What is Fave Fee?
The Fave fee is a percentage charged by Fave for every transaction [subject to contract].
How is Fave Fee calculated?
It is charged based on the customer's Payable Amount. There is also GST (7% for SG merchants) or SST (6% for MY merchants) charged on the Fave Fees.
Fave Fees = X % x (Bill Amount - Merchant Cashback Utilised - eCard Credits Used)
GST / SST on Fave Fees = % x Fave Fees
Sample Calculation with 10% Cashback and 1% Fave Fees:
|Customer Visit||First visit||Second visit|
|Merchant Cashback Used||-||$10 (from the 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 Bill Amount - Cashback Utilised - eCard Credits Used))||$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%)|