealthbox team to help financial advisory firms better operate their businesses with Wealthbox as their hub software." Richard Maclean, Managing Partner and cofounder of Frontier Growth. As part of the transaction, Richard Maclean and Matt Williams of Frontier Growth will join John Rourke and Dan Ferranti on Wealthbox's board of directors. Prior to the transaction, Starburst Labs, the parent company of Wealthbox, spun out Wealthbase, a social trading app for retail investors, which is now operating as its own separate company. Wealthbox is now the sole property of Starburst Labs, Inc. About Wealthbox Wealthbox operates as a remote-first company with employees located across the United States, and a large part of the team is located in Rhode Island. The Wealthbox CRM technology is purpose-built for the wealth management industry vertical and designed for financial professionals at advisory firms and broker-dealers to manage client relationships and streamline operations to grow their practices. About Frontier Growth Frontier Growth supports the growth of software companies that have $5M to $30M in revenue by deploying both investment capital and operational expertise. The firm was founded with a culture that puts People Before Numbers, because it's people that lead to real growth. With over 20 years' experience, over $1.5B in AUM, and actively investing its fifth fund, Frontier respects that each of their companies represents someone's life's work. It's why the firm's explicit focus is to help them grow without stifling the innovation that's made them successful.

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PAYMENTS

Versapay Acquires Leading Cash Application Fintech Company DadeSystems

Versapay | April 20, 2022

Versapay, the leader in Collaborative Accounts Receivable, announced today it has completed its acquisition of U.S.-based fintech company DadeSystems. The acquisition broadens Versapay's suite of accounts receivable (AR) automation solutions and expands its AI and machine learning capabilities. It also expands the company's enterprise and mid-market footprint while adding key talent to the growing Versapay team. We are very excited to welcome DadeSystems' employees, customers, and partners to Versapay, Versapay and DadeSystems have enjoyed a successful partnership for some time, and most importantly we share a common vision for the digitization of the AR process. Together, we can accomplish even more to close the digital transformation gap in AR, optimizing our clients' cash flow and driving operational efficiencies." Craig O'Neill, CEO, Versapay. DadeSystems has been a long-term technology partner of Versapay. 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This acquisition will give Versapay an unmatched, comprehensive suite of AR automation solutions, perfectly positioning the company to capture the growing market opportunities, We look forward to a successful partnership as these innovators come together to revolutionize the way accounts receivable teams work." Matt Vettel, Managing Director, Great Hill Partners. DadeSystems predominantly serves upper mid-market and enterprise customers, including two of the ten largest U.S. food distributors, two of the ten largest U.S. building materials and nine of the sixty-five largest U.S. banks in addition to being a technology provider for Wells Fargo's and Fifth Third's accounts receivable automation solutions. DadeSystems also brings important partners to Versapay, such as Fiserv, to support the company's rapid growth. We are thrilled to become part of Versapay, The accounts receivable function has been desperately in need of a workflow revolution. The cloud-based solutions that both our teams have introduced are making this happen. By joining forces, we will see even faster growth and a bigger impact on the industry's digital transformation." Bill Zayas, CEO, DadeSystems. The DadeSystems team will continue to operate in Miami and will be fully integrated with Versapay's North American teams. Alston & Bird LLP acted as legal advisor to Versapay. William Blair acted as exclusive financial advisor and Morris, Manning & Martin LLP acted as legal advisor to DadeSystems. About Versapay Versapay is the leader in Collaborative Accounts Receivable (AR). The Versapay Collaborative AR Network is the first solution that empowers the genius of teams by bridging the gap between suppliers and buyers through a shared, digital experience. Versapay's AR automation solutions and next-generation B2B payments network makes billing and payments easier for enterprises, increasing efficiencies, accelerating cash flow, and dramatically improving the customer experience. Versapay has offices in Toronto, Atlanta, London, Amsterdam, and Sydney, and is owned by Great Hill Partners, a Boston-based technology investment firm. About DadeSystems DadeSystems helps businesses unlock the possibilities of smarter AR. Today's AR teams are challenged by complex business payment processes. The DadePay suite of integrated AR automation solutions can quickly solve finance leaders' most pressing AR challenge—manual cash application. With an easy implementation, straight-through cash posting rates of 90%+, and award-winning mobile capabilities, DadePay is used by hundreds of businesses across industries to receive, match, and apply any payment from any channel. AR teams gain efficiencies that drive scalability, reduce payment processing costs, improve customer payment experiences, and provide faster access to cash. Seven of the top sixty-five North American financial institutions deliver the market-leading DadePay solution to their corporate customers. About Great Hill Partners Great Hill Partners is a Boston-based private equity firm targeting investments of $25 million to $500 million in high-growth companies across the software, digital commerce, financial technology, healthcare, and digital infrastructure sectors. Over the past two decades, Great Hill has raised over $12 billion of commitments and invested in more than 90 companies, establishing an extensive track record of building long-term partnerships with entrepreneurs and providing flexible resources to help middle-market companies scale. Great Hill has recently been recognized for its industry leadership, being ranked #5 in the 2021 HEC - DowJones Private Equity Performance Ranking, which evaluated fund performance of 517 leading private equity firms between 2008 – 2017.

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FUNDING

Astra Launches First-Ever Point-to-Point Debit Transfer Product Powered by Cross River

Astra, Inc. | December 17, 2021

Astra, Inc. (“Astra”), the automation platform for money movement, today announced the launch of its first-ever card-to-card instant payment API. Through a strategic partnership with Cross River Bank (“Cross River”), a technology-driven financial services organization that provides core infrastructure and embedded financial solutions, Astra is providing the critical infrastructure that will, for the first time, enable fintech developers to fund accounts and facilitate deposits via the debit card payment rails. “Astra’s new instant payment API gives fintech developers the ability to easily embed card-to-card transfers into their own application, for the first time without the need for any additional infrastructure. The funds are instantly applied to the destination card,” said Gil Akos, CEO of Astra, Inc. “Never before have developers been able to leverage card payment rails like Visa to instantly transfer cash between debit cards. We are extremely excited about the product innovations our team, together with Cross River, have been able to build on our platform that will transform the industry.” Financial technology products have the ability to choose several payment options when processing account-to-account (A2A) transactions via ACH or traditional card processing services. With this new solution, developers can process a transaction instantly, directly from one debit card onto a second debit card, without the need for settlement accounts or developing reconciliation operations. The solution is also PCI compliant by default. Astra’s secure API integration ensures developers will have limited liability for sensitive card data. “Astra chose to partner with Cross River to develop this innovative solution and with our new product, we can leverage the experience of Cross River and combine it with our work in risk mitigation and automation to make fast transfers on the debit network more streamlined and efficient than ever before,” said Sam Morgan, COO of Astra, Inc. Cross River provides leading technology and deep banking expertise which has become the foundation on which dozens of partners build their ecosystems and fuel their brands. This partnership will add new functionality to Astra’s payments API while increasing the speed of transfers and the accessibility of the debit card system for developers across the United States, all through Cross River’s comprehensive, one-stop-shop platform that provides streamlined access to the payment rails, core infrastructure, and a robust compliance framework. We are excited to partner with Astra as they bring their innovative payments solution to market. Cross River’s payments and banking API infrastructure allows fintechs like Astra to create value for their clients. Gil, Sam, and the entire Astra team have created a unique and differentiated way to move money, leveraging our core competency in card payments.” Keith Vander Leest, Director of Payments at Cross River. About Astra Astra is a leading provider of advanced bank-to-bank transfer technology for financial institutions, fintechs, and enterprises. With headquarters in San Francisco, the company was founded in 2016 by co-founders Gil Akos and Sam Morgan. Astra’s proprietary, vertically integrated API allows developers to easily embed financial automation within their existing products. For more information, visit https://astra.finance. About Cross River Cross River is a fast-growing financial services organization that merges the forward-thinking offerings of a technology company with the established expertise and traditional services of a bank. Since its founding in 2008, Cross River has developed strategic partnerships with leading technology companies, marketplace lenders and payment providers, while maintaining a strong focus on regulatory compliance and consumer protection. Cross River provides a highly secure, API-based banking platform and comprehensive suite of products encompassing lending, payments, risk management and Banking-as-a-Service (BaaS) offerings to deliver responsible financial solutions that empower businesses and consumers anytime, anywhere. Cross River Bank is a New Jersey state-chartered FDIC insured bank.

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Spotlight

Trade Finance in its simplest form is when an exporter requires an importer to prepay for goods shipped. This gives the importer two main challenges, the first being that prepaying for goods from places such as China or India, for example, will seriously impact the company’s cash flow due to the long shipping times involved. The second is how does the importer reduce the risks of paying for goods in advance? These two challenges are mainly resolved by the importer’s bank or independent trade finance provider providing a letter of credit to the exporter, or the exporter’s bank, guaranteeing payment upon presentation of certain documents, such as a bill of lading. The exporter/manufacturer can also benefit as his bank may then make a loan to the exporter/manufacturer on the basis of this letter of credit so that manufacturing costs can also be covered from their point of view. Both sides benefit, the importer’s cash flow is not seriously harmed by paying in advance and the exporter can begin manufacturing without cash flow difficulties"

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