Yes, you can change your favURL link. If you own the page, you can rename its slug, the part after favurl.com/, to something cleaner or more memorable from your dashboard.
How to rename your page
Open the page in your dashboard, go to its settings, and edit the slug. For example, you might change favurl.com/joes-coffee-shop-downtown to favurl.com/joes. Once saved, the new link works immediately and the old one stops resolving, so update your Instagram bio and anywhere else you have shared it.
There is a short cooldown between renames to keep links stable, so pick a slug you are happy to keep.
Choosing a good slug
A strong slug is short, easy to say out loud, and matches your business name. Drop filler words like "the" and your city when you can. The cleaner the link, the better it looks in a bio, on a card, or under a QR code.
Want your own domain instead?
If you would rather use your own web address, like yourbusiness.com, that is what a custom domain is for. Renaming the slug is free; a custom domain is a paid extra. Either way, you are never stuck with the link you started with.
You can also edit any other part of your page the same way, from the same dashboard.