Retailer guide to Zip Money and Zip Pay

How does Zip Money and Zip Pay work for retailers?

You have to sign up with Zip Money or Zip Pay 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.

Zip Money 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 Zip Money.

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

How does Zip Money and Zip Pay 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 Zip Money and Zip Pay include the following:

• Increased sales

It's easier than ever to convert store browsers into shoppers with interest-free payment solutions like Zip Pay and Zip Money.

• Available for online, in-app and in-store purchases

Worried that your brick and mortar business won't be able to benefit from the joys of BNPL? Worry no more! Zip Money and Zip Pay can also be used in store as well as online. You can use it for both your physical and online business.

• Risk-free for merchants

Zip takes all the risk when it comes to transactions. It worries about credit and fraud risk whereas all you have to worry about is when your transaction gets approved since you're guaranteed payment after that.

• Same-day settlement
Zip makes a point to have every transaction that has gone through your business settled by 4pm the same day. It deposits the money that's been collected directly to your bank account and then collects what is owed from your customers over time.
• Name recognition

With over 35,000 partnered stores using Zip Money around Australia, you're bound to benefit from the name recognition that is associated with Zip Money.

How much will Zip Pay cost?

The following costs are associated with Zip Pay:

• 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 Zip Money, 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 Zip Pay, 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 Zip Money or Zip Pay at my store?

In order to offer Zip Money or Zip Pay 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 Zip Pay or Zip Money with your point of sale system, and you are ready to offer customers access to Zip.

Frequently asked questions about Zip Money and Zip Pay

• Can I use Zip Pay as a merchant to purchase items?

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

• Can I use Zip Pay 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 Zip Pay or Zip Money?

  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 51 Finder guides across topics including:

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