Retailer guide to Zip Money and Zip Pay
Zip Money and Zip Pay are platforms that can help you increase sales by giving customers another way to pay.
Key takeaways
- Businesses can avoid tricky customer conversions by offering buy now pay later services like Zip Pay or Zip Money.
- Zip Pay and Zip Money allow customers to pay off the items they're buying over multiple instalments instead of upfront.
- Over 35,000 businesses have partnered with Zip including Bunnings and Officeworks.
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:
- Shopify
- WooCommerce
- Adobe Commerce (Magento 2)
- BigCommerce
- Neto
- Pacsoft
- PrestaShop
- Opencart
- Salesforce B2C Commerce
- Commerce Vision
- Tower Systems/li>
- Retail Directions
- Lightspeed (formerly Vend)
- Retail Express
- Linkly / PC-Eftpos
- Software of Excellence
- Pronto
- Apparel 21
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
- Available for online, in-app and in-store purchases
- Risk-free for merchants
- Same-day settlement
- Name recognition
It's easier than ever to convert store browsers into shoppers with interest-free payment solutions like Zip Pay and Zip Money.
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.
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.
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.
Retailer integration of Zip
As part of its submission to Treasury on BNPL regulations, Zip said it had more than 2.7 million customers in Australia and was integrated with more than 41,000 merchants.
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
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Can I walk into a BCF store and pay with zipMoney?
Hi Steve,
Thank you for reaching out.
It shows that BCF is accepting zip payments, so yes you should be able to walk in and use your zipMoney to take advantage of their buy now, pay later scheme.
Hope this helps! 😊
Kind Regards,
Mai
Hi, if i use my zipmoney account for zippay will the purchase still be interest free until i pay it off? Zipmoney usually only has a set time of interest free but zippay is interest free forever just pay the account fee. Is it the same if its a zipmoney account used at checkout ir am i better getting a zippay account as well as my zipmoney?
Thanks
Hi Iona,
Thanks for reaching out to Finder.
According to Zip, Zip Pay is an interest-free online shopping wallet with a credit limit of up to $1,500, offering you the ability to buy now and pay later, on your terms. Repayments start from as little as $10 a week. While, Zip Money is a line of credit with credit limits over $1,000.
Every Zip Money purchase comes with a guaranteed interest-free period of 3 months, but merchants may offer longer interest-free terms according to your specific purchase.
If you pay off your purchase within the interest-free period, you won’t pay any interest. After this period, a standard interest rate of 19.9% for new customers will apply to any remaining balance. Please check your contract for specific interest rate details, as these may vary according to the merchant you’re shopping with.
Hope this was helpful.
Cheers,
Nikki
Can I use zip money where zip pay is accepted
Cheers
Hi Shaun!
Thanks for getting in touch!
Yes, you can use zip money to pay for purchases where zip pay is accepted.
For any clarifications, feel free to message us again.
Best regards,
Nikki