What is the difference between service fee and payment fee? 05 April 2023 02:09 Updated Service fees are charged to cover service costs across longer tenures, namely 6 and 12 months. Payment fees help to cover the processing costs for each repayment cycle. Related articles How much does the Payment Fee cost? Will service fees be incurred upon early full repayment? Do payment fees and service fees apply to all merchants Do payment fees apply to every order? Will payment fees be chargeable for users that opt for early repayment?