Zeller: A new player bursts onto the business payments scene

  • By Elizabeth Fry

Zeller, the business fintech founded by former Square executives, has unveiled a new payment solution designed to cater to small business owners historically underserved by major banks. 

The new business banking platform is designed to save businesses time and money by removing the multiple pain points throughout the payment process. 

Zeller said it 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.  

With the Seller platform, businesses can 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.  

By seamlessly combining these services into a fully integrated solution, the fintech said it can cut the time businesses spend on finding a merchant services provider, completing lengthy applications, getting set up, and connecting disparate payments and financial services solutions. 

According to Ben Pfisterer, co-founder, and chief executive of Zeller, small businesses have been neglected by their business banks for too long. “We’ve seen established small businesses struggle, and in many cases close their doors, as a result of slowing cash flow,” he said. “Witnessing this, we believe Zeller’s goal; to reimagine business banking for Australian merchants, is more important than ever.” 

Fundamentally broken 

Following a challenging year where businesses faced a pandemic and multiple lockdowns, he argued, sentiment towards traditional banking services delivered by the incumbents is at a low. “Australian business banking is fundamentally broken. A lack of innovation from the incumbents means merchants are overlooked and underserved, at a time when they should be thriving. They need new tools, technology, and service to build and grow,” 

 From where Pfisterer sits, current banking and payment solutions are clunky and unfriendly, which means they get in the way of running and growing a business. “With Zeller’s business banking solution, we are giving businesses more cost-effective tools to simplify the way they accept payments, manage cash flow and pay recipients.” 

Pfisterer said business owners are demanding affordability, simplicity, and innovation from their payments and financial services providers. But, at the same time, they are always keeping an eye on their cost base as they realise they must be more efficient. 

Research conducted by Zeller last month revealed that 71 percent of business owners using clunky and outdated EFTPOS terminals regularly consider switching providers, 61 percent 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 area. Also, the research showed that 67 percent of businesses would prefer a non-big 4 bank, with 57 percent opting for a new, digital-first business bank.