The Repayment Calculator feature allows you to work out the customer’s estimated repayments needed to pay off their order within a specific interest-free period including any fees. To do this:
- Log in to your Zip Merchant Dashboard
- Click ‘Create Order’
- If this is a new customer applying for a Zip account, click ‘no’ to ‘Does the customer have an in-app barcode’ and leave this as a ‘new’ customer. This ensures any applicable establishment fee is shown on the dashboard next to the monthly repayment amount.
- Enter the price of the order and the interest-free period you are offering.
This will calculate the required repayment amount to cover the order in that interest free period. Establishment fees and monthly account fees are listed separately on the calculator. For any purchase amounts over $300, the customer is automatically placed on an equal monthly instalment plan to ensure their purchase is paid within the specified timeframe.
Customers have the flexibility to make extra repayments and/or pay off their purchase amount early without any fees or charges applying.
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If the customer is happy to proceed enter in the following details:
- Customers last name, personal email address and mobile number (as listed on their Zip account)
- An optional reference number for the order, provided for your convenience and bookkeeping
- Click ‘Create Order’. The customer will receive a text & email with a link to either apply for a new Zip account or accept the order via their existing account.
Once the customer accepts the order, it will be pending on their account and will be ‘Authorised’ in your Dashboard. At this point, the funds are guaranteed to you and you can begin preparing the customers' order. You will ‘complete’ the authorised order once the customer receives the items. If you have a deposit/partial capture function enabled, you may also type in the amount of deposit required and the order will be ‘Partially Captured’.
To see how you process an authorised order, click here.
Need help with the order status? You can find more information on them here.
Want more information about the customer application process? Click here