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Who | How it works | Fees and limits |
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zipMoney | - zipMoney is a line of credit for larger purchases, generally valuing $1,000 or more.
- Customers enjoy a guaranteed 3 months interest-free period for all purchases, but the interest-free period may be extended up to 36 months by some retailers. (The interest-free period can vary by merchant and is confirmed with the user at the time of their purchase.)
- zipMoney repayments start from as little as $40/month, but are dependant on the credit limit. Repayments can be made monthly, fortnightly, or weekly. Customers can also made additional repayments at any time.
| Customers: - Small establishment fee based on credit limit, which zipMoney will confirm at time of application and contract.
- $4.95 monthly account fee while there is an outstanding balance.
- Limit of $1,000 - $20,000 (subject to credit check and depending on what is offered by the merchant).
Merchants:
- Merchants pay a flat % fee per transaction.
- No setup fees, no monthly charges.
- Merchant service fee varies depending on trading volume and the length of the interest-free period .offered (for example, offering 6 months interest-free costs you less than offering 12 months).
- Minimum annual turnover of $500,000.
- Minimum trading history of 12 months.
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zipPay | - zipPay is an online shopping wallet of up to $1,000, always interest-free.
- First 60 days incur no fees.
- zipPay repayments start from as little as $40/month, and be made monthly, fortnightly, or weekly. Customers can also made additional repayments at any time.
- Funds are available for the customer to use across one transaction or many.
| Customers: - Monthly account fee of $5 accrues if there is money owing at the start of the month.
- Limit of either $250, $500, or $1,000 per customer (determined by zipPay).
Merchants:
- Merchants pay a flat (%) fee per transaction.
- No setup fees, no monthly charges.
- Merchant service fee varies depending on trading volume (contact zipPay for further details).
- No lock-in contracts.
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Afterpay | - Afterpay offers fee-free, interest-free credit for purchases
- Instant approval
- Repayments are made over 4 equal, fortnightly installments
| Customers: - No fees are charged to shoppers, aside from late fees for missed repayments.
- No set credit limit. The amount a customer can spend is increased over time by Afterpay, once successful repayments have been demonstrated.
Merchants: - Merchants pay a 4-6% fee per transaction.
- The percentage is set by Afterpay and is based on order volume and value. The more you sell through Afterpay, at increased value, the lower your % fee will be.
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Openpay | - Openpay allows customers to shop now and customise repayments to suit their schedule. There a various terms available (e.g. 6, 12, 18 months).
- Approval is subject to applicants already possessing either a Visa or Mastercard. Openpay reserve the right to run a credit check, which the applicant must consent to.
| Customers: - No interest is charged to customers, but depending on the plan they select, a small management fee may apply to each repayment.
- In the case of high value purchases, an establishment fee may apply to the initial payment.
Merchants: - Get paid in full (less fees) the next business day, minimising risk to your business.
- Merchants pay a fee per transaction. Contact Openpay for further details)
- Take advantage of access to analytics through the Openpay dashboard, providing insight into order data and customer behaviour.
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What it looks like
Depending on your site's configuration, the user will see the total cost of the product, but also be presented with a Buy Now, Pay Later option with information about installments and a link to learn more.
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