How to Know if Your Business is Successful

Use of alternative payment methods is skyrocketing. In the digital world, change is rapid. Payment options and alternatives are frequently evolving — as are your customers’ expectations. People expect to be able to transact with the businesses they buy from, quickly and conveniently, no matter which payment method they choose. Some may even go as far as to only transact with those businesses that accept a particular method of payment. As consumer preferences continue to evolve, it’s going to become increasingly difficult and time-consuming for businesses to play catch-up. Those that keep themselves informed of these shifts in expectations stand the best chance of winning and retaining customers in the competitive small business world. Welcome to Payments 4. X A new age is dawning within the payments industry. This era, dubbed “Payments 4. X”, will see a focus on personalised customer experience, industry consolidation and new tech industry players — offering business owners and their paying customers alike “ smarter experiences and smarter interactions ”. But what sparked the change? Payments 4. X has been ushered in by an unprecedented push for contactless payment options, faster transaction settlements, and foolproof security. The most straightforward explanation of the shift comes from Capgemini's 2021 Global Payments Report , which provides an in-depth look at how payments have changed over the last year, as well as the various ways in which the COVID-19 pandemic has shaken the industry up and created new opportunities for merchants to improve the way they run their business. Access the entire global report online , or keep reading for the short version: a distillation of 5 payment trends that will likely impact small business owners in Australia as we enter the age of Payments 4. X. 1. Connected systems The success of any business hinges on its people, processes, and systems. As new tools and apps continue to be developed, the success of a business will increasingly depend on its tech stack. The ecosystem of tools you piece together will impact everything from how you communicate with your customers, to the ease of running promotions, to the time it takes to report on business performance. Integrating your EFTPOS terminal with your point-of-sale system, for example, will enable you to select a customer’s item on-screen and have the transaction amount immediately appear on your terminal — ready for the customer to tap, dip, or swipe to pay. An interconnected system will also make real-time data accessible, enabling you to make quick decisions for the betterment of your business. For your customers, connected systems mean a better experience; more personalised, more efficient, more fulfilling. As tech companies continue to develop products built on the software-as-a-service model, businesses of all shapes and sizes will be able to create their own modular value chain of tools. This plug-and-play tech will enable those merchants who spend time comparing and selecting tools that work well together to save time, build better customer relationships, and grow profits. Perhaps most importantly, spending the time to find the right systems will enable you to run your business in your own unique way. 2. A new type of consumer credit Buy Now, Pay Later schemes (BNPL, for short) are exactly what they sound like. A customer can buy a product now, for a small amount of money, and pay the balance later — no need to wait for payday. In removing these hurdles for customers, they’re more likely to spend. An American study found that businesses that offered their customers to option to buy now, pay later experienced a 20 to 30% uplift in conversion rates. 80% of those that began offering BNPL saw an increase in the amount customers spend in-store. Unsurprisingly, BNPL has exploded in popularity — especially amongst younger generations, where trends come and go quickly. The way they’re using the platforms demonstrates a clear preference to debit over credit; according to Afterpay, 94% of its Gen Z users are opting to buy now, pay later using their own money rather than link their account to a credit card. This is the same generation that commonly reaches for their phone or extends their wrist when it comes time to pay. Anyone with a bank account that meets a set of standard eligibility criteria can sign up for a BNPL scheme to buy whatever they want at stores that accept the payment method. Essentially, that means anyone over the age of 18, with a bank account, who passes a credit risk check can use BNPL. If your business doesn’t already accept BNPL as a method of payment, consider whether 2022 is the year to start. It could be a way to reach a new subset of customers whose spending power is increasing with time, and grow your profits. 3. No more cash The pandemic has hastened the pace of cash’s decline even faster than predicted. In 2020, cash was used for just 20.5% of transactions at a point of sale across the globe. That’s a 32.1% reduction in cash use since 2019. Companies like FIS, for example, previously speculated we would reach these levels in 2023; the pace of decline is three years ahead of schedule. In Australia, we are even further ahead of the pack; cash has been approaching legacy status as a payment method for years. Cash is used for less than 20% of point-of-sale transactions in the Asia-Pacific region, and it’s expected that by 2024 it will account for less than 10% of those transactions. So, how are consumers paying? With their new limb: the mobile phone. Nearly 45% of consumers say they frequently used their mobile wallet to pay for things in 2021 — meaning almost half of consumers reached for the mobile wallet upwards of 20 times. A year prior, just 23% of consumers did the same. This is good news for businesses; the less frequently your customers pay with cash, the less time you’ll spend counting your cash drawer, visiting the bank, and waiting to be able to put those funds to work. Instead, simply accept payment through Zeller Terminal and the funds will be available in your Zeller Transaction Account the very next day. Spend them using your Zeller Mastercard . 4. Innovative forms of payment There’s no question that COVID has accelerated the adoption of digital wallets while speeding up the decline of cash. However, consumer payment preferences are growing increasingly diverse. With Payments 4. X ushering in an accelerated transformation timeline, every business owner needs to take stock. How will your customers expect to be able to pay in 12 months’ time? Credit card use is expected to flatline. There’s an abundance of payment methods available, and more to come. What was once considered an ‘alternative payment method’ — such as a digital wallet attached to a mobile phone or smart ring — is now mainstream. Cash won’t simply be replaced by credit cards and mobile wallets. Remember, the technology powering NFC-reliant digital wallets is still in its infancy. As younger generations embrace these newer payment methods with gusto, the trend accelerates — indicating there’s more change to come. Is your business prepared? Convenience is key; when a new payment trend emerges, you’ll want to ensure your EFTPOS terminal can meet your customers’ needs by accepting whatever form of payment is most convenient. 5. An even faster pace The pace of innovation and competition within the industry has sparked a change in consumer expectations: everything must happen quickly. Near instantaneously. Consumers have gotten used to fast transactions, and are increasingly expecting the process to become faster and faster. In this instance, a ‘consumer’ in a digital transaction refers to both: the customer of the bank (i.e. the business carrying out the transaction and accepting funds) the customer of the business (i.e. the person who is making a purchase). Both expect the transaction to happen swiftly, meaning instant payments and quick transaction settlements are already table stakes. Businesses need the ability to quickly and seamlessly process transactions, so customers can pay and continue with their day without disruption. This includes the ability to quickly identify the reason for a declined transaction , and being enabled with the information to quickly correct the issue and progress the sale. However, increased transactions volumes and instant processing requirements are stretching the banks’ decades-old legacy payments infrastructure. Nimble payments providers will be able to adapt to change and offer their users the most forward-thinking solutions, so that you can offer your own customers a great payment experience. Preparing your business for Payments 4. x The picture the Global Payments Report paints is overwhelmingly positive, despite the obvious challenges. Innovation is opening significant opportunities for payment providers to step up and differentiate themselves as forward-thinking companies that can keep up with the pace of change, and build the functionality that enables businesses to take advantage of those changes. As a merchant, it’s up to you to ensure that every one of your customers has a positive payment experience. Whether you are able to accept a customer’s method of payment, troubleshoot a declined transaction, or even continue operating in a thunderstorm depends on your EFTPOS provider. It's an important choice that will have an impact on the way you run your business for years to come. By sharing your details with us, we may contact you from time to time. We promise we won’t bug you — and you can unsubscribe from communications at any time.

The impacts of COVID-19 have been felt right across the small business community. Owning and running a small business is a fulfilling role, yet it comes with its stresses. Paying the bills, planning projects, and managing staff — then having to quickly pivot when a lockdown is announced — can lead to you burning out. In 2020, four out of five Australians faced burnout . Although the numbers for 2021 are yet to be determined, it’s reasonable to assume the trend will continue. According to the Treasury , 34% of small business owners (one in three respondents) recently reported a medical diagnosis of either stress, anxiety or depression over a 12 month period. To help you manage your stress, here are some tips that will assist you through the COVID-19 pandemic and beyond. 1. Focus on the positive As humans we are predisposed to looking at the negative; it’s easy for the focus to become what isn’t going as planned rather than what is. Unexpected costs, running behind schedule or money woes can all cause severe stress. However, changing your mindset — whilst challenging — can lead to a reduction in your stress levels. You’ve probably achieved more than you realise. Listing out your achievements and any milestones you’ve reached can help put things into perspective; even the smallest of accomplishments is a win. To help motivation, place your list somewhere visible and when those doubts start creeping back, look at the list and refocus on what has gone right. 2. Cut unnecessary tasks Taking on too much can add an enormous weight on one’s shoulders.  However, as a business owner, the need to oversee every part of your business’s operations can stretch you thin. Cutting out tasks that don’t need your constant supervision or aren’t necessary for driving profit will free up time and let you focus on other areas that require your attention. The best way to stay on course is to write up a business plan . Business plans are a great way to make sure you are accountable, on track, and ensure that your business’s funding is being spent where it should. Revisiting your business plan when you feel you may be going off course will help identify priorities, redefine your tasks and cut out any that don’t sit within the business’s blueprint. 3. Delegate where possible As an entrepreneur, your passion for your business can mean you end up doing it all. Yet, having too much to do can lead to getting nothing done. This is a huge stress trap for many small business owners who need to use their time wisely. Planning out your day or week in advance is crucial to healthy time management .  Prioritise the tasks that need to be done, and delegate the others that you can’t fit into your schedule. Delegating tasks to employees, outsourcing to freelancers or other professionals, can relieve the pressure and free up time for other tasks and future planning. If you can’t delegate to someone, see if there are tech solutions that can assist you with streamlining tasks such as invoicing and payroll , or even staff rosters and marketing There is an abundance of apps designed to free up your time — but choose wisely, because if you find them too difficult to use, you may add to your stress. 4. Have a lockdown plan in place It’s a strange world we currently live in, with governments plunging states into lockdowns with a moment’s notice. Having a lockdown plan is extremely important for small business owners to manage how they respond to such situations and reduce the stress incurred. They are your backup plan when regular business is disrupted. The purpose of the plan is to: come back to business safely once lockdowns are lifted have proper COVID-19 safe cleaning procedures determine how business will operate in lockdown. For example, if you are a restaurant, will you switch to takeaway or delivery services? What staffing will you need? 5. Manage your cash flow and get financial assistance COVID-19 has thrown a real spanner in the works when it comes to running a business. With banks tightening their lending services and fewer resources to draw on, small business owners have cited financial distress as being the biggest stress factor for them. According to a study by Bankwest Curtain Economics Centre, delayed payments have caused additional stress on small business owners. Businesses that had experienced late payments of more than 30 days had increased stress levels 11% higher compared to those who received on-time payments. Speaking to professionals such as The National Debt Helpline and Financial Counselling Australia can help you navigate through your financial woes. These services provide free and confidential support and information, as well as strategies and guidance to assist you with any financial difficulties you are experiencing. Additionally, you may also want to speak to your business advisor or accountant and explore other avenues of support. 6. Managing your mental health Whilst there is still a perceived stigma associated with mental health, it is more common than you may think amongst business owners. According to the Treasury , 48% of small business owners — that’s almost one in two – believed they would be treated poorly if they mentioned that they suffered from a form of mental illness such as anxiety, stress or depression. Mental illness is more common than you may think, so remember, you’re not alone.  There are several ways to look after your mental health and get the right help to manage your worries. Talking to a friend, family member, your GP or health professional is a good starting point in helping you navigate how you are feeling and what’s causing your stress. Tools such as a mental health plan can also alleviate some of your worries by identifying the causes of your stress and potential future stressors by putting strategies into place to help manage them. There are also several services and resources that are available to assist you including: Beyond Blue HeadsUp Mental Health Commission These are difficult times for many, but with a little planning there is light at the end of the tunnel. Managing how you deal with the stress that comes with running your small business — whether pandemic-related or just the day-to-day ins and outs — all comes down to planning, prioritising, and making sure you don’t overload yourself with unnecessary tasks. For more on how to manage stress and information on scaling up your business, visit our blog .

Accepting payments, managing your finances, and paying recipients should be simple. Unfortunately, this isn’t always the case. Our research shows the majority of Australian business owners are dissatisfied with their business banking. The truth is, most merchant services solutions aren’t built to help your business thrive. That’s where Zeller comes in. Today, we’re launching Zeller — giving Australian merchants affordable, accessible, and innovative tools that enable 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 through powerful new technology, backed up by local support and personalised service. An innovative SME alternative to business banking “Innovative” isn’t a word usually heard in the context of merchant services. Finding integrated financial solutions to grow and support your business often requires you to weave together multiple products from different providers, which typically means longer processing times, more paperwork, and a more frustrating experience. Large enterprises benefit from financial solutions tailored to their specific needs; traditional banks have shown that they’re more than willing to pour resources into supporting big business. However, this comes at a cost to the everyday Aussies behind our small to medium sized businesses. SME owners are typically forced to fit the traditional banking mold, suffering through archaic onboarding processes only to be hit with high fees, lock-in contracts, and slow processing times when the paperwork is complete. For new business owners, this can present what seems like an insurmountable hurdle to starting and growing a venture. With 67% of businesses stating they would prefer a non-Big 4 bank, it’s clear that Australian business banking is fundamentally broken. A lack of innovation from the incumbents means merchants like you are overlooked and underserved, at a time when they should be thriving. Businesses need new tools, technology, and support to grow. And that’s why we built Zeller. What’s in the box Zeller is all-in-one payments and finance solution for Australian businesses. It helps to accelerate your business cash flow by giving you a next-generation EFTPOS terminal, a free business transaction account, and free business Mastercard, all in one box. 1. Zeller Terminal Our research revealed that 71% of business owners using clunky EFTPOS terminals regularly consider switching providers. High costs and expensive fees, slow deposits that impact cash flow, and a lack of local support are all common reasons for businesses looking to switch. The majority of Australian business owners are dissatisfied with outdated EFTPOS technology currently on the market. Zeller Terminal is an all-in-one card payment and EFTPOS solution. Our next-gen payment terminal allows you to accept every payment from every customer – Zeller Terminal accepts contactless devices, contactless cards, chip cards, magstripe cards, and will soon also accept alternative payment methods such as Alipay and ZipPay. As new payment methods continue to emerge and shape the way Australians pay for products and services, Zeller Terminal will adapt to support Australian businesses to grow. Read more about Zeller Terminal . 2. Zeller Transaction Account We understand that being able to effectively manage and access your cash flow is key to the long-term survival of your business.  That’s why we make sure your funds are available as quickly as possible after taking payment from a customer. Zeller Transaction Account is included free when you sign up for Zeller. Your account is instantly ready to use, giving you real-time visibility over your settlements and spending — no lengthy paperwork required. When you take payment through Zeller Terminal, funds are settled directly into your free Zeller Transaction Account within the day. You also have the option of sweeping your funds into any existing bank account, and they’ll be accessible as soon as your bank allows. Read more about Zeller Transaction Account . 3. Zeller Mastercard By giving you the tools to accept payments, store and settle funds, and spend your money, we're significantly reducing the time it takes for you to get access to your funds. According to the Australian Bureau of Statistics, more than 60% of small businesses close within their first three years — and the most cited cause for business failure is poor cash flow. As a business owner, fast access to your funds to pay your staff, suppliers, or buy product, is imperative. Read more about Zeller Mastercard . 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 — all while speeding up your business’s cash flow. Watch the video to see how Zeller works in more detail. Your business, your way Merchant services should work the way your business needs, allowing you to pick and choose the business banking products you need to sustain and grow a profitable business. With Zeller, you have the option to choose the parts you need – Zeller Terminal, Zeller Transaction Account, and Zeller Mastercard work just as powerfully together as an integrated solution as they do alongside your existing products. Learn more about our EFTPOS machines and how our newly launched products are changing business banking for the better.