About Zip Pay
How does it all work?
1. Up to 60 days to pay with no fee
zipPay works like an account. For all purchases you make during a month you receive a statement with your closing balance on the 1st day of the following month. You have until the end of the month to pay off your balance for the account to remain fee free.
Here’s an example : If you make your first purchase on the 1st of March for $39, you will receive a statement on the 1st of April with the closing balance of $39 (unless you made more purchases in March) which you need to pay off until the 30th of April in order to not have to pay the account fee of $6.
Should you wish to carry your balance into May, you simply pay a small $6 monthly account fee. No balance - no fee!
2. The Limits:
zipPay offers 3 different credit limits: $250, 500 and 1000. Our algorithm will automatically decide which maximum limit you will be eligible for based on our minimum criteria evaluated during the application process.
3. Application Process
You can apply for an account here using your Facebook, PayPal or Email details or during checkout at any of our stores. In the application process we look at things like your credit score, income stability and if you can pay back the credit. We also check your identity (via Facebook or Paypal) to make sure you are who you say you are.
Subject to approval, sign-up takes only seconds, after which you can complete your purchase and pay for it later. Once approved for your zipPay account, there’s no need to apply again. You can continue to use your zipPay account anywhere that accepts zipPay.
4. Registering your Account
If approved, you will be able to activate your account immediately from the application form. This step details your contract and requires you to provide your payment details for your regular direct debit payment.
5. Making a purchase
You can now use your account at any zipPay affiliated retailer. Your account can be used both in-store and online!
6. Repayments (more here)
Payments are taken automatically via direct debit - you don't need to manually transfer money unless you would like to pay down your balance faster, and it doesn't replace your scheduled payment run! You can set up your repayments to fall monthly, fortnightly or weekly at whatever amount suits (provided this is greater than the monthly minimum of $40). If you decide not to set up an individual schedule, we will take repayments automatically at the end of the next month even.
7. Additional Payments
You can also make additional payments whenever you like via card or BPay. Again, please be aware that your scheduled payment will still be processed even if you make an additional payment outside of schedule!
8. Failed Payments
If your payment fails, we will send you a notification. Simply put some money into your nominated payment method and we will attempt to reprocess payments the following day.
9. Closing your account
There are no fees associated in keeping your account open when you balance is $0.00. However, if you really, really, reeeeeaaally want to leave us, please drop us a line... we'll be sad.
What is zipPay?
ZipPay is a safe, simple and 100% interest-free account, offering you the ability to buy now and pay later, on your terms. zipPay is owned by ASX listed zipMoney Limited (ASX: ZML), with all operations based in Sydney, Australia. Our mission is to make finance fairer for everyone.
How does it work?
Apply once and we’ll give you a decision on the spot. If approved, you can use your account immediately to purchase wherever you see zipPay at checkout. We pay the retailer on your behalf and your purchase can be dispatched or taken home straight away. You simply pay us back over time at a frequency to suit your lifestyle, and pay no interest ever.
How can I manage my repayments?
We know flexibility is important, so our product is designed to put you in charge. Simply log into your account to set up your weekly, fortnightly or monthly repayment schedule. Once set up, payments will be taken automatically from your selected payment method, however, you can also make additional one-off payments at any time.
When do I need to pay back by?
On the 1st of each month we’ll send you a Statement with any purchases made in the month prior. You then have the rest of the month to pay back your purchases with no fees. Alternatively, you can take as long as you need to pay back, as long as you meet the minimum monthly repayment of $40 (or remaining balance, if less).
What are the fees?
If you don’t pay off your Statement balance in full by the end of the month, the only charge is a $6 monthly fee which will be added to your account. However, if you don’t meet the minimum monthly repayment of $40 (or remaining balance, if less), an additional $5 late payment fee may also apply. No balance, no fees and you’ll never be charged any interest on a zipPay purchase.
How do I reuse my account?
You can re-use your account wherever you see zipPay online or in-store. Simply select zipPay at checkout, sign in to your account to confirm your purchase and it will be added to your balance. You can add as many purchases as you like to your account (up to your account limit), then simply choose how much to pay back each month.