New-school buy now, pay later systems are really shaking up the world of ecommerce and this month we launched our integration with Australian payment system Zippay to do just that.
In August 2017 we launched an integration with New Zealand buy now pay later platform Laybuy and for Rocketspark stores that have started offering Laybuy payments, they’ve seen really good uplifts in average order value. It is early days for our integration with Zippay but we’re hoping to see similar results for our customers and Zippay report that the average increase is a 30% increase in sales.
How does Zippay work for buyers?
With Zippay, you enter your credit card details once at account creation, then you have a digital wallet with capacity for buying up to $1000 total accumulated from any of the stores you choose to use Zippay with. You can then buy at a store that accepts Zippay without having to enter your credit card details and without your card being charged. Your credit card won’t be charged until you start making your first repayment. Repayments are a minimum of $40 per month but you can split that $40 across fortnightly or weekly payments until the balance reaches $0. If you miss a repayment, there’s no interest to pay, just a flat $6 payment for that month.
Why offer Zippay to your customers?
Zippay have generated over $100 million in sales and have seen an average 80% increase in order value, 3 times the repeat transactions and a 30% increase in sales. With Zippay you get paid straight away for the full order amount but your clients can pay the order off over time. Zippay wear all the risk, both fraud and credit and once a transaction is approved, you’re guaranteed payment. Zippay settles daily, direct to your bank account.
What is the sign up process for buyers?
- Simply select zipPay at checkout
- Sign-up on your mobile
- Complete your order
- We pay on your behalf, so you have nothing to pay today. It’s that easy!
- Full payment flexibility
- You pay us over time weekly, fortnightly or monthly, whichever suits you best.
What is the sign up process for online merchants?
- Complete Zippay’s online merchant application form
- Connect your Zippay account with Rocketspark - view help guide.
- Start taking payments for the full order amount, while customers pay Zippay over time.
Further reading about Zippay
- Visit www.zip.co to learn more about the service
- See our help guide for connecting Rocketspark Ecommerce with Zippay
What is ZipMoney?
Rocketspark Ecommerce also integrates with ZipMoney, an affiliate company of Zippay. Like Zippay, ZipMoney allows customers to buy now and pay later, all interest free. The key difference is that Zippay is designed for smaller purchases under $1000 whereas ZipMoney is aimed at merchants who sell more expensive products. ZipMoney purchases can be up to a value of $10,000.
To qualify as a ZipMoney merchant you are required to have had a revenue of $500,000 or more for the last financial year and have been trading for 12 months or more.
Visit https://zip.co/ to learn more about becoming a ZipMoney merchant.
