PayNow is a payment service in Singapore that allows customers to easily send and receive Singapore Dollar funds between banks using just a mobile number.
Starting from April 15, 2024, Stripe will be processing all PayNow transactions on Cococart. This transition is expected to bring more reliable payouts and provide your customers with a seamless payment experience.
How does it work?
Upon checkout, your customers will be redirected to Stripe's checkout page if they select PayNow as their mode of payment.
After pressing the pay button, they will be redirected to the QR code page which they need to scan to complete the payment.
Once the payment is received by the system, it will process the order as usual.
How do I use this?
This is available for all Singapore merchants with active Stripe accounts on Cococart. Simply enable PayNow in your shop's payment settings.
If you have not activated Stripe, here's a guide on how to set it up.
How will I receive the payouts?
Order payouts will be directly deposited into your bank account via Stripe Connect.
No additional setup is required for PayNow. This helps to easily track your earnings from Credit/Debit Cards and PayNow payments through a single payment provider.
The PayNow transaction fee is 1.65% + SGD 0.50.
🚩 Limitations:
Due to a systematic limitation from Stripe, the option to pay using PayNow is currently restricted to orders placed within Singapore only. This means if your customers are ordering outside Singapore, the PayNow option will not be visible on their end.
Customers must complete their payments within 30 minutes for their orders to be automatically approved. If the customer fails to pay within the time limit, the transaction will be automatically rejected by the system.