How can I redeem my previously earned funds?

How can I redeem my previously earned funds?

Our new app is introducing a whole new online shopping offer to ZIPZERO -- with even more cash towards your bills, thanks to Premium Offers from our retail partners. 

It might be a bit tricky at first to figure out how to collect and redeem your new and historic units. So we have come up with some basic explanations of how users earn Reward Units and redeem them for bill payment within the new ZIPZERO app. 

First off, let’s start with the two types of Reward Units that can be earned within the app: Base Reward Units and Premium Reward Units. 

What are Base Reward Units?

Users earn a Base Reward of 0.5% of the value of any physical shopping receipt scanned into the app or any online purchase confirmation shared with ZIPZERO. All the Base Reward Units you earn have a status of ‘pending’ until the grace period is up (more on this below).

What are Premium Reward Units?

Users earn Premium Rewards of between 0.5-10% (on average) via online purchases with our retail partners. These rewards appear in your wallet just after you complete your purchase and share the online confirmation (digital receipt) with ZIPZERO (via your dedicated email address). Your Premium Reward Units have a status of ‘pending’ until the grace period has passed (more on this below). 

Is there a difference between my Base and Premium Reward Units? 

The main difference is the way these units are earned. Users earn Premium Reward Units by shopping with partner retailers via the ZIPZERO app. Users earn Base Reward Units by scanning receipts or sharing purchase confirmations for shopping trips at both partner and non-partner merchants. 

Premium Reward Units become available as soon as the grace period has passed. The amount of Base Reward Units that are available for bill payment is dependent on the amount of available Premium Reward Units in your wallet on a ‘pound-by-pound’ basis. See more on the grace period and redemption. 

What is the grace period for Base and Premium Reward Units?

The grace period is the time it takes for Reward Units to go from ‘pending’ to ‘available’. This period depends on the time it takes to process the order according to the terms set by the merchant. 

For instance, if you make a clothing purchase online with one of our partner retailers, the grace period covers the time of processing the order, payment, delivery and the time allowed for returns or exchanges. Another example: if you book a holiday, the grace period starts at the time you make the reservation, the time of your stay and ends when the payment has been made in full. 

It is only when the partner merchant pays the commission for the purchase to ZIPZERO that the Reward Units can be carried over to the user. 

Your Base Reward Units go from ‘pending’ to ‘available’ as soon as you have the equivalent amount in Premium Reward Units available in your ZIPZERO wallet. In other words, to £1 in Base Reward Units becomes available as soon as you have £1 in Premium Reward Units available -- giving you a total of £2 available for bill payment. We note that it may take 3-7 days for a receipt to be validated through our app’s verification system before the Reward Units become available. 

The grace period includes the time it takes for a receipt to be validated through our app’s verification system (typically between 3-7 days).

How do my Reward Units become available for bill payment? 

Premium Reward Units are earned thanks to the commission paid by the partner retailer for every purchase made via ZIPZERO. This ‘premium’ commission also allows us to cover the 0.5% Base Reward for non-partner transactions that our users also make. This is why the redemption of the two types of Reward Units is linked within the app. 

Users can redeem their Premium Reward Units as soon as the grace period has passed and their status has gone from ‘pending’ to ‘available’. 

Users can redeem Base Reward Units on a ‘pound-by-pound’ basis according to the amount of Premium Base Reward Units that are already ‘available’. 

For example, as soon as you have £1 in Premium Reward Units available, another £1 in Base Reward Units also becomes available - giving you a total of £2 available for bill payment. At this point, both Premium and Base Reward Units can be redeemed interchangeably as soon as their status is updated to ‘available’. 

What if I collected Reward Units in the previous version of the app?

If you used ZIPZERO in the past and built up a certain amount of funds via receipt scanning, you will be able to redeem these Reward Units based on the mechanism described above. This means that when you have collected at least £1 in ‘available’ Premium Reward Units, you can redeem the equivalent amount in Base Reward Units from your previous activity in the app. 

Please note that the grace period is the time it takes for Reward Units to go from ‘pending’ to ‘available’ depending on the offer selected. The length of this period is based on the offer selected and can vary depending on how long it takes for the merchant to process the transaction as well as the terms of delivery, returns and exchanges set by the partner merchant. See more information above. 

How can I access the Reward Units I earned in the previous version of the app?

Once you download the new app, log in with your existing details. You will see your previously accumulated funds in your ZIPZERO wallet. Their status will remain ‘pending’ until they are made available thanks to the equivalent Premium Reward Units earned in the new app. Any payments ordered but that were not processed in the previous version of the app will be voided and the Reward Units will be returned to your ZIPZERO wallet (with the status of ‘pending’) in the new version of the app. For more on how the Base and Premium Rewards are linked, see above.