Building technology for success in digital era

ZipPay VS Afterpay – How are the two different or similar?

When we talk about buying shares the two most trending shares these days are those of Zip and After pay. But the business models of both are similar that it is hard to identify a clear distinction between the two. The buyers often cannot make a clear comparison between the two.

So here we have listed out a few key features for both:

 ZipPayAfterpay
What does the company offer? Offers buyers an instant credit of $1000 for buying products. It can be redeemed in online or other purchases. The user has the flexibility to decide their instalment repayment plan. Most flexible! Offers buyers to buy now and pay later with four split payments in equal portions deducted fortnightly from the registered credit/debit card. Most convenient! 
Buying Limit Offers an instant shopping credit of $1000 without any need for an initial deposit at the time of purchase. For any order greater than the $1000 value the buyer needs to pay the difference upfront. Offers a total transaction of up to $1000 with the first quarter payment payable by the buyer at the time of purchase. 
Fees & Charges No fee incurred if instalment is paid on time. 0% interest & $0 set up. No fee incurred if instalment is paid on time. 0% interest & $0 set up.
Late or Missed Instalment ChargesCharges $5/month after the first month for any outstanding amount irrespective of how big or small the amount is. 
This means if you pay off before the end of the first month you will never be charged a fee!
Charges $10 for a late payment. However, they do send follow-up reminder emails ahead of time. 
This means if you pay on time you will never be charged a fee!
Summarised Distinction Flexible process, no deposit required Simpler process and get to pay off faster. 
User Eligibility Only available for Australian Citizens and Permanent Residents over 18 years old. Only available for Australian Citizens and Permanent Residents over 18 years old. 
Bank Card Requirements A user must have a valid debit card and be employed with a minimum salary of $300/wk A user must have a valid credit/debit card and sufficient funds to cover the first quarter instalment.

These are the few clear distinctions which might support you in decision making amongst two crucial companies. @CloudPloys enjoy exploring such exciting & enriching topics. So if you are someone like minded and enjoyed reading this blog then stay attuned for more topics yet to be explored! 

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