Shopee, a leading e-commerce platform in Brazil, Taiwan, and Southeast Asia, is tailored for the region provides its customers with a fast, secure, and effortless online shopping experience through logistic support, substantial payment, and Shopee installment plans. Opting for the installment schemes will help Shopee customers to purchase their desired products and make payments in installments.
Today we are providing you with the details on the Shopee installment scheme.
Payment using Shopee installment plan
To avail of the Shopee installment plan, a credit card is required, which is eligible to use its payment method. The two banks that Shopee currently has those offer payment methods for installment plans are Public Bank and Maybank Berhad.
If you want to make a payment using Shopee installment, a minimum total value after applying vouchers and discounts during checkout should be (Ringgit Malaysia) RM500. Moreover, the products will feature an “Installment” tag on it in the list entitled to the Shopee installment payment plan. Hence, you can select the products you desire to buy. To avail of the installment plan, you must see that if your selected product is featured with the installment tag or not. If listed, enjoy the benefits of the installment plan.
To view the installment plan, you can see the product listing page.
Steps To Pay For the Installment
- Select the product you want to buy.
- Proceed if featured with installment tag.
- Choose the installment simulation.
- Select the payment method and choose the suitable Shopee installment plan.
Minimum Spend for Eligibility of Shopee Installment
If you want to be eligible for the installment plan, your minimum spend must be RM500. Check out the eligibility criteria under various circumstances through a quick guide mentioned below for you to understand it better:
- If you are buying an RM500 valued product whose seller has the Shopee installment plan method, your shopping amount is valid for installment.
- If you are buying multiple products with a combined value of RM500 and whose seller have a Shopee installment plan method, your shopping amount is valid for installment.
- If you are buying multiple products with RM250 value of each product from two sellers, and both sellers have a Shopee installment plan method, your shopping amount is valid for installment.
- Suppose you are buying multiple products with each RM250 value from two sellers when one seller has a Shopee installment plan method, and the other seller’s product is without an installment plan. In that case, your shopping amount is NOT valid for the installment.
For more information, you must see the complete information on Shopee’s e-commerce platform.
Charges and Number of Months For Shopee Installment Payment
If you want to know about the charges and number of months for your Shopee installment payment method after confirming the installment tag, the selected item’s product page will help you know about it. Once you are on the product page:
- Drop down the selected payment bank.
· You will see the number of months applicable for installment multiplied by the percentage of interest if there is any applied interest in the selected product.
- Buyers will then be required to pay their amount monthly for their installment.
As instanced by Public Bank Berhad, and if you are buying an HD LED 42” Television of RM1,000, it offers a six-month installment for RM166.67 per month at zero percent interest and twelve months installment for RM83.33 per month at zero percent interest. You can see the options to pay for your amount in installment on the checkout page. You will see the following payment methods:
- Shopee Wallet
- ATM/ Bank Transfer
- Credit Card Installment
- Online Banking (FPX), and
- Credit Card
Here you need to select the Credit Card installment to opt for paying for your purchase in installments.
Applying Vouchers for Shoppee Installment Plan
To opt for and avail of the Shopee installment plan’s benefits, your purchase amount should be equal to or more than RM500 after deduction of discount vouchers. However, if your checkout amount is less than RM500 after deduction of discount vouchers, you will not be eligible to make your purchase through the Shopee installment plan method.
Processing Fee For SPayLater At Shopee
The processing fee is an additional charge on the e-commerce platform of Shopee applied for the services by SPayLater. This processing fee is applicable only if you choose Shopee installment schemes.
However, the processing fee is not applicable if a customer opts for Buy now and Pay Later as the payment option.
Transaction Fee Applied to Sellers
The transaction fee is applied to the sellers for the Shopee installment scheme. The payment channels of installment plans are subject to a transaction fee of around two percent on the customers’ total checkout amount. It includes only the orders from those sellers providing its customers with installment plans in the same checkout. The transaction fee applicable is as follows:
- If your minimum checkout purchase amount is RM 500 for six months installment tenure, the transaction fee applicable will be 2.12%, including 6% SST.
- If your minimum checkout purchase amount is RM 1000 for twelve months installment tenure, the transaction fee applicable will be 2.12%, including 6% SST.
- If your minimum checkout purchase amount is RM 1500 for eighteen months installment tenure, the transaction fee applicable will be 2.12%, including 6% SST.
While opting for a Shopee installment payment scheme, sellers and buyers must check the applicable transaction fee and discounts.
Check the installment tag on the products, installment options, the process of the installment plan, and discount vouchers on your shopping through Shopee.
Shopee, a multinational technology company based in Singapore, has its main focus on e-commerce. Shopee provides its customers with various discount vouchers and schemes to benefit them and taking their shopping experience to the next level. Check out the details of Shopee installment plans and options on its e-commerce platform.
Stay tuned with www.atome.sg to get into the window of various offers and installment plans to have a wonderful shopping time!