Cheaper & Better Than Afterpay
Zip is an easy and flexible payment method which gives you the freedom to buy now and pay later at thousands of Australia’s favorite stores and clinics. There are two reusable account types, Zip Pay and Zip Money.
Zip Money is a reusable account to shop interest-free, offering you the simplest way to pay overtime for life’s larger purchases on your terms. Zip is 100% owned by ASX listed Zip Co Ltd (ASX: Z1P), with all operations based in Sydney, Australia. Our mission is to make finance fairer for everyone.
The Competitors
Zip Money offers account limits from $1000 up and can be used for those big ticket items you have had your eye on but may want to pay overtime, on your terms.
Minimum repayments start at $40 per month, however, they may be higher depending on your account type and credit limit. You can also make lump sum payments whenever you like to pay back your balance faster and avoid interest.
Some Zip Money accounts require a one-off set up fee, which is determined by your credit limit. Zip Money accounts also incur interest from 19.9% p.a.
Every purchase has a guaranteed interest-free period of at least 3 months but look out for some retailers offering up to 48 months interest-free.
Zip Pay is an everyday account that is interest-free always and is perfect for frequent shoppers and everyday use.
Each month you’ll receive a statement & have until the end of next month to pay back with no fees. A minimum repayment of $40/mth (or balance if less) is required, but you can, of course, pay back your balance faster if you like.
Afterpay gives customers the option to pay two weeks later, and in four fortnightly instalments – the first instalment payment is immediate for first-time users and for orders amounting to $500 or more. Instalments are charged directly to the customer’s credit/debit card, and Afterpay charges a $10 late fee for instalments unpaid.
Afterpay let’s you shop and enjoy now and pay later. Buy what you want today, pay for it in four instalments, interest-free.
OpenPay is a buy now, pay later service with a difference. With longer terms across a variety of industries, they allow you to pay over time for the things you need and want.
You’re in control, but they’ve got your back. Once you’ve made your purchase you can manage your plan and payments in the app. Keep using Openpay to manage your cashflow in every aspect of your life.
Sezzle is a Minneapolis-based company founded in 2016, with their services currently used by around 700 online retailers. Currently, Sezzle supports integration with Spotify, WooCommerce, Magento, and Salesforce Commerce Cloud, with plans to add Big Commerce and 3D cart to its list soon. At check-out, consumers who are first-time Sezzle users will fill out their details, after which Sezzle will determine their creditworthiness based on the bank account, cash flow, fees charged and so on.
How It Works?
It’s easy! Every time you make a purchase they simply add it to your account. Then at the beginning of the month, they will send you a summary (called a “statement”) of what you spent and what you paid in the month. You can then pay it back in full at the end of the month or pay over time from as little as $40 a month, interest free.
Zip account
Payment flexibility
Interest free
Zip account
Apply for your zip account and make as many purchases as you want up to your limit.
Different types of accounts:
Limit: Up To $3000
- Apply directly through our website.
- Establishment Fee: $0 – $49 (depending on the limit you apply for).
- Minimum Monthly Payment: $40 – $80 (depending on the limit you apply for).
- The exact details for each limit will be outlined in the application.
Greater limits
- Available to customers who are referred by one of our partners.
(Please check our stores’ page for available retailers)
Payment flexibility
Everyone’s different. That’s why we let you tailor your payments to suit your lifestyle.
How to manage repayments?
They know flexibility is important, so their product is designed to put you in charge. Simply log into your account to set up your weekly, fortnightly or monthly repayment schedule. Once set up, payments will be taken automatically from your selected payment method, however, you can also make additional one-off payments at any time.
Interest free
Every purchase you make with Zip is interest free. Online or instore, every time, every day.
Each purchase comes with its own interest-free period. You’ll always receive at least 3 months interest-free, with some retailers offering up to 48 months interest-free promotions.
Any balance outstanding at the end of the interest-free period for the purchase will be charged at the contractual rate, currently 19.9% p.a for new customers.
Your Limits
Over $1000
0% interest for 3 months
Promotional offers 6-48 months
$0 – $99
From $40/month
$6/month waived if you have no balance
Review Scores
Easy to use. Love how you can adjust payments to suit and have the ability to make additional payments or pay out in full before the due date.
I have now experienced shopping both online and in-store with zipPay and it was super easy. It is such a great option. I am really happy to be zipPay customer.
It's better than a Credit Card!! I joined Zip Pay to buy a product online at a great price. The process of joining Zip Pay was quick and easy, done online, no paperwork just answered a few questions and I got an reply & approval in seconds. T&C's straight forward. Very user friendly. Works for me.
Featured Stores
New Stores
Common Questions
Zip Money is a reusable account to shop interest-free, offering you the simplest way to pay overtime for life’s larger purchases on your terms. Zip is 100% owned by ASX listed Zip Co Ltd (ASX: Z1P), with all operations based in Sydney, Australia. Their mission is to make finance fairer for everyone.
To be eligible to apply for a Zip Money account, you need to:
- Be aged 18 years or older
- Be an Australian citizen or Permanent Resident
- Be employed in some capacity
- Earn more than $300 per week
- Have a good credit history
- Have your own valid and verifiable email address and mobile number
They will then apply their responsible lending criteria to each application. If you have previous bankruptcies or insolvencies, they, unfortunately, won’t be able to approve you for an account.
It’s important to ensure all personal information you provide is accurate and your own, as false information will result in your application being unsuccessful.
1. Interest-free period
Your interest-free period refers to the length of time for which your purchase will not incur interest. After this period, your outstanding balance will accumulate interest at the standard annual rate (outlined in your contract).
More about Interest-Free periods here
2. Application Process
Their online application process takes less than 3 minutes. You simply choose the appropriate credit limit, input your residential, employment and financial information, and verify your identity through an SMS code. You need to have your own email address and mobile phone number in order to complete an application. After submitting your application, the Underwriting Team will assess the information provided and determine whether we are able to proceed with your account. Often they may email you if we require further information!
More about Applying here
3. Registering your account
If approved, they will send an activation link to your email address. The activation step will detail your contract and requires you to provide your payment details for your regular direct debit payment.
4. Making a purchase
You can now manage and use your account at any Zip Money or Zip Pay affiliated merchant both online and in-store! See their stores page for a list of current retailers.
You can either apply online or in-store:
Online
- Directly through Zip Money
You can speed through a Zip Money account application in minutes via their online application form.
- Through a Zip Money merchant
If you are looking to apply for a Zip Money account through a specific merchant, when checking out on the merchant website, simply select Zip Money as your method of payment (this will be at the end of the check-out process).
In-store
To apply for a Zip Money account while you are in-store at a merchant, the first step is to make sure they accept Zip Money as a payment option. If this is the case, they will be able to create an order on their computer, which will be sent to you via both email and SMS.
Our Conclusion
Zip Money is an easy way to help you pay for things without needing the cash upfront or a credit card. It is a reusable account to shop interest-free, offering you the simplest way to pay overtime for life’s larger purchases on your terms. Zip is 100% owned by ASX listed Zip Co Ltd (ASX: Z1P), with all operations based in Sydney, Australia.
Zip Moneyoffers larger amounts of credit, generally, $1,000 and above and also offers customers a guaranteed 3 months interest-free across all products and up to 48 months with some retailers. The length of the interest-free period varies among individual merchants and is confirmed with the user before purchase.
ZipPay is a cheaper alternative to AfterPay. Merchants who use ZipPay pay 15 cents plus commission for every transaction that is made via the lay-buy service. This commission ranges from 2 to 4 percent.
As you can see, ZipPay’s upper limit on commission is equal to AfterPay’s lower limit. Even if you pay the upper limit, however, you still save 15 cents on every transaction.
Fernando Camacho
He is a crazy shopper, loves drinking in pubs and clubs, shopping trendy outlets online, grocery shopping to his door and catching Uber. Also dabbles in setting up online stores through eBay, Amazon marketplaces and has a marketing and commerce background.