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Press release

Zeller financial services gains rapid momentum as merchants demand more from their business bank

26 June 2023

MELBOURNE, AUSTRALIA (26 June 2023) – Zeller, one of Australia’s fastest-growing technology companies, is revolutionising the Australian business banking sector – introducing new, non-bank alternatives to Australia’s outdated bank offerings, to better address the evolving needs of business owners. 

Since launching the comprehensive new financial services solution earlier this year, Zeller has seen rapid adoption with over 25,000 transaction accounts created in six months. Opening a Zeller account is the fastest way for business owners to create a transaction account in Australia, with the entire process being completed online in under five minutes, without any paperwork or the need to visit a bank branch.

According to a recent study conducted by Zeller, an alarming 65% of Australian business owners expressed dissatisfaction with the support offered by the big four banks. This dissatisfaction stems from long wait times to reach support, excessive and unnecessary physical paperwork to open new accounts and limited access to online business banking and mobile apps. It is evident that Australian businesses are requiring vastly more innovative solutions than what is being offered by Australia’s outdated business banks.

Ben Pfisterer, CEO and co-founder of Zeller stated, "The lack of competition in the Australian business banking sector has left business owners underserved and now proactively looking for a better alternative. Zeller is evolving the idea of what a business bank should be – it should no longer just be a generic, functionless account to store money. Zeller gives business owners access to advanced business accounts to store, manage and categorise their finances; debit cards and expense categorisation to track and manage team spending that can be issued online with a click; and advanced reporting tools to help them track business finances, from wherever they are. Zeller is building the future of business banking, by delivering the tools merchants need to manage all their finances in one place.”

Further to this, Zeller is delivering a best-in-class digital experience, as demonstrated by the success of the Zeller App. With over 7,500 downloads in just six months, the Zeller App has established itself as the top-rated dedicated ‘business banking’ app in the App Store, boasting an impressive 4.8-star rating. This achievement is in stark contrast to app offerings from Australia’s big four banks; with half not offering a dedicated business banking app, and those that do offer one receiving below-average ratings of 2.4 stars (out of five) or lower.

“We’re excited to see Zeller’s new financial services products gaining rapid traction outside of our existing customer base of those accepting payments face-to-face with Zeller Terminal. A variety of different verticals, who never used Zeller for EFTPOS payments, are now signing up for our accounts and cards products — including mobile service providers, freelancers and startups,” added Pfisterer.

Zeller's complete financial services solution is also seeing rapid adoption amongst larger businesses. On average, businesses utilising all four of Zeller's products (transaction accounts, debit cards, EFTPOS, and online invoicing) are processing 60% more in payments revenue compared to those using just one product, demonstrating that the preference for an all-in-one financial solution is as important to larger businesses, as it is for newer, micro-businesses.

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