If you’re an SME in Singapore, accepting PayNow is one of the easiest ways to grow your business. Over 80% of Singapore residents and businesses — more than 4.9 million users — are on PayNow. What’s more, PayNow merchant fees are up to 70% cheaper than credit card fees!
Why should merchants offer PayNow Cashback?
Our one-stop payments platform lets you accept both credit cards and PayNow transactions, at no extra cost. With both options to choose from, here’s why PayNow transactions are better for your business:
As a business in Singapore, PayNow Cashback is a win-win for you and your customers. By incentivising your customers to pay with PayNow, you save on transaction fees and get much faster payout. At the same time, your customers enjoy savings whenever they shop at your store — improving customer experience and loyalty to your brand.
If you haven’t set up PayNow on your online store yet, here’s a step-by-step guide for desktop and mobile.
How does PayNow Cashback on HitPay work?
Here’s a summary of the process:
- A customer goes to checkout on your online store.
- They are asked to select a payment method, and see that PayNow Cashback is available. This informs them that if they pay by PayNow, they receive cashback on their purchase.
- The customer selects PayNow and scans the QR code for payment.
- Once payment is received, the customer automatically receives cashback into their PayNow-linked account. The customer enjoys the savings and is excited to shop at your store again.
How much does PayNow Cashback cost?
The costs involved for a PayNow Cashback campaign are:
1) Cashback amount
Merchants can decide how much cashback to offer, as either a percentage of the payment or a fixed amount. The cashback is funded by the merchant — meaning that the cashback amount is deducted from the customer's payment.
2) Processing fees
HitPay charges per transaction, without any setup or subscription fees.
Altogether, this is lower than credit card transaction fees — for both domestic cards (2.8% + S$0.50) and international cards (3.65% + S$0.50).
What cashback amount should I set?
To set an ideal cashback amount, estimate your savings on credit card fees and set a cashback amount within that range. A good cashback amount will cost you less than credit card transactions, yet incentivises customers to make bigger/return purchases.
For a $90 transaction, if you set PayNow Cashback at 1%:
Even with merchant-funded PayNow Cashback at 1%, you save over 50% as compared to standard credit card fees.
For a $100 transaction, with PayNow Cashback at 1%:
In total, you save almost 50% with a PayNow Cashback campaign, compared to standard credit card fees.
How to set up a PayNow Cashback campaign
Step 1: On the HitPay Dashboard, navigate to Payment Gateway > Cashback
Step 2: Click on the Add Cashback button
Step 3: Complete the campaign settings based on your desired cashback amount. When done, click Save.
Step 4: Promote your PayNow Cashback campaign to attract customers
For an easy marketing fix, download our PayNow Cashback marketing templates, insert your product photos, and post them to social media.
You can also add a custom code in your Shopify web store by following these steps. When done, your Shopify store checkout will look like this:
And you're set!
Once your cashback campaign is live, your customers will see it on the checkout page. Here’s how it looks on desktop:
And on mobile:
After payment is made, the cashback will be instantly credited to your customer’s PayNow-supported account.
Set up PayNow Cashback on HitPay now!
HitPay is a one-stop commerce platform that aims to empower SMEs with no code, full-stack payment gateway solutions. Thousands of merchants have grown with HitPay's products, helping them receive in-person and online contactless payments with ease.
Join our growing merchant community today!