|
Name |
Description |
Calculation Formula |
|
|
Partner Cashback Issued |
It is calculated based on the customer payable amount (i.e. the amount deducted from the card). The customer payable amount includes promo code discount and existing cashback used. |
Partner Cashback Issued = Cashback percentage (%) x Customer Payable Amount |
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|
Fave Fee* |
It is a percentage charged by Fave for every transaction [subject to contract] based on the customer's Payable Amount. There is also a GST (9% for SG merchants) or SST (6% for MY merchants) charged on top of the Fave Fees. |
Fave Fees = X % x Customer Payable Amount |
|
|
Merchant Takeback |
Fave Deal |
Payment merchant receives for successfully redeemed Fave voucher(s). |
MY: Selling price - Commision % (as mentioned in Contract) SG: Selling price - Commision % (as mentioned in Contract) - GST on Commision |
|
FavePay |
Payment merchants receive for successful FavePay transaction(s). |
Revenue = Total Bill - [FavePay Cashback Issued + Fave Fee + GST (for SG merchants) / SST (for MY merchants) on Fave Commission] |
|
|
eCard |
Payment merchants receive for successful purchased eCard. |
MY: Customer payable Amount - Fave Commission
SG: Customer payable Amount - Fave Commission - GST (based on Fave Commission) |
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*Do note that Fave Fees % will vary for Malaysia and Singapore. For example, if the merchant offering cashback rate is / more than 10%, Fave Fees will be at a flat of 1% for both Malaysia and Singapore. Otherwise, for cashback rate less than 10%, Fave fees % will be as below [subject to contract]:
Singapore: 1.8%
Malaysia: 1.5%
Example of calculation:
|
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 |
- |
$50 (assume customer has $50 eCard**) |
|
Customer Payable Amount (Bill Amount - Merchant Cashback Utilised - eCard Credits Used - Fave Credits) |
$100 |
$40 |
|
Merchant Cashback Issued (10% x Customer Payable Amount) |
$10 |
$4 |
|
Fave Fees (1%* x Customer Payable Amount) |
$1 |
$0.40 |
|
GST / SST on Fave Fees [9% (SG) / 6% (MY) x Fave Fees] |
$0.09 (assume GST = 9%) |
$0.036 (assume GST = 9%) |
|
Merchant Takeback |
$88.91 |
$44.56 |
**Do note that the merchant receives upfront payment for eCards when customers purchase an eCard.
If you have any questions, 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