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Separate to your own personal accounts, a merchant (or ‘business’) account provides a dedicated place to accept deposits and make payments from. Traditionally offered by conventional banks with rules and processes for business banking now set in stone, merchant banking has benefited from a modern evolution in recent years — one that’s seen digital banks and neobanks introduce alternative offerings that don’t shackle merchants to high interest rates and lengthy processing times.
Typically, business owners pay standard monthly account and minimum deposit fees, as well as cover the costs of any extra features or services — but that’s not always the case. Zeller Transaction Account, for example, costs absolutely nothing to open when you sign up for Zeller, is completely fee-free, and can be set up online in minutes.
A number of merchant account options exist in Australia. It’s important that you do your research before signing on the dotted line, or else you could find yourself footing the bill for hidden fees for years to come.
Generally, any business owner can open a merchant account for their enterprise. However, a bank (or any financial services provider you select) will need to consider a number of factors before approving you. This includes your credit history, operating history, recent chargebacks and credit risk.
For new business owners, this can make opening a merchant account difficult without a financial history or proof of revenue (something you no doubt plan to accrue as soon as you have access to your account).
So, the question remains, how do you open a merchant account as a new business owner? In short — it all depends on where you’re applying. If you’re applying through a traditional banks, you’d best get your paperwork in order as soon as possible if you wish to transact in the near future.
Alternatively, sign up for Zeller free online. Most businesses are up and running in 5 minutes. If an issue gets picked up during the sign-up process, our Risk team is on hand to iron out any bumps along the way and get your account up and running as soon as possible. We even wrote this guide to opening your merchant account to make accessing your cash even easier.
The beauty of choosing a modern alternative like Zeller is that you can unite your entire payments system, so your software is always talking to each other and settling transactions on the same day — allowing you to invest in scaling up sooner.
Once your merchant account is open and your Zeller EFTPOS Terminal is set up, you can start accepting payments on and off-site effortlessly, from wherever business takes you. The terminal can be connected via WiFi, personal hotspot or SIM card — so you can take payment where convenient.
After payment is accepted, the customer’s card details are sent from the card reader to the payment gateway, before then being forwarded onto the payment processor. This information is then send to the card network before being forwarded to the customer’s bank. If sufficient funds are in the account, the transaction is officially authorised, which is then communicated to your card reader.
Typically, these funds will then be settled in your business account between one and seven days later. However, with Zeller, settlements are processed and sept into your account nightly — allowing you to spend funds sooner with your free Zeller Mastercard.
Now that you know how to minimise the cost and hassle of your merchant account, while maximising your access to cash, it’s time to optimise the rest of your business. Signing up for Zeller is free: no contracts, no ongoing fees, and no hidden charges.