Fintech company Zeller has unveiled its ambitious plans for instant access to transaction accounts and physical debit cards without ever entering a bank branch.
Zeller, the brainchild of former Square executives Ben Pfisterer and Dominic Yap, targets SMEs with its physical payment terminals and suite of business banking accounts. What sets Zeller aside is its mobile network operated terminals, which support regional SMEs and mobile businesses.
SmartCompany reported the launch of Zeller’s grab-and-go system, where business leaders and sole traders can instantly create transaction accounts in the new Zeller app to start firing off payments.
With no monthly fees or transaction fees, users can make payments through ‘virtual’ debit cards, and can apply for physical debit cards, which Zeller will provide by mail or buy from partner Officeworks for $15, with Zeller reimbursing the cost directly into a user’s account.
Last year, the company saw accelerated growth in its second year with over 30,000 businesses signing up in total since launching in May 2021. Zeller announced tech platform integrations with Xero and 600 point-of-sale (POS) providers, including Australian heavyweights Impos and Ordermate.
Pfisterer told SmartCompany, “it was very clear to us that we needed to broaden that offering so that we could have this standalone business transaction account card solution, that people could start entering the Zeller ecosystem without physically accepting card payments.”
The report indicates that this will support SMEs across the country, particularly those in regional locations where traditional bank services are slower and limited.
“We always have had a really healthy part of our customer base in regional Australia [and] I don’t see that getting any smaller over time,” he said.
“We also know that regional Australia is traditionally a really innovative part of our broader economy.
“Often they’re small business owners themselves or sole traders. So being able to serve them when they often are suffering a bit of isolation in terms of getting their services is really exciting for us.”
According to data from Sendle, almost 37 percent of SMEs are forecasting a 25 – 75 percent growth in online orders over the next 12 months, with small and medium businesses optimistic for the year ahead with government support initiatives in place to support SME and a variety of fintech opportunities.
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