• Banking

How Zeller Gives You More Than a Traditional Business Bank Account

2 min. read04.12.2024
By Team Zeller

For well over 100 years, Australian businesses had no option but to do things the ‘bank way’ – slow, complicated, 9 to 5, siloed, restrictive and riddled with fees.

Fast forward to 2024, and despite incredible advancements in technology, the banks’ business offerings haven’t changed all that much. They’re still slow, overly complicated, 9 to 5 (at best), siloed, restrictive and riddled with fees.

That’s why we’ve built the Zeller Transaction Account – the smarter, faster, fee-free way to manage all of your business finances, directly from your smartphone or computer.

Who is a Zeller Transaction Account for?

Whether you’re a sole-trader or a large, multi-location business, a Zeller Transaction Account has all the features you could ask for to manage your business finances. Issue unlimited physical and virtual business debit cards instantly, enjoy real-time transaction reporting, create multiple free transaction accounts for different projects or business locations, seamless Xero integration, zero fees, a better savings interest rate than with what’s on offer from the big 4, plus so much more.

Why switch to Zeller Transaction Account?

Let’s face it, running a business is tricky enough already without having to battle your bank’s outdated processes. With a Zeller Transaction Account, you get:

  • Easy setup · Open your Zeller Account in minutes (no branch visits, no paperwork).

  • Organise your money · Open unlimited transaction accounts and attach multiple virtual or physical cards to each of them.

  • Free, unlimited debit cards · Access your funds anytime with no extra cardholder fees.

  • Grow your savings faster · Enjoy a better interest rate than you’d get with a big-4 bank with our high interest business savings account.

  • Zero fees · No account maintenance fees or monthly fees.

  • No minimum balance requirements · Deposit as much or as little as you like.

  • Integrate with Xero · Automatically reconcile your settlements and transactions.

  • Control your finances on the go · Keep tabs on your finances with the Zeller App.

  • Understand your spending · Attach contacts to each transaction, build your customer and supplier list and see who you’re spending with regularly.

  • Track your expenses · Set spending budgets for team members, pay bills fast with BPAY, attach receipts and add notes for fast reconciliation.

  • Fast access to your money · Nightly settlements so your cash keeps flowing.

  • Dedicated mobile app · Easily manage your finances on the go.

  • 7-day support · Get help when you need it from our friendly team.

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We urgently needed a business bank account, but Commbank made the process so difficult. With Zeller, everything was incredibly easy — we had our account and EFTPOS machine set up right away.

Monica Bugno, The Last Supper, Darwin

Ready to make the switch?

Opening a free Zeller Transaction Account takes less time than grabbing a coffee. Say goodbye to hidden fees, low interest rates, and restrictive branch opening hours. Say hello to a seamless, secure, feature-rich experience designed for modern businesses.

It’s time to get more with a Zeller Transaction Account.

How To Open Your First Business Transaction Account

What is necessary to open a business account? To open a business transaction account , you’ll need to provide: certified copies of identification documents, such as a passport or driver’s licence details of your business proof your business exists, such as a website and social media profiles Additional documents may be required if your business operates under a particular structure.  For example, if your business operates under a trust, documents identifying the beneficiaries of that trust may be required for account verification. Further, traditional banks often require you to visit a bank branch in person in order to set up a business account. Wondering how to set up a business account, or how to open a transaction account online? The easiest way is to sign up for Zeller. In just 5 minutes, most businesses can be up and running with a free Zeller Transaction Account . Once set up, you can create as many accounts as you like to separate business funds — and link each to a Zeller Debit Card for simple, trackable spending. Let’s dive deeper into the details, so that you can make an informed decision about the best account for your business. What is a business account? A business account is an account traditionally offered by incumbent banks. In recent years, digital banks and neobanks have introduced similar offerings. Business bank accounts offer a single place to accept deposits and make payments, while keeping your business and personal finances separate. A transaction account enables you to do the same. A business account itself is pretty straightforward. Different banks and alternative providers offer additional features and services, on top of the base offering, which usually come with extra costs. Fees including, but not limited to, monthly account fees and minimum deposit fees are important to keep in mind. Focus on finding an account that aligns with your specific needs in order to keep fees to a minimum. Why open a business account? There are a multitude of benefits that come with opening a separate account for business purposes. For one, setting up a business account can make bookkeeping less of a headache — especially at tax time. A business account also helps you stay in line with the relevant government rules and regulations. The Australian Taxation Office stipulates that ventures operating as a company, partnership or trust must have a business account for tax compliance. And, while sole traders don’t face the same requirement, a business account provides the same benefit of keeping personal and professional transactions separate. Once your business account is set up, you’ll have a clear path to sharing important information with your accountant or handling your tax obligations yourself. Business accounts also give you a clear view of your business finances. All of the relevant transactions are tracked in one place, making it straightforward to look at recent activity and identify any potential areas for concern. Opening a business account also helps your company appear more mature and professional. While customers won’t notice the difference at the point of sale, they will likely see it when reviewing their monthly statement. The legitimacy a business account offers can also encourage suppliers and vendors to form a relationship with you. When you hear the term “business bank account”, it’s usually in reference to a transaction account. This type of account is used to make and receive business payments on a daily basis. A business savings account is another type of business bank account, very similar to a personal savings account. These types of accounts serve as a place to deposit and hold money for longer periods of time. Who can open a business account? Banks and other providers of financial services have a number of rules and security measures in place to make sure anyone attempting to open a business account is doing so in good faith — and is eligible to receive one in the first place. The requirements for opening a business account are strictly defined but straightforward, at least as far as the highly regulated world of banking is concerned. You may be asked to provide a variety of documents and information to prove your business is legitimate and eligible for an account. This mostly involves things you likely have on hand right now or can quickly access, such as your company’s full name, Australian Business Number, and tax file number. The physical and registered address of a business are also commonly requested. You will also need to identify key parties, including both company directors and any employees who will access the account. You, your partners, and potentially your staff may need to produce passports or a certified copy of drivers licences. When should I open a business account? Opening a business bank account makes everything from tax time to accepting customer payments easier. As Australians increasingly move to using debit and credit cards for everyday purchases, this will only become more important. A business account is foundational for smoothly processing card and online payments and keeping track of your business’s finances. You should be looking to set up a business account as soon as you’ve set your business in motion. You’ll need to set aside some time to gather the needed documents and information, but accounts that offer online registration will save you precious hours (and, in some cases, days). You’ll also need to give some thought to the impact any fees will have on your budget. To save on fees, look for providers who are upfront about the costs of using their platform. How can I open a business account? Understanding how to open a business transaction account and set it up correctly is crucial. It streamlines day-to-day management of your finances and makes your business appear more professional. And, in many cases, a business account isn’t just a smart idea — it’s a requirement. You have plenty of choices when it comes to choosing a business account. There are traditional banks, of course, but their offerings don’t always align with the needs of modern business owners. High fees, excessive paperwork, and long application processes can sap your energy, turning what should be a basic task into a drawn-out process. These are just some of the reasons why Australian Businesses aren’t satisfied with the Big 4 banks — and why we built Zeller. We’re reimagining business banking for Australian merchants. With Zeller, you can sign up in minutes and begin taking payment. Discover how our fee-free Zeller Transaction Account , used in conjunction with Zeller Terminal and Zeller Debit Card , can help accelerate your cash flow and grow your business.

Best Business Bank Accounts in Australia

For Australian businesses, choosing the right business bank account isn’t as straightforward as it used to be. Between traditional banks, online-only challengers, and modern fintech alternatives like Zeller, the options are broader than ever – and more confusing. This guide compares some of the top options in Australia, from the Big Four to rising digital banking platforms, so you can choose the right account for your needs, whether you're a sole trader, freelancer, small business or scaling company. Compare top Australian business accounts to see why Zeller Transaction Account stands out. As you can see from the table above, Zeller either matches or beats the big-4 banks in almost every area. Traditional banks like CommBank, NAB, Westpac and ANZ each offer business accounts with in-branch service, cash handling and international payment features. While these can suit businesses that still rely on physical banking, they often come with higher monthly fees and less flexible digital tools. The two limitations to a Zeller Business Transaction Account are depositing cash and multi-currency accounts. Zeller merchants typically overcome this by: – keeping a separate bank account with a traditional bank for the sole purpose of depositing cash, then sending the money directly to their Zeller Business Transaction Account – keeping international currencies with another provider (like Wise or Airwallex).   Note: Zeller is working towards offering multi-currency accounts, so watch this space! Understanding business bank accounts: what they are and why they're essential. A business bank account isn’t just a nice-to-have, it’s a key part of running a compliant, professional and scalable operation. Here’s why you need one: Legal and tax compliance : If you're registered for GST or operate as a company, you’ll need a dedicated account for your business transactions. Simplified admin : Separating personal and business finances makes reconciling income, preparing for BAS, and managing deductions far easier. Professionalism : Customers take you more seriously, and are more likely to trust your business, when invoices and payments come from a business bank account. Cash flow control : Monitor your business incomings and outgoings more clearly to make faster decisions. Access to finance : It’s typically a requirement for business loans, overdrafts, business credit cards, and trade accounts. Types of business bank accounts in Australia. In Australia, there are a few core types of business accounts on offer, such as: Transaction accounts : Your day-to-day account for receiving payments, making purchases, paying suppliers. Savings accounts : For earning interest on unused business funds. Term deposits : Lock away funds for a set time to earn higher interest. Offset accounts : Linked to a business loan, helping reduce interest payments. Key factors to consider when choosing a business bank account. Fees Monthly fees, overdraft fees, dishonour fees, and FX costs can vary widely amongst business banks. For example: – Traditional banks may charge $10-$25/month just to keep the account open– Overdraft fees can be surprisingly high and feel unnecessarily punitive– International payments might include conversion fees or transfer costs– Staff-assisted transactions and even electronic transactions can also incur more fees This last point is worth illustrating with two examples: 1. CommBank charges $5 per staff-assisted transaction on business accounts 2.  Bendigo Bank charges $0.40 per electronic transaction on their Business Basic Account In contrast, Zeller Business Transaction Account has no fees whatsoever . For small businesses, especially those just starting out, these savings can quickly add up. Access and convenience In business, time is money. You’ll want an account that’s easy to use and built for purpose. Consider things like: – Does the online banking interface have a clean, modern design? – Does it have powerful transaction filtering and searching? – Is the mobile app easy to use on the go? ( Zeller App is rated 4.2 on the App Store) – Can you access help when you need it? (Zeller offers 24/7 online access and support) More businesses are moving away from needing face-to-face banking and instead placing higher value on mobile-first platforms that work wherever they are. Account features Choosing a business account isn’t just about the basics. The right features can save you time, reduce admin, and give you more control over how your business operates. For example, a Zeller Business Transaction Account offers you: Cards: Zeller lets you issue unlimited free physical and virtual debit cards with custom spending limits. You can also generate single-use virtual cards for added security when shopping online. Multi-user access: Give team members custom access, so they can view balances, send invoices or manage cards, without full account control. Integrations: You can easily connect your Zeller Business Transaction Account to tools like Xero for easy bookkeeping. Reporting: Built-in analytics, spending breakdowns, and receipt capture with Zeller. Access to interest: A Zeller Savings Account allows you to earn significantly more interest than with a traditional big-4 bank. Transaction categorisation: Automatically sort and label incoming and outgoing payments, helping you track spending by type, supplier or category. Multiple accounts: Spin up extra accounts for different projects, teams or business locations – no paperwork or branch visit required. Real-time fund transfers: Move money instantly via Australia's New Payment Platform (NPP). BPAY: Quickly and easily pay suppliers directly from your dashboard using BPAY. Security and regulation Traditional banks are Authorised Deposit-taking Institutions (ADIs), so deposits are protected by the Financial Claims Scheme (FCS), a government guarantee of up to $250,000 if the bank was to fail. With Zeller, customer funds are held in a segregated account at a fully-regulated, authorised Australian bank. Zeller also maintains strict compliance protocols, and uses advanced encryption, fraud monitoring and multi-factor authentication to keep your business finances secure. For many modern businesses, the benefits of speed, flexibility and innovation make this a smart, secure, and trusted alternative to traditional banking. Customer support Zeller offers 24/7 customer support via phone, email and SMS – so whether you need help setting up your account, have a question about a transaction, or are sorting something urgent during tax time, you can speak to someone when it matters most. Unlike many traditional providers, support isn't limited to business hours or ticket-based systems, you’ll speak to a real human with experience in supporting Aussie businesses. Suitability for your business type Every business is different. The right account for your business should suit your operating model, whether you're client-facing, retail-based, or remote. For example: Sole traders/freelancers often prioritise ease of use and low fees Growing businesses typically look for multi-user access, cards, and integrations Retailers/tradies frequently find POS and EFTPOS integration can make a huge difference International traders need strong FX capabilities and multi-currency accounts. Real-world examples: who should choose what? Not every business needs the same thing from their transaction account. Here are a few common scenarios to help you match features to your business type. Tradie on the road Zeller’s mobile-first setup, SMS invoicing and no-branch model means you can quote, invoice and track payments without ever setting foot in a bank. Freelancer with local clients Zeller gives you all the essentials with no monthly cost, plus faster access to funds to keep your cash flow healthy. Import/export business Wise and Airwallex make more sense here, with multi-currency accounts and competitive FX. Zeller does not currently offer multi-currency accounts yet, but has plans to do so in the future. Brick and mortar retailer Zeller integrates with EFTPOS and provides detailed sales tracking across channels. How to open a business account in Australia. Opening a business account in Australia is fairly straightforward, but exact requirements can vary slightly between providers. Here’s what to expect. In most cases, you’ll need: – A business name – An ABN or ACN – An industry type – Personal ID (driver licence or passport) – Business contact details – In some cases, business structure documentation (e.g. partnership agreement) With Zeller, the process is 100% online and takes just a few minutes. No paperwork. No queues. Just fast onboarding and instant access to your transaction account and cards. Managing your business account effectively. Once you’ve opened your account, here are a few tips to help you get the most out of it: Separate personal and business spending so your bookkeeping is cleaner and reconciling transactions is easier come tax time. Use categories and tags to track expenses by type – this helps you understand where your money’s going and identify areas to reduce spend. Review reports monthly to spot trends, catch anomalies, and stay on top of cash flow. Set up automatic payments to ensure bills, wages and subscriptions are always paid on time. Stay on top of GST and BAS by regularly exporting your records, so you’re never scrambling at lodgement time. Zeller makes all this easy, with built-in notes, digital receipts, auto-categorisation and integrations that connect your financial activity directly to your accounting software. So, which account is right for your business? The best business account depends on your priorities, but if you're an Australian business looking for a modern, mobile-first, all-in-one platform that’s free to use, integrates with your tools, and helps you manage everything from invoicing to spending, Zeller offers a strong alternative to the big-4 Australian banks. A Zeller Business Transaction Account is fast to set up, simple to use, and purpose-built for how Aussie businesses operate.

Community, Comedy, and Not Commbank: The Winning Mix for this Darwin Bar

When the opportunity came up for husband-and-wife team, Briant and Monica, to take over a bar in Darwin City, they seized it, signing the contracts and opening the doors all within the same week. Discover how fostering a community and creating an efficient tech stack helped them get a stellar start. Holding down full-time government jobs in international marketing and law enforcement, Monica and Briant weren’t exactly planning on the career change that came their way in September, 2023. They were familiar faces at  The Last Supper , a bar and restaurant in Darwin City, where Briant had been running a comedy club on Friday nights. Monica had also become known for her  Pasta Parties  — a side hustle teaching people how to make fresh pasta. So, when the owner of The Last Supper decided it was time to sell, the couple were the perfect prospects. “When the owner approached us, our first thought was, why would we want a bar? That's a terrible idea,” laughs Monica. But, buoyed by the fact that their comedy and pasta class events were already attracting good numbers, they decided to take up the challenge. “We signed the paperwork on Monday, paid the money on Tuesday, got the keys on Wednesday and opened on Thursday,” explains Monica, “We hit the ground running,” says Briant. In just three days, Monica and Briant needed to get set up with a solution for taking payments and managing their money. Their natural first step was to open a  business bank account  with Commbank. “They really messed us around,” says Monica, “We had to go into a branch, we waited an hour for an interview, and then they wanted all this paperwork,” she continues, “We were already customers of theirs, and we simply wanted an account to deposit money into. They just couldn’t make it happen in time.” That’s when they researched their options and found  Zeller . “Monica literally just jumped online, and opened a  Zeller Transaction Account ,” says Briant. They bought  Zeller Terminals , and set themselves up with virtual  debit cards  on their phones straight away. “Setting up Zeller was very easy. We were able to provide all the company paperwork once we were already up and running. It was just so easy. So then we thought, well, why change?” Since then, they have continued to use Zeller as their primary financial management tool, incorporating a  Zeller Savings Account  to earn interest on idle funds,  Zeller App  to monitor sales when they’re not on site, and  Zeller Virtual Terminal  to take deposits for large bookings. The benefit of launching a business in today’s age means being able to build a tech stack with all the latest innovations, rather than dealing with incumbent solutions. From day one, Monica and Briant have sought to “work smarter not harder”, integrating a number of other platforms into the business. “As well as Zeller, we use  TryBooking  for our events,  Wix , for our website and to manage reservations,  Swift POS  is our point-of-sale, and soon I’ll use it for managing our takeaway orders too. Plus we use  Harvest  for time tracking,  Deputy  for rostering, and  Xero  for accounting,” explains Monica. Using technology to keep their operations efficient, has given Monica and Briant more time back in their day to work on the strategic aspects of the business. “A lot of what we do is about building community and connection,” Briant says, “Events are a big part of our business.” Indeed,  The Last Supper’s ‘What’s On ’ page offers an impressive line up, with no less than 46 events running over the last three months of the year: from comedy and karaoke nights to painting and cooking classes, gastronomic-themed parties, reading clubs, concerts, and more. “At the events, we walk around and talk to our customers. It’s quirky, it’s inviting. People love coming here and hanging out,” Briant says, “Some people who came in on the weekend for one of our Pasta Parties ended up making friends and stayed here for eight hours!” Briant laughs. By building a strong local following, Monica and Briant have avoided being reliant on the seasonal tourist trade that dictates the success of many hospitality venues in Darwin. “We thrived through the wet season, when the tourists weren't here,” says Briant. But the popularity of their events didn’t just happen overnight: Monica’s carefully defined marketing strategy has been instrumental in keeping people coming back. “We do a lot of paid socials. We've got an e-mail database that we've built up through events and through our website. We're very active on our Google Business Profile and that helps our SEO. And we’re part of a number of organisations, such as Tourism Top End and Hospitality NT,” explains Monica. While Monica and Briant have harnessed a variety of modern tools to help alleviate their workload and speed up operational tasks, it hasn’t resulted in a hands-off approach. On the contrary, it has enabled them to be even more hands-on in the areas that matter the most: getting to know their customers, building a community, and creating experiences that serve them again and again. Having just celebrated the anniversary of their first year in business, you can rest-assured, their last supper it most certainly isn’t.

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