Australian retailers, Kitten D’Amour and Reid Cycles, say that ASX listed zipMoney has boosted sales and provided customers with a faster finance option.

“I would say that it’s increased sales by up to 20 per cent,” said Kitten D’Amour, marketing and operations manager, Simon Griffin.

“It’s more and more difficult now for small businesses to maximise sales. The best thing about zipMoney is that it makes it very simple for people who hadn’t thought about applying for credit in advance to get credit within three minutes,” said Griffin.

ZipMoney is currently offered by over 200 retailers. Customers can apply for zipMoney loans of $1000 or $2000 to purchase products from retail partners and be approved on their mobile phone or computer, either in the physical shop or online checkout.

“ZipMoney loans can be done on your phone in three minutes and there’s no credit card, it’s all virtual,” said zipMoney CEO Larry Diamond, who brings 12 years’ experience in retail, IT, corporate finance and investment banking at Pacific Brands, Macquarie Capital and Deutsche Bank.

All loans are a minimum of three months’ interest free, with six and 12 month offers available.

Reid Cycle, e-commerce manager, Luke Eshuys, said zipMoney has given customers purchasing flexibility.

“ZipMoney enables customers to not only purchase the bike they want today, but gives them the opportunity to upgrade to something a little better and pay the difference off in monthly instalments. This has certainly helped push our road bike category in particular where our range offers clear upgrade benefits as the price increases,” Eshuys said.

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