What is FavePay Later?
- FavePay Later is a buy-now-pay-later service that enables merchants to offer their customers to split their purchases into 3 interest-free payments.
Who is eligible for FavePay Later?
- Any registered business in Singapore and Malaysia are eligible.
Will FavePay Later be available to online stores?
- Yes, any FavePay merchant can sign up for FavePay Later.
How do I sign up to offer FavePay Later?
a. Existing Merchants
- Reach out to your Business Development Manager.
b. New Merchants
- Sign up your Fave Merchant account via Favebiz and drop an email to email@example.com (MY) / firstname.lastname@example.org (SG). Alternatively, you can also fill-up your details here. Our Fave Business Development team will be in touch with the next steps.
How does FavePay Later works?
- Customer will be given an option to split the total bill amount at a FavePay merchant into 3 easy payment
When do I receive the payment? Do I receive full payment or partial payment?
- Payment will be released according to your current payment cadence. Payment will be made in full (after fees deductions) once the customer made the first transaction.
Is there any additional charges to me as a merchant?
- Yes, there is a FavePay Later charge starting from September 2021.
Can customers earn and utilize Partner Cashback in FavePay Later repayment?
- Partner Cashback will be issued upfront upon first transaction of FavePay Later payment. The Cashback issued can only be utilized in the next bill, it will not be applied to the next repayment.
How can I manage refunds or cancellations for FavePay Later Payments?
a. Full Refund (within 24 hours)
- You may log in to Favebiz Staff to proceed the refund. View here for more information.
b. Full Refund (after 24 hours) or Partial Refund
- You may reach out to Partner Management Team at live chat via Favebiz or email@example.com (MY) / firstname.lastname@example.org (SG via email.
Will there be any difference in the Statement of Account (SOA) / Excel Report received?
- No. SOA and Excel Report will remain the same. You can access your SOA and Excel Report via the Favebiz app. These can be downloaded at any time.