Posted on March 21 2017
You might have noticed we have recently added yet another payment option, ZipPay. We have done some research and realised there was another alternative to Afterpay which is similar but has some distinct differences.
Either option gives you a great way to manage your cash flow, and we have compiled a small comparison chart showing their differences.
AFTERPAY ZIPPAY
|
Cart Limit |
$1000 |
$1000 |
|
Payment Amount |
4 equal instalments | Min. $40 per month |
|
Payment Schedule |
Fortnightly | Weekly, Fortnightly or Monthly |
|
Payment Method |
Visa or Mastercard | Visa, Mastercard, B-Pay |
|
1st Payment Due |
Immediately for new customers or orders over $500. Otherwise, 2 weeks from date of purchase |
Last day of the following month of purchase Eg. Any purchase in February is due by the end of March |
| Fees | Late fee for payments not processed and not paid by you $10 |
Up to 60 days fee free, $5 each month for balances above $0 Late fee of additional $5 where no payments are made |
| Approval Limit | With good payment history your limit can increase over time | You can apply for a credit increase after 3 months of good repayments |
Afterpay : https://www.afterpay.com.au/buy-with-afterpay/
ZipPay : https://zippay.com.au/faq/
So it seems Afterpay is more structured while ZipPay allows a more flexibility in when and how you make repayments. Therefore more choices for you depending on your circumstances.