If you accept payments through LivePayments, your buyers have the powerful option to pay in installments via Zip.
What is Zip?
Zip enables your bidders to pay for their purchases in installments over time, using a credit or debit card. By splitting the purchase amount into 4 payments, every two weeks, Zip empowers your bidders with financial flexibility.
Zip is a global payments company headquartered in Sydney, Australia. Founded in 2013, Zip is an ASX-listed (Z1P) pioneer in the buy now, pay later category.
Zip’s buy now, pay later payment platform offers access to interest-free installments, along with other innovative and consumer-friendly products that make it easy to stay on track financially.
How much does it cost?
It doesn’t cost you anything! Zip is a checkout option included with LivePayments. Bidders will be charged a small processing fee that varies based on their total invoice amount.
| Order Value | Fee |
| Less than $250 | $4.00 |
| $250 - $499.99 | $8.00 |
| $500 - $999.99 | $16.00 |
| $1,000 or more | $24.00 |
When do I receive my funds?
Purchases made using Zip are disbursed in full. Once your bidder completes checkout, you will receive the full invoice amount in your next disbursement.
How do my bidders sign up for Zip?
They will be provided an option to select Zip as a payment method at checkout, then taken to Zip’s site to complete the transaction. For the initial sign up, Zip requires date of birth, a mobile number and either a debit or credit card. Bidders are instantly notified if they are approved and can complete checkout without disruption.
Zip never performs a hard credit check on a customer and there is no impact on a customer’s credit rating by using Zip.
What if my bidder is not approved for Zip?
They will be redirected back to LiveAuctioneers checkout page and required to select another payment option. LivePayments also allows bidders to pay via any major credit/debit card or bank transfer (ACH).
Who can pay using Zip?
In order to use Zip, your bidder must:
- Live in the US
- Be at least 18 years old
- Have a valid and verifiable mobile number
- Use a US credit or debit card to make a purchase
Zip is available on invoice amounts of $5,000 or less.
Who should bidders contact in the event they cannot make payment?
Once your bidder has completed the checkout process with Zip, they should work directly with them on future installments and payments. No action is needed on your end.
How does the dispute and refund process work?
You can follow the same process that you would for LivePayments transactions.
How can I offer Zip to my buyers?
When you enable a catalog for LivePayments, buyers will be able to pay for their invoice directly on LiveAuctioneers. They will see Zip as an option at checkout.