- Annual Fee
There are no annual fees on a customer account, and there is no charge for keeping their account open when their outstanding balance is at $0.00. There is a monthly service fee of $6.00 when there is an outstanding balance on an account.
- Interest Free Period
Every purchase customers make using their zipMoney account has a minimum interest free period of 3 months, which, unlike a credit card, is a full 3 months from the date of each transaction. If customers repay the purchase amount within this period, no interest is charged. Should an account remain outstanding at the end of the interest free period, interest will be charged at the Standard Annual Percentage Rate - which will be indicated in their contract. Some purchases will have a promotional interest free period (such as 6, 12 or 24 months interest free) - if this is the case, the customer will be advised when they authorise an order and the promotional interest free period will apply to that particular purchase.
- Establishment Fee
There may be an establishment fee on the customer's account, depending on the size of the approved credit limit, and ranges from $25 - $299). This amount will be specified in the customer's contract. To find out the specific establishment fees that pertain to your company, contact Partner Support.
- Other Fees and Charges
A late fee of $15 may be charged if customers do not make the minimum repayment amount before their payment due date. Other fees and charges may be charged for alternate methods of repayment or dishonoured payments, however their contract will advise of these amounts. Any fees charged are added to the outstanding balance.
There are no setup costs and there's no interest ever with zipPay.
- Account Fee
A $6 Account fee applies, this monthly fee is waived if the closing balance is paid by the due date.
- Late Fees
If the Minimum Repayment Amount of $40.00/mth is not paid within 21 days after the Due Date a $5 late fee will be added to an account.