Zeller, which now has 30,000 customers, has launched a new transaction account, debit card, and app for all business types.
Zeller announced the new financial services products that have more than doubled its addressable market opportunity to over 2.6 million businesses.
Previously, Zeller offered businesses only face-to-face payments options through its EFTPOS terminal but the new products mean business can sign up for a free, standalone transaction account and debit card.
The new Zeller Transaction Account allows businesses to store, save, and manage funds online while its Debit Card enables businesses to issue virtual or physical debit cards in under 25 seconds for in-store and online business expenses to better understand where and how employees are spending.
Its new account and card products can be managed from the new Zeller App, where business owners can create accounts, issue cards, and access detailed financial reports and insights from their iOS or Android devices.
A recent survey of 545 Australian business owners revealed 91 per cent feel that their current business bank is not meeting their needs, demonstrating a clear demand for disruption and competition to Australia’s outdated business banking model.
“The need for competition in the financial services sector is still very much unmet,” said Ben Pfisterer, Zeller co-founder and chief executive.
“Businesses across Australia will no longer have to piece together a patchwork of financial products from the incumbent banks and other providers to shape a solution that meets the needs of their business.
“Beyond the inconvenience of disparate, disconnected software, at least 65 per cent of Australian business owners surveyed do not feel supported by their traditional bank.”
Zeller has exclusively partnered with leading retailer Officeworks to offer an industry-first distribution channel enabling customers to purchase Zeller Debit Card in Officeworks stores and online for $15. The purchase price is then credited back to the business owner’s Zeller Account. Offering Zeller Debit Card at Officeworks makes it easier for non-metro businesses in particular to access essential financial services where the incumbents are lacking.
“Small business customers come to Officeworks to help them start, run and grow their business,” said Jim Berndelis, Officeworks’ general manager merchandise.
“We are excited to support the launch of the new Zeller Debit Card, which will be available online and in our 167 stores across the country. The new debit card is another way we can provide essential products and services to small businesses which make an essential contribution to the local communities where we live and work.”
