What are zipPay and zipMoney
zipPay and zipMoney are payment gateways you can connect with your Rocketspark e-commerce store which allows your customers to purchase goods from you with no upfront payments. Zip will pay you the merchant directly for the purchase and arrange the payment from the customer in instalments.
Features to your customers:
- Buy now pay later
- No interest or hidden fees
- No Credit Card required
Features to you as a merchant:
- A new shopping account to transact
- Increased sales, interest free payment solution
- Risk free
- Same day settlement
zipMoney is the solution to use if you sell larger value items.
How to set up zipPay or zipMoney with Rocketspark e-commerce?
- If you don't already have a merchant account with Zip go to https://zippay.com.au/rocketspark/ and fill out all of your business and personal details. Once you have filled in all of the required fields click the "Submit application" button.
- Once you have been approved as a merchant by Zip you'll be able to access the required keys to connect your Zip account with your website. The keys you need from your Zip portal are your Unique ID and API Key V2. See this guide for locating your Zip Merchant Credentials.
To get these keys go to your Zip dashboard and click on the "settings" tab then click on "integration details". This will bring up all the api keys, simply copy the Unique ID and the Api Key V2.
- Since zipPay and zipMoney are currently only available in Australia you will need to ensure your store currency is set to Australian dollars and have a shipping destination as Australia.
- Navigate to the Payment Gateway page in your Rocketspark e-commerce settings.
- Click on the edit settings button for zipPay and enter your two corresponding keys there: Rocketspark Public Key = Zip Unique ID Rocketspark Secret Key = Zip API Key V2
- Make sure zipPay is enabled as an active payment gateway
What is the process for customer purchases with zipPay?
- On every product page, buyers will see a label under the price that has the "zip Own it now, Pay later" logo on it, they still simply add the product to their cart as per usual purchases. The customer can spend up to $1,000.00 across multiple stores with their zipPay account.
- During the checkout process on Rocketspark, your customer can choose to “Pay by zipPay” at the payment method popup. All enabled payment gateways will be visible on this popup.
- zipPay will pay you the full amount of the purchase usually within 48 hours, less their commission of the total purchase price - there are no further costs for your business.
- You ship the goods to your customer,
- Your customer will set up automatic payments to zipPay.
Can customers exceed their zipPay limit?
You can shop and spend more than your limit if you have a sufficient balance on your debit or credit card to complete the purchase.
However, if you exceed your limit this will change the way in which you will be required to make payments to zipPay as the excess must be paid at the time of your first instalment.
For example, if you have a limit of $1000 and want to purchase an item for $2000, your designated debit or credit card will be charged $1000 on the date of purchase. That is, the $1000 “limit excess” and you will then pay the other $1000 in your desired payment plan as arranged with zipPay (e.g. weekly, fortnightly or monthly).
What is zipPay?
zipPay is a relatively new service which shakes up the traditional layby purchasing model. Unlike a traditional layby (or layaway) purchase, your customer takes delivery of the goods upfront and pays for their purchase in a number of interest free payments. zipPay guarantees to pay you for the purchase, zipPay aims to have the funds settled at 4pm daily to the merchant’s bank account (the day the order is marked as complete/sent).
zipPay can sit as an option alongside traditional card and bank deposit payment methods in your e-commerce checkout and provides your clients with a convenient payment option.
Difference between zipPay and zipMoney?
zipMoney is similar to zipPay except that it is for purchases over $1000. For a merchant to use zipMoney you must have been trading for over 12 months and must have had a $500,000+ revenue in the last financial year. For most people zipPay will be completely adequate but if you do have a extremely high revenue and have people making large purchases over $1000 from your site then zipMoney might be the way to go for you. When you have a zipMoney account your customers can still use zipPay for smaller purchases that are under $1000.
Learn more about zipPay for merchants
Check out https://zippay.com.au/merchant/ to learn more about zipPay. Please note that zipPay is not an option for Groceries, Alcohol or Firearms.
If you’re shopping online and want to learn about zipPay for shoppers check out What is zipPay - for shoppers?