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How Does ZIP Work?

How Does ZIP Work?

How does ZIP Actually Work?

ZIP works like a smart shopping account.

And now you can use it to shop at ZUMI for the best electronics online.

So you can buy Laptops, Headphones, Mobile Phones and more - by brands like Apple, Bose and Beats using your ZIP shopping account.

You'll get 60 days to pay with no fees.

And there's no interest ever.


The way it works is like this.

For all purchases you make during a month you receive a statement with your closing balance on the 1st day of the following month.

After that - you have until the end of the month to pay off your balance for the account to remain fee free. So that's a total of 60 days.


Here’s an example :

If you make your first purchase on the 1st of March for $39, you will get a statement from ZIP on the 1st of April with the closing balance of $39

(unless you made more purchases in March) which you will need to pay off until the 30th of April in order to not have to pay the account fee of $6.

So. If you want to carry your account over to the next month - you just need to pay $6.

If there's no balance - there's no fees.


What Are My Limits?

zipPay offers 3 different credit limits. $250, 500 and $1000.

So you might be approved for $250 when signing up.

The limits are automatically determined by an algorithm that sets what you're eligible for.

ZIP's algorithm is based of criteria evaluated during the application process.


The Application Process

You can create your ZIP account at checkout, when purchasing any electronics from ZUMI - using your Facebook, PayPal or Email details or during checkout at any of our stores.

Subject to approval, sign-up takes only seconds, after which you can complete your ZUMI purchase and pay for it later.

Once you get approved for your ZIP account, there’s no need to apply again. You can continue to use your ZIP account anywhere that accepts ZIP.


Making Repayments

Payments are taken automatically via direct debit.

You never need to manually transfer any money unless you would like to pay down your balance faster, or entirely.

You can also customise your repayments to occur monthly, fortnightly or weekly at the amount that works for you  (provided this is greater than the monthly minimum of $40).

If you decide not to set up an individual schedule, we will take repayments automatically at the end of the next month even.


Additional Payments

You can also make additional payments whenever you like via card or BPay.

Remember - your scheduled payment will still be processed even if you make an additional payment outside of schedule.

What About Failed Payments

If your payment fails, we will send you a notification. Simply put some money into your nominated payment method and we will attempt to reprocess payments the following day.


Fees and Charges

To setup your zipPay account you don't need to pay any establishment fees.

It's a simple as signing up with Facebook and bam. You're in.

And there is never any interest applied to any of your ZIP purchases.

So all your electronics you buy online and pay with ZIP are 100% interest-free!

Using ZIP to checkout at ZUMI lets you buy what you want today -  and have time until the end of the following month from the date of your purchase - to make your payment.

At the end of each month you can choose to either:

Pay off your previous months’ balance in full and you’ll avoid paying that $6 account service fee.

or if you want more time to pay.  Simply make a payment that suits your budget - but the minimum repayments are for $40 per month.

That single $6 service fee will be added to your account for any month you have an outstanding balance, regardless of how many purchases you make.