Recently AfterPay or ZipPay have been appearing more often than not next to buy now buttons on e-commerce websites. In this week’s webchat, Teeka and Alice talk about ZipPay and AfterPay and why you should be incorporating them into your e-commerce website.
What is AfterPay & ZipPay?
As a customer both AfterPay and ZipPay are much the same. They both use the “buy now, pay later” model. AfterPay and ZipPay are a bit like a layby; you are paying off an item in instalments rather than upfront. However, unlike a layby, you get the item straight away.
How does it work?
As a customer, you set up an account where you can nominate a credit card or other payment details such as bank account. Your payments will be made automatically on your selected day in specified instalments. As a business, you receive the money upfront as if it were a regular transaction.
How does this affect your business?
ZipPay and AfterPay only vary slightly. ZipPay is slightly cheaper than AfterPay however sometimes choosing a platform doesn’t come down to cost. AfterPay is compatible with more e-commerce platforms than ZipPay. As a business, there is no risk in using this service because you receive the full order amount once the transaction is completed. It is then up to the customer to deal with the provider to make payments for their purchase.
What about fees and interest?
For customers, there are no fees and no interest. The only potential additional charges come from failing to make payment. For businesses, there are small fees to use this service.These are as little as about 30 cents per transaction plus commission which can range from 2-6%.
Get in touch with us if you want to discuss how we can incorporate ZipPay or AfterPay into your current e-commerce platform. Or, If you want to find out more information about how we can build you an e-commerce website, visit our website, or give us a call on 1300 932 776.