Zip Pay is an online shopping wallet with a credit limit of up to $1,000, always interest-free. Zip Money is a line of credit for larger amounts, generally $1,000 and above. Zip Money offers customers a guaranteed 3 months interest-free across all products and up to 36 months with some retailers.
Afterpay requires a valid credit/debit card to sign up, while zipPay requires either a card or bank account. Both processors will take regular direct debits out of your account. The difference between the two comes down to flexibility, repayments and fees. Afterpay does not charge interest on your purchases.
When you apply for a Zip account, we may need to perform identity and/or credit checks to verify your details and confirm you can make repayments. Our third party credit checks are performed by Equifax or illion.
Important: You can make additional payments at any time, and there are no early repayment penalties. Just be aware that additional payments won't stop or replace your scheduled payments unless you manually change your payment schedule.
Zip Pay: If your circumstances have changed, you may be eligible to reapply for an account 12 months after your last unsuccessful application.
Unfortunately, you cannot withdraw your credit as cash with Zip. But, you can use your Zip account with our registered Zip merchants, through a Single-use card, to buy gift cards or by paying bills using Zip Bills.
Who can apply for a Zip account?
- Be at least 18 years old.
- Be an Australian citizen or Permanent Resident.
- Have a verified Facebook, PayPal or LinkedIn account in your own name.
- Have a good credit history.
- Have your own valid and verifiable email address and mobile number.
ZipPay gives customers a credit line of up to $1,000 dollars. Unlike AfterPay, ZipPay allows customers much more time to pay back what they've borrowed. They must also pay back at least $40 dollars each month. ZipPay is a good bet for those customers who will need more time to gather up the money for their purchases.
You'll only need to make the monthly minimum of $40, and a $6 account service fee will be added to your balance for the following month. If you don't have a balance, we won't deduct anything from your nominated payment method. The best part is - if there's no balance, there are no fees to keep the account open!
Once we've received the job details and tax invoice, we'll transfer the funds to your bank account so that you can pay the contractor.
Zip Pay promotes itself as “interest-free”. It instead charges a flat fee of $6 a month on whatever is owed, and an additional $5 if the minimum monthly payment of $40 is not made on time. It also charges a 4% upfront fee to the retailer; that is, it pays the retailer A$960, then collects $1,000 from the customer.
Pay with Zip at BIG WSelect Zip at checkout if shopping online, or use the Zip app to shop instore.
You can use Zip's single-use card with Visa everywhere through the Zip app. If retailers already offer Zip, you'll be prompted to use the Zip button at their checkout where you can log in to your existing account to complete the order.
New zipPay partnership means interest-free payments for groceries, petrol.
If you default on your repayments, zipMoney will report this to the relevant Credit Reporting Body. Yes. zipPay will check your credit when you apply.
What's the catch? ZipPay swaps interest charges for flat fees. For every month there's a balance owing you're hit with a $6 fee. Fail to cover that payment within three weeks and you're charged another $5.
