Everything your customers might ask about Happy Pay: how it works, how to get started, and what to do if something goes wrong.
HOW IT WORKS
How does Happy Pay work? We're a BNPL platform enabling customers to buy items from our merchant partners by splitting payments over two paycheques, interest-free. Your first payment aligns with your chosen payday after purchase, with the second payment due the following month. For example, you pay nothing upfront, 50% on your first payday, and the remaining 50% on the next month's payday.
When will my payments be due? Your first instalment (50% of total amount) is due on your first payday following your purchase, and the remaining 50% is due on your subsequent payday post-purchase.
How many purchases can I make at the same time? Upon sign-up, users will be able to make one transaction. Over time, the customer will be able to run as many transactions as their available spend allows, i.e. multiple purchases.
GETTING STARTED
What do I need to sign up? To get started, all you need is a bank account and your basic details: name, ID number, phone number, and email address.
Do I qualify for Happy Pay? To qualify for Happy Pay, you need a minimum credit score of 621 which gives you two options. Happy Pay Plus+ allows you to link your bank account for our affordability assessment and the allocation of a spend limit, with no deposit required and multiple purchases over time.
Happy Pay Lite is our default purchase journey where you will not be required to link a bank account but will need to verify your personal details with your bank. Happy Pay Lite provides a minimum spend limit based on your credit score and will require you to make a deposit.
SPEND LIMITS
What is my spending limit? A few factors determine a customer's spending limit. Primarily, it relies on their payment history and financial status. Over time, positive payment behaviour results in increased spending limits. Our approach calculates a spend limit based on individuals income/cash flow and then allocates the spend limit from there.
BANK ACCOUNT LINKING
How do I link my bank account? To link your bank account, log in to your Happy Pay account, go to "Bank Accounts," select "Link Bank Account," and follow the step-by-step process.
How do I link my Capitec account? To link your Capitec account, you need to use your online banking or banking app login credentials. Please note that this process requires the use of two devices. Run the Happy Pay process from the device that does not have your banking app, as you will need to scan a QR code from your banking app to verify.
How do I activate Capitec online banking? Log into the Capitec app. Click on the three dots in the top right corner of the screen. Select "Settings." Click on "Online Banking." Set it to "On" for internet banking. If you have never used internet banking before, please wait 24 hours for Capitec to activate it. If you have used it before, try linking your account again.