Faire Pay is a new way to pay your invoices on Faire that’s designed to offer you savings and flexibility and is exclusive to purchases on Faire.
Once you sign up, you will receive a monthly statement detailing your purchases due that billing cycle, plus any interest charges and previous unpaid balances. Each billing cycle will be one calendar month, with the statement close date on the same calendar day each month.
To avoid any interest charges, you can choose to pay your statement in full each month. As long as you pay at least the minimum amount indicated before your statement due date, you will be in good standing. You must connect and use a bank account to pay your monthly Faire Pay statement.
What are the benefits of using Faire Pay?
- 3% off every checkout: When you buy with Faire Pay, you’ll get 3% off every invoice checkout with Faire Pay.
- One predictable statement: Whatever you buy on Faire Pay consolidates into a single balance with a monthly due date, to eliminate the hassle of paying invoices one-by-one.
- More time to pay when you need: Faire Pay gives you the flexibility to pay only a portion of your balance when needed. Plus, you’ll also see a clear, transparent estimate of any interest charges for paying less than your full statement amount.
How do I get started with Faire Pay?
Faire Pay is available by invitation only to existing U.S. Retailers on Faire, in the locations identified in the Faire Pay Terms & Conditions. If you have received an invitation to try Faire Pay, you can sign up for Faire Pay on the Faire Pay page or during checkout.
Sign Up on the Faire Pay page:
- Select Faire Pay from your account dropdown.
- On your Faire Pay page, select Try Faire Pay.
- Follow the prompts to complete the enrollment.
Ensure you link your bank account during sign-up, as it's required to pay your monthly Faire Pay statement.
Sign Up at Checkout:
- Select How it works on the Order Summaryon the checkout page.
- In the pop-up, select Get Started.
This will partially enroll you in Faire Pay, allowing you to start using it immediately. You must complete the sign-up process after checkout by adding your bank account information.
To complete your enrollment:
- Navigate to your Faire Pay page.
- Select Finish setup.
- Provide your business and personal information required for legal compliance
- Link your bank account and select your payment preference
Providing this business and personal information will not impact your credit score, and we do not use this information for marketing purposes.
If you need more information about the documentation required to complete your Faire Pay enrollment, please contact our customer support team.
After enrolling, make sure your default payment method for new orders is set to Faire Pay. This choice will ensure you receive a 3% discount and your invoice will reflect this accordingly.
Why do I need to provide my business information to enroll in Faire Pay?
Since Faire Pay is a financial product, we are required to complete Know Your Business (KYB) and Know Your Customer (KYC) verification checks. These requirements are mandated under federal law, and are designed to:
- Comply with anti–money laundering (AML) regulations
- Help prevent fraud and financial misuse
- Verify the identity of businesses and their owners
- Protect the security and integrity of the marketplace
We cannot enroll your business in Faire Pay without completing these checks.
What if I don’t have the required business information you’re requesting?
The information we request depends on your business structure and is required to complete regulatory verification, but it typically includes routine information that should be on hand for most businesses. Without the required information, we’re unable to approve enrollment in Faire Pay.
If you don’t have the necessary information on hand when you start enrollment, you can come back to the enrollment process later by navigating to your Navigate to your Faire Pay page and clicking Finish setup.
If you’re unsure which information applies to your business, please contact Support for guidance.
Why are you asking for my personal information to enroll in Faire Pay?
As part of KYB and KYC requirements, financial institutions must verify the identity of individuals who own or control a business.
This helps:
- Prevent fraud
- Comply with anti–money laundering laws
- Protect against the funding of terrorism and other financial crimes
Your information is securely stored and handled in accordance with applicable privacy and data protection laws under the terms of the Faire Privacy Policy and, if applicable, Lead Bank Privacy Policy.
What if I don’t want to share my personal information?
We understand that sharing personal and business information can feel sensitive. However, we are legally required to collect and verify certain business and identity information before approval. Any information you submit is securely stored and handled in accordance with applicable privacy and data protection laws under the terms of the Faire Privacy Policy and, if applicable, Lead Bank Privacy Policy.
If you choose not to provide the required information, you can continue to use the Faire marketplace, but you won’t be able to use Faire Pay.
Why does Faire need me to link my bank account?
By accepting bank payments, we can give Faire Pay customers a 3% discount instead of paying credit card fees. You can either input your bank account details manually or connect your account with Plaid, a trusted partner that supports secure and encrypted connections to financial institutions.
What is the Faire Pay trial period?
If you start enrolling in Faire Pay but don’t complete setup, you’ll enter a 30-day trial period. During this time, you can still select Faire Pay at checkout, but charges won’t be applied to your Faire Pay account until you finish enrollment.
Here’s how the trial works:
- You can continue checking out with Faire Pay. You’ll still see and select Faire Pay at checkout while you complete setup.
- Due invoices will be charged to your backup payment. Orders that become due during the trial that were placed on Faire Pay will be charged to your backup payment method until setup is complete.
- Payment-on-shipment orders follow the same behaviour. If payment is triggered before you finish enrollment, your backup payment method will be charged.
To start using Faire Pay for charges, you’ll need to complete enrollment by linking your bank account and providing your business information.
What happens if I don’t complete Faire Pay enrollment after the trial?
If you don’t finish setting up Faire Pay within the 30-day trial period, Faire Pay will be disabled until enrollment is complete.
After the trial ends:
- Faire Pay won’t be available at checkout. You may still see it listed, but you won’t be able to select it.
- All charges will continue to be charged to your backup payment method, including new orders and outstanding invoices.
You’ll need to complete enrollment to re-enable Faire Pay. Once you link your bank account, charges will start posting to Faire Pay.
How does 3% off at checkout work?
The 3% discount for Faire Pay works like other discounts on Faire by giving you 3% off your order subtotal. The subtotal is the cumulative wholesale cost of the items in your order before shipping costs, taxes or duties.
How does Faire Pay work with my 60-day payment terms?
When you combine your 60-day payment terms and Faire Pay, you could receive up to 30 additional days to pay. If your order is on 60-day payment terms the invoice will be added to your Faire Pay statement at the end of your 60-day payment terms and you will have until your next statement due date to make a payment.
For example, if you place a $1,000 order on Faire on August 2 with your 60-day payment terms using Faire Pay, the invoice will be charged to your Faire Pay account once the 60-day terms are up, on October 1. This invoice will be included in your October Faire Pay billing cycle; once that billing cycle closes, you can choose whether to pay the full statement balance or incur interest charges.
How does Faire Pay work with Payment on shipment orders?
Faire Pay also gives you more time to pay with payment on shipment. Traditionally with payment on shipment your default card is charged as soon as the order ships. With Faire Pay when your order ships, your payment on shipment orders will be charged to Faire Pay and be due on your next Faire Pay statement due date.
For example, if you place a $1,000 order on Faire on August 2 with payment on shipment and your order ships on August 8th the invoice will be charged to your Faire Pay account on August 8th. This invoice will be included in your next Faire Pay statement. Once your active billing cycle closes, you can choose whether to pay the full statement balance or incur interest charges.
Why is my Faire Pay credit limit lower than my 60-day payment Terms limit?
Your Faire Pay credit limt and your Net Terms limit are separate and may differ, as they’re determined independently.
Faire Pay limits are based on a variety of factors related to your account and may change over time. As a result, it’s possible for your Faire Pay limit to be lower than your net terms limit.
Your account is reviewed on an ongoing basis, and your limit may be adjusted as your activity on Faire evolves.
How can I get more time to pay with Faire Pay?
With Faire Pay, you can pay down your statement balance with flexible payments. You can choose Minimum balance, Statement balance or set a specific amount that works for you.
By selecting the Minimum balance you will have more time to pay, however, by paying less than your full statement balance, you will incur interest charges on your next statement.
Why is Faire Pay blocking me from checking out?
You may be unable to check out with Faire Pay for two reasons: your account could be overdue, or you may have reached your Faire Pay credit limit.
Your account is considered overdue if you have not made the minimum payment by the statement due date. If your account is overdue, you will not be able to check out until you make the required payment. To resolve the overdue status, please ensure that you pay at least the minimum amount due for your Faire Pay account.
When you sign up for Faire Pay we provide you with a Faire Pay credit limit. This is the maximum amount you can spend with Faire Pay. If you don’t have sufficient Faire Pay credit at checkout, you’ll have to either pay down your Faire Pay balance or switch to another payment method.
Why do my invoices say Paid with Faire Pay?
When you check out using Faire Pay, the invoices will automatically move to your Faire Pay statement on the invoice due date. You will see Paid with Faire Pay at the bottom of the invoice. This indicates that the invoice has been paid using your Faire Pay account, but these are not charged to your bank account yet.
How do I pay my Faire Pay balance?
Paying your Faire Pay balance is different from other payment methods on Faire. You can make payments to your Faire Pay balance at any time.
Follow these steps to make a payment:
- Select Faire Pay from your account dropdown.
- On your Faire Pay page, select Make a Payment.
- Choose your payment amount by selecting Minimum balance, Statement balance, or Other amount.
- If you select Other amount you will need to click on enter amount and add the amount you would like to pay.
- Select Submit Payment.
After you make a payment, it will be reflected as a transaction in your account. It may take 3-5 business days to process and update your Statement balance.
Can I pay off my Faire Pay balance before my statement due date?
Yes, you can make payments to pay down your Faire Pay balance at any time.
Will you remind me when to pay my Faire Pay statements?
Yes, we will send you email reminders to pay your Faire Pay statement when it closes, 7 days before the due date.
How does interest work with Faire Pay?
Faire Pay charges interest if you pay less than your full statement balance after the statement due date. Once your statement closes, you have a seven-day grace period to pay your balance. The end of your grace period is your statement due date. If you do not pay before the end of this grace period, you will be charged interest starting from the day after your statement closed. However, if you pay the full statement balance during the grace period, you will not be charged any interest. If you choose to pay less than your full statement amount, you will see an estimate of the interest charges that will be added to your next statement, so there are no surprises.
Where can I find out how the interest is calculated?
You can find your interest rate in the You May Be Wondering section of your Faire Pay page. You can also find out how your interest is calculated on a daily basis by reviewing your Faire Pay statement. Your statement provides a daily breakdown of the interest accrued. To access your statement, go to your Faire Pay page and select See All Statements. On this page, you can download the statements for each month. At the end of each statement, you will find details on how the interest is calculated daily.
How is my current balance calculated?
Your current balance shows the total amount that has been charged to your Faire Pay account at that moment. It includes invoices that have come due and been added to your Faire Pay statement, but it does not include orders that were checked out with Faire Pay but have not reached their due date. You may notice this number change as invoices are added to your Faire Pay statement.
How is the Faire Pay credit limit determined?
A variety of factors are considered when determining your Faire Pay limit including but not limited to: business type, size, location, as well as your payment history, revenue, and/or other financial/sales information.
How can I increase my Faire Pay credit limit?
At this time, you can’t request a manual increase to your Faire Pay credit limit. We’re working on adding this feature and will share updates when it becomes available.
In the meantime, your account is automatically reviewed for credit limit increases on an ongoing basis.
You can improve your chances of receiving an increase by:
- Placing more orders on Faire, which helps build your purchase history.
- Paying your invoices on time, including orders made outside of Faire Pay.
- Paying your Faire Pay statements on time, which helps demonstrate consistent repayment behavior.
- Linking your bank account through Plaid, which helps us better assess eligibility.
Can I still track individual invoices with monthly statements?
Yes, absolutely. Faire Pay minimally impacts your accounting. We group invoices into monthly statements to make tracking and payment easier. However, you can still view each invoice on your Invoices page—no changes there!
Can I try Faire Pay and then decide to switch back to my original payment method?
Once you start using Faire Pay you can switch your payment methods at checkout at any time. You are not locked into using Faire Pay on all orders and can decide at checkout which payment method is best for you.
What happens if I checkout with Faire Pay and change my mind?
You can stop using Faire Pay by selecting a different payment method at checkout or updating your default payment method.
At checkout, if you choose a different payment method, we will not include that invoice in your Faire Pay statement.
To remove Faire Pay as your default payment method:
- Go to Settings and select Payment methods
- Select the Make default link next to the payment method you want to make your default payment method
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To apply this to all outstanding invoices, check the box apply the new payment method to all outstanding invoices
- Checking the box to apply to all outstanding invoices means any outstanding invoices previously placed on Faire Pay will not be charged to Faire Pay on the invoice due date. This ensures no new invoices are added to your Faire Pay statement. Paid invoices that have been added to your Faire Pay statement cannot be removed. You will need to pay your Faire Pay statement to close your Faire Pay account.
- Select Save
How do I cancel my Faire Pay account and remove it from my Faire account?
To remove your Faire Pay account, your Faire Pay balance must be zero. Once you have paid off your Faire Pay statement balance, please contact our customer service team, and they will assist you with removing Faire Pay from your account.
How do I remove the bank account associated with Faire Pay?
The best way to remove the bank account associated with Faire Pay is to settle your Faire Pay statement balance or add a new bank account.
To remove your bank account:
- Select Settings from your account drop-down
- Select Payment Methods on the left-hand side of your Settings page
- Find the bank account you are using and select Remove
You may revoke your ACH authorization at any time.
Does signing up for Faire Pay affect my credit score?
No, signing up for Faire Pay does not affect your credit score, because it does not require additional credit checks.
What are the complete terms and conditions for Faire Pay?
The complete Faire Pay Terms and Conditions can be found here: Faire Pay Terms and Conditions.