Retailer guide to zipMoney and zipPay

It’s easier than ever to get those tricky customer conversions when your business offers an interest-free buy now pay later (BNPL) service such as zipMoney or zipPay.

Both zipMoney and zipPay allow customers to pay off the item that they’ve purchased over multiple instalments, which can mean more sales for your business. Over 35,000 businesses have partnered with Zip including Bunnings and Officeworks.

How does zipMoney and zipPay work for retailers?

You have to sign up with zipMoney or zipPay in order for your customers to take advantage of the service. However, signing up is easy.

Simply fill out the online form by entering your business and personal details. After you complete the form, a customer service representative will contact you to ensure that everything ran smoothly.

zipMoney works in-store and online, which ensures that no matter where your customers shop, they can benefit from your products and the convenience offered with zipMoney.

As a merchant, you get paid for each zipPay and zipMoney transaction at 4pm AEST each day for transactions that have been processed that day. As Zip owns both zipMoney and zipPay, it makes sense that the payments for merchants would be at the same time across both platforms.

How does zipMoney and zipPay integrate with my point of sale?

Zip offers support for 20 e-commerce platforms and 24 point-of-sale platforms (POS), including:

If your sales platform isn't available, you can contact Zip's integration team to discuss your other options.

What potential benefits does Zip offer my business?

Some of the benefits that come with using zipMoney and zipPay include the following:

How much will zipPay cost?

The following costs are associated with zipPay:

• Up to 30c per sale (excluding GST). You'll pay a maximum of 30c per transaction, but the more of your customers that pay using Zip, the lower this fee will be.
• Merchant fee. The merchant fee you need to pay will vary based on the interest-free period you offer customers.

There are no setup or integration fees, and no lock-in contracts when using Zip for your business.

What interest-free plans does Zip offer shoppers?

With zipMoney, customers pay back what they’ve bought various terms, the minimum being 3 months. Customers can be approved for amounts up to $5,000. The repayments are interest free during the initial period (indicated in your personal account) and the standard APR rate will be charged on any balance left over, as well as a $9.95 monthly fee if they don[t pay off their balance each month.

For customers opting to use zipPay, they can be approved for any amount up to $1,000 and have interest-free terms for up to 60 days. After the 60-day period ends, a $9.95 monthly fee applies to any outstanding balance.

Late fees and minimum repayments apply to both products.

How do I start offering zipMoney or zipPay at my store?

In order to offer zipMoney or zipPay to your customers, you must have a merchant account. Signing up for one is simple. All you need are the following details:

• Your ABN
• Your personal details, such as an email and a working mobile phone number
• Your business details including total annual sales, address, contact number, as well as website and platform details
• Your business director's name, address and contact details, as well as a form of ID
• Your bank account information so Zip can deposit money into your account

Once you’ve sent in your application, you will get a reply within 24 hours. Once your account has been approved, you simply integrate zipPay or zipMoney with your point of sale system, and you are ready to offer customers access to Zip.

Frequently asked questions about zipMoney and zipPay

• Can I use zipPay as a merchant to purchase items?

  No. You must create a separate account as a user in order to purchase items with zipPay.

• Can I use zipPay on my mobile?

  Yes, zip has an app and can also be accessed via your mobile browser.

• Do my customers need an account to use zipPay or zipMoney?

  Yes, they do, but making an account is easy and only takes three minutes. They simply choose their credit limit, enter their residential, employment and financial information and then verify their identity through an SMS passcode.

Written by

Alex Jeffs

Publisher

Alex Jeffs is the senior publisher for automotive content at Finder. He has tested vehicles everywhere from Tasmania to Oodnadatta. See full bio

Alex's expertise

Alex has written 53 Finder guides across topics including:

• Automotive industry
• Car finance
• Car insurance
• Personal finance