Buying on Credit? Let’s review Zip Money & Afterpay

Zip Money & Afterpay

With new online and in-store electronic payment systems offering customers greater convenience and simplicity, at Lekker Bikes we can now offer you even more flexibility when it comes to purchasing your new Premium Dutch Bicycle. Whether you’re thinking of purchasing our retro, vintage, cruiser, or urban style bicycles, you now have the option of paying in smaller regular deposits over an extended period of time rather than in one large lump some.

Two systems in particular that can help you get riding a Lekker Bike sooner than you think, are ‘Zip Money’ and ‘AfterPay’. Simple and convenient online or in-store payment options that let you buy now and pay later, with no credit card required.
You can ride your new Lekker Bike home before dishing out a dime, knowing that you’ll be managing your repayment over time, keeping track and even being reminded of your deposits, all on a simple intuitive system. All with the possibility of no interest involved. How so?


How does this all work, and how can it be more beneficial to the Lekker Bikes customer. Why would you use these systems over regular ones, such as when you buy on credit, debit or simply use cash? Below are some pointers outlining the benefits of using each, or read on to hear more about how they work.

Zip Money
  • Buy now, pay later (buy online or in-store)
    • You buy a product using Zip Money
    • Zip Money pays the retailer immediately
    • You re-pay Zip Money through monthly repayments
  • Low and easy monthly repayments (also with the option to pay-back on demand)
  • Minimum 3 months interest free (standard credit card interest charges still may apply)
  • Available for use online and in-store at selected retailers who have registered with Zip Money
  • Processes payments automatically
  • Buy now, pay later (buy online or in-store)
    • You buy a product using AfterPay
    • AfterPay pays the retailer immediately
    • You re-pay AfterPay through fortnightly repayments
  • Four equal instalments due every fortnight (also with the option to pay-back on demand)
  • Interest free (standard credit card interest charges may still apply)
  • Available for use online and in-store at selected retailers who have registered with AfterPay
  • Processes payments automatically – Sends reminder when payments are due
Zip Money

A merchant must first register Zip Money to be used as a payment method within their store. If this is the case, as a customer, you can begin using ZIP right away by signing-up and creating a personal ZIP account. When doing so, ZIP has a lending criteria in place, meaning that to be eligible you must input details such as your income and expenses. You are then able to choose a suitable credit amount to be offered by ZIP, which is based on the details you provide.

When purchasing with ZIP, each transaction requires authorisation by both you and ZIP. Once your purchase is authorised, ZIP then pays the Merchant on your behalf, and your product is shipped. You then re-pay ZIP. There is a minimum required repayment amount each month (based on your purchase price and lending criteria), however you are also free to pay as much or as often as you like, with no penalty. You are able to re-use your account as often as you like too, as long as you are keeping within your credit limit and are re-paying ZIP within the specified time frame.

For every purchase you make using ZIP, there is a minimum interest free period of 3 months from the date of the transaction. If you repay the purchase amount within this time, there is no interest charged. If there is an amount outstanding after this interest free period ends, interest will be charged at the standard annual percentage rate. Some purchases however, do come with a promotional interest free period, which can be up to 12 months.


AfterPay is again, a ‘buy now, pay later’ system, enabling customers to make separate smaller payments to pay-off a purchase over time. Similar to Zip Money, merchants must register and integrate the payment system within their shop for customers to be able to make use of it.

To use AfterPay in-store, you must first create an online purchase barcode beforehand, entering the amount you expect to spend in-store, as well as your debit or credit card. You must then be approved to use the system. Once approved, at the time of purchase, you will only pay the exact amount you actually spend at the store.

One significant difference between systems is the scheduling of re-payments. Unlike Zip Money, AfterPay has a fixed repayment system. The fixed system is made up of four equal fortnightly instalments. Despite this fixed system, there is still an option to pay an amount early if desired. If scheduled payments are unsuccessfully processed, this is when things may begin to cost you as a customer. However making sure you keep track of things, you can be safe in saying you can enjoy a completely interest free system (however this does not discount any credit card interest charges that may apply).

So how do Zip Money and AfterPay make money if there is no interest?

Merchants using either payment system are charged a small flat fee (%) for every transaction. This goes to Zip Money and AfterPay. As for the customer, you can actually enjoy interest free terms. In the case of Zip Money, it is for the duration outlined above. As for AfterPay, it is actually, interest free. Regular credit card interest charges do still apply for both systems however, so make sure to check your own terms and conditions. If you choose to pay with debit with AfterPay, you can be safe in knowing there is no interest involved.


If you have questions, both websites have FAQ as well as ‘Help’ sections to answer anything you might be unsure of.

  • Visit the website of Zip Money for more information:
  • Visit the website of Afterpay for more information: