Paying with FairMoney is simple, fun and saves money from the day you start.
You can pay FairMoney within three easy steps:
Open an account
That is free for individuals or consumers and only costs one minute.
The account is denominated in an internal currency: the FairMoney (FM), spendable only within the network. Each account opening balance is zero.
Companies pay 10 FM per month and do the first year on the basis of ‘money back satisfaction guarantee’. As an entrepreneur you can register your company within five minutes. You can then immediately be found on the members list.
Make sure you get FairMoney to spend
As a private individual or entrepreneur you can buy FairMoney at the exchange office . You always have at least 5% discount on everything you pay with FairMoney. The amount you have purchased is directly on your FairMoney account after you have settled with IDEAL.
As a company, you can also request a credit line, or use your turnover in FairMoney to pay. Companies are given the possibility to “go in the red”, within certain limits, and through this “overdraft” they can make purchases from the other members of the network. For every purchase, the buyer’s account is charged an amount equivalent to the sale price of the good or service purchased. Accordingly, the seller’s account will be credited with the corresponding amount. The companies whose accounts go negative can balance it out by simply making sales to other businesses members of the network. By the same token, the companies whose accounts go positive will be able to make good use of the accumulated FairMoney credits by making purchases from the other member businesses. Your Fair Money account works just like a bank account for the purposes of making and accepting payments. The difference is that businesses can avail of interest free credit.
Pay with your smartphone or your online account
On the member list you can see where you can spend FairMoney. You can search for key words (for example ‘bread’, ‘bicycle’ or ‘Dublin’). As the membership list grows, the search function will naturally be refined. Payment with SMS will be available as soon as possible during the test period.
It can not be easier!
Ask your local suppliers if they accept FairMoney.