13 Best Apps Like QuadPay (Now Zip) To Try In 2022

Does Afterpay hurt your credit?

Afterpay will not help you build your credit history because it does not report its loans to the credit bureaus. While this is helpful to get approved, its lack of reporting of your positive payment history will not help your credit either.


Which regulations apply to Afterpay?

Some finance experts have expressed concern over just which regulations apply and what kind of protection shoppers have. Here’s what we know so far. 

Afterpay is regulated under the Payment Card Industry Data Security Standard (PCI DSS), which is the same regulatory standard applied to major credit card brands. You’re also still covered by consumer protection legislation, which includes things like the right to a refund for faulty goods. 

As of March 2021 Afterpay has also been approved as a Code Compliant Member of the Buy Now Pay Later Code of Practice. This ‘Code of Conduct’ was introduced by the Australian Finance Industry Association in January 2020. To date around eight BNPL providers (including Afterpay) have signed up to the code. 

The code sets out to provide guidelines and the minimum standards BNPL’s must abide by. This includes capping or waiving late payment fees, restricting customers under the age of 18 and no longer approving purchases when a customer is experiencing financial hardship. 

However, many experts argue there is more to be done to ensure vulnerable customers are protected.

An ASIC report found that during the 2018/19 financial year, 20% of Afterpay’s revenue came from missed payment fees. 

“If the buy now pay later provider’s data indicates that consumers are paying missed payment fees repeatedly, for example, or that these fees represent a significant proportion of the amount borrowed, the provider will need to consider why this is occurring… and how this can be addressed,” said ASIC. 

This prompted ASIC to take things into their own hands. 

From October 2021, BNPL platforms must comply with ASIC’s ‘design and distribution obligations’. This means that BNPLs, like Afterpay, will need to make more of an effort to identify their target market and regularly asses whether their product is a suitable choice for a customer.  

ASIC mentioned that any further regulation will need to be signed off by the government or even Parliament. But not everyone is on board with the idea. 

Afterpay co-founder, Anthony Eisen argued that further regulation would be “dangerous” as its ‘one size fits all’ approach has the potential to “stifle innovation and competition”. 

It’s also worth mentioning that Afterpay is exempt from the National Consumer Credit Protection Act (NCCP), which is designed to enforce ethics and protect consumers in the finance industry. Other examples of the point-of-sale exemption you might be familiar with is the “interest free loans” at shops like Harvey Norman.

What is the highest Afterpay limit?

The maximum amount per transaction is $1500, while the outstanding account limit is up to $2000. Afterpay transaction and order limits also vary from store to store. For example, Kmart and Target offer Afterpay on purchases up to $1000, and Big W up to $1200.

Quadpay alternatives

Afterpay. Afterpay is a leading buy now pay later financing option. You can get instant credit approval at the checkout, and repay in four installments.

Affirm. Affirm is another buy now pay later market leader. With Affirm, you get payment terms up to 12 months, and total credit limits of up to $17,500, depending on your credit score. However, Affirm does deal with the credit bureaus, and late payments affect your credit score.

Klarna. This Swedish company offers point-of-sale loans with a wide selection of brands and retailers available in its payment network. With Klarna, you get four installments to pay off your loan.

Sezzle. Another point-of-sale financing company offering you four repayments spread over six weeks, with no hard credit check. Reschedule your late payment for free, or pay $5 for a second rescheduling.

How Do I Pay Zip?

The debit or credit card you give Zip will pay your installments. Zip does not accept pre-paid cards, PayPal, ACH bank transfers, or money orders as a payment source.

What Happens if I Don’t Pay Zip?

If you fail to pay, Zip will send your account to collections. In this case, you will likely be reported to the credit bureaus.

Who accepts Quadpay?

There are thousands of retailers and online merchants offering customers Quadpay payments at checkout. Check on the payments page at your e-commerce retailer to see if they provide Quadpay. Some of the brands and stores offering Quadpay payments include the following.

  • Amazon
  • Target
  • Nordstrom
  • Lululemon
  • Nike
  • Plus lots more

Does Zip Charge Interest?

Zip Pay's installment plans are interest-free. If you choose Zip Money instead, there is a promotion for an interest-free three-month period, which changes to a 19.9% APR (annual percentage rate) after the period expires.

Does Zip Charge Fees?

Each time you use the Zip app for a purchase, you will incur a $1 platform fee per installment payment. This means that if you make four payments, you'll pay $4 in platform fees in addition to the price on the tag and taxes. If your payments are late, Zip charges fees of $5, $7, or $10, depending on the state you live in.

Zip Pay and Zip Money both have a monthly account keeping fee of $6, only charged if you have an outstanding balance at the end of the month. Higher credit limits might incur additional fees on outstanding balances with a Zip Money account.

If you use Tap & Zip overseas, the app feature for contactless payment, you'll be charged an additional 1% fee for an international transaction.

Late payments are bad business

We will only charge a late fee if customers miss a payment. But first, we will do everything we can to help you avoid this, by sending reminders leading up to the payment due date and an alert after a payment has failed.

Danger, Will Robinson

A couple of warning signs, however, support the critics’ claims.

1) Over the past two years, 43% of BNPL users have been late with a payment. But two-thirds of them said it was because they lost track of when the bill was due. Just a third blame it on not having the money to pay the bill.

2) More than half of BNPL users have seen their credit card limits decreased in the past year. This may be forcing some of them to use BNPL programs.


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