Doctor's Associates Inc., the parent company of SUBWAY, and Think Computer Corporation announced that FaceCash will now be accepted at certain SUBWAY locations in California. FaceCash is a mobile payment system that allows consumers to use their cell phones to make purchases at the point of sale.
When signing up at facecash.com, consumers pre-fund their FaceCash accounts by transferring money from traditional checking or savings accounts. They can then debit their FaceCash balance by making purchases at participating merchant stores. The free FaceCash application, which also consolidates consumer loyalty program cards, is now available for iPhone, Android and BlackBerry phones. Other phones can also access FaceCash through a mobile web browser.
With a flat rate of 1.5% per transaction, merchants utilizing FaceCash can achieve savings of 50% or more relative to traditional credit and debit card processing fees. There are no monthly fees or other hidden fees. In order to use FaceCash, merchants simply need a computer (with Internet access) and an optional barcode scanner, which are available from Think at a discount.
"We're looking forward to finding out how this could benefit our customer base and our business," says Diana Kazarian of SUBWAY.
FaceCash gets its name from its unique security process. During a purchase, the consumer's face appears on the merchant's register to verify identity. The first time a buyer makes a purchase using FaceCash, the merchant matches the photograph provided during the sign up process to the consumer's driver's license or passport. A number of other security measures are built in.