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Payment Terms

Version 3.0 - September 2023

PART A: Direct Debit

Direct Debit is an automated process that makes your Zip repayments from the account of your choice with your financial institution. To tailor your repayments to suit you, simply log in to your digital wallet or contact us through our Help Centre.

Direct Debit Request

Request and Authority to debit your nominated account to pay ZipMoney Payments Pty Ltd, ABN 58 164 440 993, User ID 633172 ("Zip").

Request and Authority to Debit:

You request and authorise Zip to arrange, through its own financial institution, a debit to your nominated account for any amount you owe us or have otherwise authorised to be paid to us, under any contract or arrangement you have with us.

This debit or charge will be made through the Bulk Electronic Clearing System (“BECS”) from your account held at the financial institution you have nominated above and will be subject to the terms and conditions of the Direct Debit Request Service Agreement.

By adding a payment method (i.e. bank account), that payment method becomes a nominated account.

Acknowledgement:

By authorising this Direct Debit Request you acknowledge having read and understood the terms and conditions governing the debit arrangements between you and us as set out in this Request and in your Direct Debit Request Service Agreement.

Electronic Signature:

You authorise and agree to the terms of this Direct Debit Request and the Direct Debit Service Agreement.

Direct Debit Service Agreement

This is your Direct Debit Service Agreement with ZipMoney Payments Pty Ltd (“Zip”), User ID 633172, ABN 58 164 440 993. It explains what your obligations are when undertaking a Direct Debit arrangement with us. It also details what our obligations are to you as your Direct Debit provider. Please keep this agreement for future reference. It forms part of the terms and conditions of your Direct Debit Request (“DDR”) and should be read in conjunction with your DDR authorisation.

1. Definitions

banking day means a day other than a Saturday or a Sunday or a public holiday.

debit day means the day that payment by you to us is due.

debit payment means a particular transaction where a debit is made.

direct debit request means the Direct Debit Request between us and you.

nominated account means any account held at your financial institution from which you authorise us to arrange for funds to be debited.

us or we means ZipMoney Payments Pty Ltd (the Debit User) you have authorised by requesting a Direct Debit Request.

you means the customer who has signed or authorised by other means the Direct Debit Request.

your financial institution means the financial institution nominated by you on the DDR at which the nominated account is maintained.

2. Debiting your account

  1. By signing a Direct Debit Request or by providing us with a valid instruction, you have authorised us to arrange for funds to be debited from your nominated account. You should refer to the Direct Debit Request and this agreement for the terms of the arrangement between us and you.
  2. Signing electronically: You consent and agree to signing a Direct Debit Request or providing us with a valid instruction electronically.
  3. We will only arrange for funds to be debited from your nominated account as authorised in the Direct Debit Request.
  4. If the debit day falls on a day that is not a banking day, we may direct your financial institution to debit your nominated account on the following banking day. If you are unsure about which day your account has or will be debited you should ask your financial institution.
  5. If any authorised direct debit fails, you authorise us to:
    1. attempt to debit any other nominated account(s) in respect of any of your Zip account(s); and / or
    2. attempt to charge any cards that you have authorised as payment methods on any of your Zip accounts(s); and / or
    3. re-attempt to debit or charge any of your nominated accounts or authorised cards. You agree that we may re-attempt failed direct debits multiple times.
  6. If you close an account that you hold with Zip and you receive a refund after that account has been closed, we will issue the refund to your last nominated payment method on file.

3. Amendments by us

We may vary any details of this agreement or a Direct Debit Request at any time by giving you at least fourteen (14) days written notice.

4. Amendments by you

  1. You may change*, stop or defer (where applicable) a debit payment, or terminate your DDR authorisation and this agreement by providing us with at least 5 days notification by:

    1. updating it in the Zip App (where available);
    2. updating it in the Web wallet (where available);
    3. or by other means by which we may make available to you from time to time;
    4. arranging it through your own financial institution, which is required to act promptly on your instructions.

      *Note: in relation to the above reference to 'change', your financial institution may 'change' your debit payment only to the extent of advising us, ZipMoney Payments Pty Ltd, of your new account details.

  2. You must have an active and valid payment method set up for account repayments on all of your Zip accounts at all times.

5. Your obligations

  1. It is your responsibility to ensure that there are sufficient clear funds available in your nominated account to allow a debit payment to be made in accordance with the Direct Debit Request.
  2. If there are insufficient clear funds in your nominated account to meet a debit payment:
    1. you may be charged a fee and/or interest by your financial institution;
    2. you may also incur fees or charges imposed or incurred by us;
    3. you must arrange for the debit payment to be made by another method or arrange for sufficient clear funds to be in your nominated account by an agreed time so that we can process the debit payment; and
    4. you acknowledge your authorisation under clause 2(5) above.
  3. You should check your account statement to verify that the amounts debited from your nominated account are correct.

6. Dispute

  1. If you believe that there has been an error in debiting your nominated account, you should notify us through our Help Centre and confirm that notice in writing with us as soon as possible so that we can resolve your query more quickly. Alternatively you can take it up directly with your financial institution.
  2. If we conclude as a result of our investigations that your nominated account has been incorrectly debited we will respond to your query by arranging for your financial institution to adjust your nominated account (including interest and charges) accordingly. We will also notify you in writing of the amount by which your nominated account has been adjusted.
  3. If we conclude as a result of our investigations that your nominated account has not been incorrectly debited we will respond to your query by providing you with reasons and any evidence for this finding in writing.

7. Accounts

You should check:

  1. with your financial institution whether direct debiting is available through the Bulk Electronic Clearing System (BECS) as direct debiting may not be available on all accounts offered by financial institutions.
  2. your account details which you have provided to us are correct by checking them against a recent account statement; and
  3. with your financial institution before completing the Direct Debit Request if you have any queries about how to complete the Direct Debit Request.

8. Confidentiality

  1. We will keep any information (including your nominated account details) in your Direct Debit Request confidential. We will make reasonable efforts to keep any such information that we have about you secure and to ensure that any of our employees or agents who have access to information about you do not make any unauthorised use, modification, reproduction or disclosure of that information.
  2. We will only disclose information that we have about you:
    1. to the extent specifically required by law; or
    2. for the purposes of this agreement (including disclosing requested information to our sponsor financial institution in connection with any debit payment query or claim).

9. Notice

  1. If you wish to notify us in writing about anything relating to this agreement, you should write to: Level 7, 180 George Street, Sydney, NSW, 2000, Australia.
  2. We will provide any notice to you:
    1. via electronic communication consent you have provided; or
    2. in the ordinary post to the address you have given us in the Direct Debit Request.
  3. Any notice will be deemed to have been received on the third banking day after posting.

PART B: Card Authorisation

You authorise and provide your consent for ZipMoney Payments Pty Ltd, ABN 58 164 440 993 (“Zip”) to charge your nominated card in Australian Dollars for any amount you owe Zip, or have otherwise authorised to be paid to us, under any contract or arrangement you have with us. We will process payments on or around the due date or otherwise in accordance with this Card Authorisation and / or the applicable terms and conditions. Amounts will be charged in Australian dollars. You acknowledge and provide your consent for Zip to save your information to your Zip account for future transactions on your account. If your nominated payment method fails, you authorise Zip to:

  1. attempt to debit any nominated account(s) that you have authorised under a Direct Debit Request on any of your Zip account(s); and / or
  2. attempt to debit any other cards that you have authorised as payment methods on any of your Zip accounts(s); and / or
  3. re-attempt to debit any of your nominated accounts or authorised cards. You agree that we may re-attempt failed payments multiple times.

It is your responsibility to ensure that there are sufficient clear funds available using your nominated payment method. If there are insufficient clear funds using your nominated payment method to meet a debit payment:

  1. you may be charged a fee and / or interest by your financial institution;
  2. you may also incur fees or charges imposed or incurred by us; and
  3. you must arrange for the debit payment to be made by another method as soon as possible.

If you close an account that you hold with Zip and you receive a refund after that account has been closed, we will issue the refund to your last nominated payment method on file.

For security and compliance reasons details are not stored by us. We store the information as a secure token only, which represents your card and this secure token is used when processing your payments as per this Card Authorisation. From time to time we may receive updates to this secure token from your card issuer.

Subject to the law and acting reasonably, we may vary the terms of this authorisation at any time without your consent by providing 14 days' written notice.

You can cancel this authorisation at any time by removing the corresponding payment method in the Zip App or via the Web wallet – just remember you must have an active valid payment method set up for account repayments at all times. This authorisation will remain in effect until cancelled.