Buy Now Pay Later (BNPL) is a digital payment solution that gives consumer the opportunity to buy something without having to make full payment for it until a later date. BNPL allows consumer to split their purchases into several interest-free payments paid over time.
myIOU is a free service offered by merchants to consumer with no additional fee or interest charged. However, late payment fees will be imposed if subsequent payments are not made by due date.
For overdue payments, consumer will be charged a late payment fee of MYR5 or 1% on outstanding amount (whichever is higher).
myIOU provide BNPL service. For each the consumer's purchase, it is splitted into the first payment and the subsequent payment. For the merchant's sites that install myIOU payment app, it provides the following features:
The merchants who have already registered myIOU Merchant account, after they installs myIOU payment app, there will be a new payment method would be available at the merchant's checkout page. The consumers/buyers who have already had myIOU Consumer account can choose myIOU payment method and complete their payment easily by 2 ways:
- Login myIOU consumer mobile app, scanning QR code and complete the payment on mobile app.
- Login and complete the payment on the web browser.
The consumer would be redirected back to the merchant's site after they complete the payment and the order payment status will be updated in Shopify Admin order page.
In order to make sure the user experience is good, myIOU payment page have "Back to merchant" button that allow the consumers/buyers are able to cancel the payment and go back to the merchant's site whenever they want during the payment transaction.
If there's any error during the payment transaction, there will be the clearly error message would be displayed to the consumers/buyers on the payment page and they can cancel that payment and retry the new payment.
For the orders that paid using myIOU payment method, the merchant can refund that ones from Shopify Admin order page. After the merchant key in the amount and requests a refund, it would be reviewed by IOUpay.
When the refund is approved and proceeded, the refund status would be updated on Admin order page and if it is rejected, the refund status would be updated and noticed with the clearly message.