Zip is an installment payment platform that lets you pay for your purchase using a credit or debit card, and Zip automatically splits the purchase amount into 4 interest-free payments, every two weeks. Zip empowers you to buy now, pay over time and avoid interest repayments.
Payments are automatic, however, Zip charges late fees in certain instances, such as if your payment cannot be processed because your debit card account has insufficient funds, or your credit card is no longer valid. In such instances, Zip will charge a $7.00 late fee after the first missed payment, plus an additional $7.00 fee billed every 7 days thereafter, if the payment is still outstanding.
While Zip does not charge interest on your purchase, a $1.00 service fee will be applied to each payment.
Zip requires your date of birth, a US mobile number, and either a debit or credit card for sign up. Instead of having a traditional username and password, Zip requires a mobile phone number and text message verification, which is much more secure.
Zip does not approve every order and considers a variety of factors to determine approvals and spending limits. If you are a repeat purchaser and have made all your repayments on time, you'll likely receive a higher limit than someone who is a new customer.
You can sign up during the checkout process. For the initial sign up Zip will just need your date of birth, a mobile number and either a debit or credit card. You'll know if you are approved instantly!
It’s important to notify Zip to avoid a late fee if your payment method is not up-to-date. Payments are automatic, however, Zip charges late fees in certain instances, such as if your payment cannot be processed because your debit card account has insufficient funds or your credit card is no longer valid. In such instances, Zip will charge a $7.00 late fee after the first missed payment, plus an additional $7.00 fee billed every 7 days thereafter, if the payment is still outstanding.
Zip associates a Payment Card with an Order when you first complete the checkout process for that Order. If you need to change which payment method is used for future installments for an Order, follow these steps to associate a different card with a given Order. This will cause all further installments for that Order to be billed against your new Payment Card. You will need to repeat this process for each Order you would like to migrate to a new Payment Card. If you would like to use a Payment Card not yet associated with your Zip account, follow these instructions to add that card to your account first:
As soon as Zip is notified of the return, our customers are refunded the amount they’ve paid to-date and Zip cancels all future payments.
If you have not fully paid for your purchase, Zip will apply a credit towards the remaining payments. If the credit is more than your remaining balance, the refund will be applied to pay off your purchase and the remainder will be refunded to the payment method associated with the order.
If you have already paid all four installments then Zip will refund your credit card associated with the order. Just like you pay in installments Zip will refund you in that manner. So make sure you look through your credit card statement for 1-4 refunds from Zip.