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?
The cashback rate is the percentage of cashback that you are giving to customers for every transaction. Cashback will be issued based on the customer’s payable amount.
Sample Calculation with 10% Cashback and 1% Fave Fees** below:
| Customer Visit | First visit | Second visit |
| Bill Amount | $100 | $100 |
| 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 (Bill Amount- Cashback Utilised - eCard Credits Used)) | $1 | $0.9 |
| GST / SST on Fave Fees (9% (SG) or 6% (MY) x Fave Fees) | $0.09 (assume GST = 9%) | $0.081 (assume GST = 9%) |
| Merchant Takeback | $88.91 | $90.02 |
**Note:
* Fave Fees will vary from Malaysia & Singapore.
* If cashback rate is / more than 10%, Fave Fees will flat at 1% for both Malaysia and Singapore. Otherwise, for cashback rate less than 10%, Fave fees rate as below [subject to contract]:
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.
If you have any questions or need further explanation, please do not hesitate to contact our Fave Partner Management team at the following correspondence.
Live chat: Login to Favebiz > Support > Contact Us > Chat with us
Malaysia: partners.my@myfave.com
Singapore: partners.sg@myfave.com