Paybyface
Open Banking Payment Processing Platform
PayByFace allows consumers to simply use their selfie to authorize buying goods and services. We can also offer merchants an upgrade to use our cardless face recognition payment processing system that integrates into most current POS systems.
Innovative cardless payment processing
Carrying your debit and credit cards everywhere you go can easily be lost or stolen and the 4-digit PIN is not very secure. With PayByFace it’s like an Uber app for making payments when you go shopping!
You no longer need to carry your cards or cash, simply use our proprietary face recognition cardless payment app and just take a selfie to buy things at participating merchants around town.
The problem it solves
Merchants must pay a price to accept credit card payments. They usually are charged as flat fees, per-transaction fees or volume-based fees. It’s usually between 2% and 3% (online merchants pay the higher end) — to as much as 5% — of the total purchase price after sales tax is added.
Therefore, most will seek the cheapest credit card processing rates or mark up the prices of their products so customers’ payments can absorb the card-processing cost.
PayByFace replaces the acquiring processor and bypasses the credit card networks to become both the service provider and the association member in the transaction flow.
By doing so, Paybysafe generates huge savings on payment processing to the merchants. Merchants will still have to pay a price to use PayByFace as an alternative method but the cost savings will be reduced significantly. PayByFace will cost a flat USD $0.05-$0.12 convenience fee per transaction depending on daily volume.
PayByFace is in beta program phase
Out of paper. No signal. Cards don’t swipe. Are you a merchant and tired of POSs ancient devices? Customers can now pay you using our app with just their selfie!
PayByFace ia an EU trade mark
PayByFace has been recorded as a trade mark in the Register of EU Intellectual Property Office.
Contact person: Mihai Draghici, Founder/CEO, mihai@paybyface.io, +40.733.402.219