If you are putting off repairs on your concrete flooring due to finance, Zip Pay or Zip Money might be the answer. At Cotewell, we know that for some businesses the cost of repairing their concrete flooring can be daunting. We want our customers to have access to the services they need to keep their businesses running safely. We believe Zip is the perfect solution. If you haven’t heard of Zip Pay or Zip Money, or if you have and want to know more, we’ve put together this article to guide you through the pros and cons of using this payment method, how it works and why it might be a good option for you.

 

What is Zip and how does it work?

To put it simply, Zip is an alternative payment solution that allows you to purchase goods and services without needing cash or a credit card. Cotewell decided to start accepting payments through Zip Pay and Zip Money because we know our clients sometimes need our services but don’t have the money to pay upfront and we want our services to be as accessible as possible. Zip Pay is pretty straight forward to use; all you have to do is set up an account and start purchasing. Every purchase you make will be added to your account, and at the end of the month, you are sent a ‘statement’ to let you know what you’ve spent money on. You can slowly pay back your purchases in small increments or pay it back in full when you have access to the funds.

 

What are the pros and cons of using Zip?

While we believe that Zip is a good option for easily making a payment when you need it, we understand every business is different and it may or may not be the right option for you. That’s why we’ve put together a list of pros and cons for using this service.

 

Pros:

• Payment flexibility – Zip Pay allows you to be flexible with your payments, meaning you can get what you need right away and pay for it later. 
• Zip Pay is interest free – Unlike taking out a loan or using a credit card, Zip Pay doesn’t require you to pay expensive interest rates. There is also the option to use Zip Money, that does include interest rates but not for the first 3 months (see cons).
• It’s free to set up – A Zip Pay account won’t cost you anything to set up and if you don’t use your account your monthly fee will be waived.

Cons:

• There are still fees – When you make a payment using Zip Pay, the service will charge you a small fee on each transaction. There is also a $6 monthly service fee. 
• Payments over $1000 could cost more – For payments over $1000, you will have to set up a Zip Money account. This is different to Zip Pay as it can have an establishment fee (between $0 and $99) and is not interest free after 3 months. 
• $40 minimum monthly repayments – It might not sound like much but for the purpose of transparency we feel it is worth noting that the minimum repayment for Zip Pay and Zip Money is $40 per month. Make sure this is within your businesses budget before committing to using this service.

 

Should your business use Zip to handle payment and services?

At the end of the day, it is up to you to decide what is right for your business. If you are temporarily unable to pay for any of Cotewell services but feel it would be in the benefit of your business to recoat or repair your flooring, or if you need any of our other products or services, we recommend Zip Pay or Zip Money as an option.

Call 1300-590-505 or email enquiries@cotewell.ekaasolutions.com.au