Cashback is a loyalty reward given to customers when they pay at your outlet via FavePay. After payment is made, customers will receive cashback in their accounts. Cashback programs also help to attract a customer to repeat their purchase/transaction with you.
What is the benefit of offering Cashback?
Cashback has been proven to drive customer loyalty and retention by incentivizing customers to return to your outlet to utilize their merchant cashback.
The cashback customers earned from your business will only able to utilize for the next purchase at your outlet. Hence, cashback is also a great way to build greater trust among customers to your brand and are more likely to attract new customers to repeat their purchase/transaction with you.
What is Cashback Rate and how Cashback calculated?
|Customer Visit||First visit||Second visit|
|Merchant Cashback Used||-||$10 (from first transaction recorded under Merchant Cashback Issued)|
|eCard Credits Used||-||-|
|Payable Amount (Bill Amount - Merchant Cashback Utilised - eCard Credits Used - Fave Credits)||$100||$90|
|Merchant Cashback Issued (10% x Payable Amount)||$10||$9|
|Fave Fees (1%x )||$1||$0.9|
|GST / SST on Fave Fees (7% (SG) or 6% (MY) x Fave Fees)||$0.07 (assume GST = 7%)||$0.063 (assume GST = 7%)|
Can I change my cashback rate?
Any changes in the cashback rate are subject to approval. Please reach out to Partner Management Team with the following details and we will review the details and revert back to you if your cashback rate change request is approved.
- Brand name
- New Cashback %
- Reason. Please elaborate as much as possible so we can better understand the situation and assist.