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Do you ever read your merchant statement and wonder what all of the different fees mean? Merchant statements can be difficult to navigate. With so much information packed into a single report, it’s easy to overlook important details — including unnecessary or hidden charges. While every provider structures their statements differently, most include the same core components. Once you understand what to look for, you can quickly see exactly what you’re being charged, spot discrepancies, and uncover opportunities to reduce costs. Keep reading to learn how to break down your merchant statement — and use it to save on fees and strengthen your bottom line. What is a merchant statement? When you open a business account , you’ll start receiving a merchant statement — an essential tool for managing your business finances. A merchant statement is a monthly report detailing every transaction your business processes, including customer payments and the associated processing fees. Understanding how to read this statement is key to knowing exactly how much your business is earning, what you’re spending on payment processing, and where your money is going. Because running a profitable business involves far more than simply adding up the total payments you’ve accepted each day. Elements of a merchant statement Every payment provider formats its merchant statements differently. While the terminology and layout may vary, the core components remain largely the same. At a minimum, most merchant statements include a summary, a settlement report, and a breakdown of fees and charges. Summary As the name suggests, the summary provides a high-level overview of your activity for the month — including total transactions processed, total sales, and total fees deducted. Depending on your provider, it may also include comparisons to previous months to help you track trends in revenue and costs. Settlement report The settlement report breaks this information down further, showing a day-by-day view of the transactions processed and funds settled into your account. This section helps you reconcile daily sales with the deposits you receive. Charges The charges section outlines exactly what you’ve paid in fees — and it’s often the most confusing part of a merchant statement. Fees are typically divided into two categories: Transaction charges Transaction charges are fees applied each time you process an electronic payment. These include fees for debit and credit card transactions, along with service fees that may vary by card type. Other charges Other charges cover everything outside of per-transaction fees. These may include: Authorisation fees Terminal rental fees Installation or maintenance fees Monthly account fees Understanding your rate of acceptance One of the most important — and most misunderstood — figures on your statement is your rate of acceptance . Many businesses assume this rate reflects their true cost of processing payments. However, once additional fees (such as terminal rental or monthly service fees) are factored in, the effective rate can be significantly higher. Understanding your true cost of acceptance is essential to knowing whether you’re getting a competitive deal. Step 1: Identify your costs Every time you process a card payment, you incur fees. Businesses typically manage these costs by building them into pricing or applying a surcharge (where permitted). On your merchant statement, you’ll generally see two types of fees: Wholesale fees (interchange fees) Wholesale fees — also known as interchange fees — are paid to the cardholder’s financial institution. These fees are set by the card networks and are non-negotiable. They vary depending on: Card type (e.g. debit vs premium rewards credit card) Transaction size Merchant category Premium rewards cards often carry higher interchange fees because they cost issuing banks more to operate. Markup fees Markup fees are charged by your payment processor. This is how processors generate revenue. Unlike wholesale fees, markup fees are typically negotiable and can vary significantly between providers. Even small differences — just a few basis points — can add up quickly across hundreds or thousands of transactions. Step 2: Determine your pricing model Because markup fees are negotiable, understanding your pricing model is key to knowing whether you’re getting a fair deal. Your pricing model determines how fees are calculated and displayed on your merchant statement. There are four common models: Interchange-plus Interchange-plus clearly separates wholesale (interchange) fees from the processor’s markup. It’s the most transparent pricing model, but also produces the longest and most detailed statements. Once you understand it, however, you’ll have full visibility into exactly what you’re paying. Membership With a membership model, you pay a fixed monthly subscription in exchange for lower per-transaction markups. This model can benefit businesses with higher average transaction values, as it reduces the percentage impact of large sales. Flat-rate A flat-rate model charges the same percentage fee for every transaction, regardless of card type. Wholesale and markup fees are bundled into one rate, making statements shorter and easier to understand. Flat-rate pricing offers simplicity and predictability, which is appealing for many small businesses. Tiered Tiered pricing groups transactions into categories (such as qualified, mid-qualified, and non-qualified), each with different fees. While this model can appear straightforward, it often results in higher overall costs. Transactions may be downgraded into more expensive tiers, making fees less predictable. If you see terms like qualified (qual), mid-qualified (mqual), or non-qualified (nqual) on your statement, you’re likely on a tiered plan. Bringing it together Once you understand your statement’s summary, settlement report, fee breakdown, and pricing model, you’ll be able to calculate your true cost of acceptance — and identify opportunities to reduce fees and improve margins. Need a second opinion? Even when you know where to look, merchant statements aren’t always easy to interpret. Fees can be layered, terminology can be vague, and hidden costs can slip through unnoticed. Zeller Sales can help you decode your statement, calculate your true cost of acceptance, and compare it against a transparent, tailored alternative. Get in touch to see how much your business could be saving.

If you’re looking for a high interest account to hold funds that you don’t need day-to-day, we’ve got you covered with this guide to Australia’s best business savings accounts. In this article, we provide a side-by-side comparison of the big-four banks and Zeller. We break down base rates, maximum rates, and explain what to look for in a business savings account to help you find the best account for your needs. Compare the best business savings accounts in Australia Customers are eligible to earn up to 4% p.a. interest on funds saved in an active Zeller Savings Account from 1 February 2026. Terms apply . Interest rates accurate as at 5 February 2026. What is a business savings account? A business savings account is designed to hold surplus business funds while earning interest. Unlike a business transaction account, which is built for everyday payments and expenses, a savings account is best suited to money you don’t need to access regularly.  If you have idle funds sitting in your transaction account – whether these are set aside for tax, future investments, or a financial buffer, it could be a good idea to put these into a savings account where they will gradually accrue interest. If you’re not sure whether it’s the right move, discover Five Reasons a Savings Account Might Be Good for Your Business . How to choose the best business savings account There are a number of factors that you need to consider when deciding on the best business savings account for your requirements. Below is a 9-step checklist of features to look for when weighing up your options: 1. Interest rate Interest rates can vary widely — from as little as 0.01% to around 4% p.a. When comparing accounts, look for a competitive base rate (around 2.5% or higher) and a bonus rate with conditions you can realistically meet. 2. Bonus rate conditions Many providers advertise a maximum or bonus interest rate. This higher rate may only apply if you meet certain conditions, such as making regular deposits or limiting withdrawals. If those conditions aren’t met, a lower base rate applies. Be sure to know exactly what those conditions are before signing up.  3. Linked account requirements Most business savings accounts must be linked to a business transaction account with the same provider, so the ease of setting one up matters. Traditional banks may require a branch visit, while digital banks and fintechs typically offer fast, online-only applications. 4. Access and flexibility Consider how easily you can access your funds when you need them. Some business savings accounts allow instant transfers, while others limit withdrawals or require notice. If your cash flow fluctuates or you need funds for tax, payroll, or emergencies, access can be just as important as the interest rate. 5. Account conditions Some accounts impose conditions like regular deposits, minimum balances or restricted withdrawals. Make sure these requirements align with your business’s cash flow requirements before signing up. 6. Fees and charges Monthly account fees, transaction fees, or minimum balance requirements can quickly offset interest earned. When comparing accounts, it’s essential to look at returns net of fees, not just the headline rate.  7. Mobile app access Managing your savings on the go can make a big difference, particularly for business owners who don’t sit at a desk all day. A well-designed mobile app can make it easier to check balances, transfer funds, track interest earned and stay on top of cash flow in real time. 8. Online dashboard Look for providers that offer a clear, intuitive business cash flow dashboard that lets you view savings account balances, track interest earned, monitor deposits and withdrawals, and generate reports in real time.  9. Account support When something goes wrong, responsive customer support matters. Look at how quickly you can reach a real person, what support channels are available, and whether assistance is offered outside standard business hours. What is the best business savings account? Taking into consideration the nine factors listed above, the option that stands out most within the Australian market is a Zeller Savings Account . Here’s why: It offers the highest maximum interest rate (4% p.a.)  You can create a Zeller Account online in minutes  You can access your funds anytime you need them There is no minimum balance or restriction on withdrawals There are no fees or lock-in contracts Zeller Savings Account is held with a fully licensed, APRA-regulated Australian bank You can organise, save, and track funds, simply with Zeller Dashboard and Zeller App Customer support is available 24/7 over the phone, via email or SMS FAQs How does a business savings account differ from a transaction account? Unlike a transaction account, which is used for everyday payments, a business savings account earns interest and may limit withdrawals. Can I use a personal savings account for my business? Technically, sole traders can use a personal account, but keeping business funds separate is recommended for accounting, tax, and liability purposes. Why should I have a business savings account? A business savings account helps you separate surplus funds from day-to-day expenses, making it easier to manage cash flow and plan for future costs. It also lets your money earn interest while remaining accessible for emergencies, tax obligations, or planned investments. How do I open a business savings account? To open a business savings account you’ll typically need to open a transaction account with the chosen provider first. Banks will often ask that you visit a branch to open an account, whereas online providers, like Zeller, allow you to apply online. You will typically need to provide your ABN, Tax File Number, proof of identity, and business details. Once approved, you can link a transaction account and start saving. Which business savings accounts have the highest interest rates in Australia in 2026? Rates change often, but as of February 2026, Zeller Savings Account, Macquarie Business Savings Account, Great Southern Bank Business+ Saver , and AMP Bank GO Business Save offer the highest maximum interest rates of 4% p.a or more. What fee-free business savings accounts offer the highest interest rates? As of February 2026, Zeller Savings Account, Macquarie Business Savings Account, Great Southern Bank Business+ Saver, and AMP Bank GO Business Save accounts offer the highest maximum interest rates with no account fees. How often is interest paid on business savings accounts? Interest is typically calculated daily and paid monthly, though exact timing may vary by provider. What are bonus interest rates, and how do I qualify for them? Bonus rates are higher interest offers that usually require conditions such as regular deposits, maintaining minimum balances, or limited withdrawals. Can I set up automatic transfers to my business savings account? Yes — many modern accounts, like Zeller Savings Account, let you schedule recurring transfers from your transaction account so your savings grow automatically. What happens if I withdraw money before meeting bonus conditions? Withdrawing funds early may reduce or forfeit bonus interest, leaving you with only the base rate. Is interest earned on a business savings account taxable? Yes — interest earned is generally treated as business income and must be reported for tax purposes. Sources Wise Interest Account Airwallex Yield Account Westpac Business Cash Reserves Saving Account ANZ Business Online Saver CommBank Business Online Saver NAB Business Cash Maximiser Account

Can you take contactless card payments with just your mobile phone? Yes! Until 2024, accepting contactless card payments on your phone required you to have a mobile credit card reader either plugged into your phone or connected via Bluetooth. Now, thanks to the latest smartphone technology, you don’t need any extra hardware, all you need is a mobile app that's enabled with Tap to Pay technology. What is it called when you take contactless card payments on your mobile phone? The process of accepting a contactless payment on your phone (using its inbuilt technology, not a mobile card reader) is known as ‘ Tap to Pay ’. This term applies to both iPhone and Android devices that are using a financial services app – such as  Zeller App  – to accept contactless credit and debit cards and digital wallets. Can you use any smartphone as an EFTPOS terminal? Only selected iPhone and Android smartphones, with built-in  NFC technology  will support Tap to Pay. What app lets you take EFTPOS payments on your phone? There are a number of different payment apps that can be downloaded from the  App Store  or  Google Play Store  that support Tap to Pay. Zeller App is a great option for Australian businesses looking for a simple, affordable, and scalable platform to accept EFTPOS payments and manage their finances as they grow. Merchants wishing to take payments on their phone will simply need to download their selected app, and follow the steps to configure their device. Once configured, they can then start accepting EFTPOS payments immediately. Is it safe to take EFTPOS payments on your mobile phone? Taking contactless payments on your mobile phone relies on ‘ Near Field Communication ’, or NFC – the same technology that is used for making payments with a mobile wallet. Account information is transmitted from a customer’s card or mobile wallet to the payment processor via radio waves within a very close range, and once received, the processor uses the information to complete the transaction. By virtue of the fact that NFC only works within a couple of centimetres, it makes it incredibly difficult for a potential fraudster to intercept the transaction and steal sensitive information. Tap to Pay on both Android and iPhone via the Zeller App offers highly secure contactless payments that adhere to global security standards. Both platforms support various card types, regularly verify device security, include secure PIN processes and use advanced technology to ensure every transaction is not only convenient but also protected, maintaining the privacy and safety of user information. Additionally, Tap to Pay on iPhone ensures secure transactions through Apple's unique features, such as issuing decryption keys after thorough validation and leveraging the iPhone's built-in security element. How much does it cost to take contactless card payment on your mobile phone? Tap to Pay technology is facilitated by payment apps, each of which have their own pricing structures. The cost of taking card payments on your phone will therefore depend on which app you choose to process these payments. Zeller, for example, offers one low flat transaction fee of 1.4% for all cards, including American Express. The advantage of Zeller is that it is one of the few payment apps that also lets you pass the transaction fee onto your customer through surcharging . If you choose to surcharge, you will incur no fee whatsoever for accepting contactless payments on your phone. I need to take contactless card payments immediately, what should I do? If you want to be able to use your phone like an EFTPOS terminal within a few hours, it’s important that you choose a payment app that has a simple, online sign-up process. All the payment apps will require you to have an account with them first, and in the case of the banks, this will mean  opening a business bank account  which may take several days and an in-person branch visit. With Zeller, you can open an account online (or directly via the app), within a matter of minutes – no paperwork required. Once your Zeller Account is up and running, you simply need to download Zeller App, enable Tap to Pay on your device, and you’re ready to start taking card payments on your smartphone. What are the advantages of accepting contactless card payments on your mobile phone? It’s affordable Not all businesses can justify the upfront cost of an EFTPOS terminal, especially if they are not processing a large volume of in-person payments. Being able to use hardware that you already own is therefore a much more cost-effective solution. It allows new businesses or very small businesses to get up and running without the outlay of having to purchase an EFTPOS terminal. It’s mobile For mobile businesses that take in-person payments, having to carry a bulky EFTPOS machine around with you is inconvenient. Using your mobile phone as a payment terminal means you can keep it in your pocket and enjoy being hands-free. It’s great for emergencies For businesses that use a traditional EFTPOS machine, having an app installed and configured to take payments on your phone means that if there’s ever a day when your terminal lets you down or when you have a surge in customers, you won’t miss a beat. In the case of an outage or damaged EFTPOS machine, rather than having to revert to cash-only payments – which will almost certainly lead to lost sales in this day and age – you can keep trading as per usual by simply using your phone. Are there any other hardware-free payment options? In addition to Tap to Pay, there’s another simple solution for taking card payments instantly with no hardware required: Virtual Terminal. If you need a way to charge customers, but in-person payments aren’t possible, this is a great alternative.  Zeller Virtual Terminal  is a web-based tool that lets you take payments over the phone (as well as mail order, fax, or email) by manually entering a customer’s card details into your browser. Alternatively, merchants have the option of sending customers a secure payment link via email or SMS, where they can enter their card details themselves from their own device. Meet Zeller: an all-in-one financial services provider. When you  sign up for a free Zeller Account  today, not only will you be able to start taking card payments on your phone, you will also gain access to a suite of financial services, from a Zeller Transaction Account to debit cards, invoicing, virtual terminal and more. It only takes a few minutes to sign up, and it’s all done online – no paperwork or branch-visits required.