Australian fintech, Zeller has introduced a reimagined business banking solution targeted at business owners historically underserved by traditional banks.
Zeller gives merchants a next-generation EFTPOS terminal, free business transaction account, and free business Mastercard all in one box to help accelerate cash flow. By seamlessly combining these services into a fully integrated solution, Zeller significantly reduces the time businesses spend on finding a merchant services provider, completing lengthy applications, getting set up, and connecting disparate payments and financial services solutions.
Recent research by Zeller found that seven in 10 business owners (71%) using clunky EFTPOS terminals regularly consider switching providers and 61% of businesses are looking to switch providers, because of high costs and expensive fees, slow deposits to their funds impacting cash flow, and not being able to access local support within their community.
Further, more than two-thirds of businesses (67%) would prefer a non-big 4 bank, while more than one in two (57%) would opt for a new, digital-first business bank.
Zeller CEO and co-founder, Ben Pfisterer believes Australian business banking is fundamentally broken with overlooked and underserved merchants as a result of a lack of innovation at a time when new tools, technology and service is needed to build and grow.
“Zeller delivers affordable, accessible and innovative tools enabling businesses to get paid, access their money, and manage cash flow without ever having to set foot inside a bank. We’re reimagining business banking for Australian merchants through innovative new technology, backed up by local support and personalised service,” he said.
Zeller’s fully integrated, out-of-the-box solution enables businesses to accept card payments via Zeller Terminal, securely store funds and manage finances with a free Zeller Transaction Account, and spend funds instantly with Zeller Mastercard.
Businesses can sign up free for Zeller online, and then accept payments with Zeller Terminal within minutes, which accepts card, mobile wallet and QR code payments.
Zeller Terminal is priced at $299, with a 1.4% processing fee for any card payments. Zeller has no monthly terminal rental fees or hidden charges, and the Transaction Account and Mastercard are included free with no annual fees. Businesses can choose to sweep funds to any existing bank account, or access them faster by depositing to their free Zeller Transaction Account.
Zeller bypasses the traditional merchant services model of expensive monthly terminal rental fees or needing to wait for terminal delivery after the bank has approved merchant access. Zeller Terminal can be purchased at Officeworks nationally, and online at myzeller.com with free shipping.