Zeller, an Australian fintech company, has launched an online invoicing solution called Zeller Invoices.
This product allows business owners to send unlimited online invoices for free, automate reminders, link customer profiles to invoices for payment tracking and history, and receive payments via Zeller’s online payment gateway.
Zeller’s suite of financial services also includes standalone business transaction accounts and debit cards, which replace the traditional functionality of a business bank.
Most incumbent banks in Australia do not offer online invoicing as part of their banking services, which forces businesses to look for separate providers to send and receive payment for invoices. Zeller’s solution allows business owners to monitor all of their cash inflows and outflows directly from their Zeller Account.
According to a report by Accenture and Xero in 2022, 48 per cent of invoices in Australia are paid late, with an average delay of 6.4 days. This is causing a significant financial loss of $1.1B per year for small businesses. In response to this issue, the Australian Treasury is reviewing the Federal Payment Times Reporting Scheme, as small businesses that rely solely on invoices are severely impacted by late payments.
Zeller Invoices has become a preferred solution for many businesses to address this issue. In the past seven weeks alone, thousands of invoices have been sent using Zeller Invoices, with an impressive turnaround time of 1.5 days for payments to be received.
This is significantly shorter than the government’s reported average payment period of 33 days. Additionally, 89 per cent of invoices sent through Zeller Invoices are being paid either before, on, or one day after their scheduled due date, demonstrating the effectiveness of this solution in resolving the issue of late payments.
Get paid faster
Zeller has launched a new product called Zeller Invoices, which offers a range of benefits for businesses. One of its key features is the ability to send unlimited online invoices for free, with charges only applied when customers use Zeller’s online payment gateway. This can help businesses improve cash flow by allowing customers to pay quickly and securely online, with funds settled into business owners’ accounts on a nightly basis throughout the year.
Zeller Invoices also enables businesses to customize their invoice templates with their own details, due dates, and automated reminders. Additionally, it allows businesses to link their online invoices with their other financial products, such as EFTPOS, transaction accounts, and debit cards, using a single account.
Lastly, the product helps businesses gain a better understanding of their customers by assigning invoices to them and suppliers to track invoicing across their entire business database.
“As a business that takes both in-person and invoice payments, using a financial services provider that provides both tools is crucial – providing us with a comprehensive overview of our incoming funds.
“We chose Zeller Invoices as it is easy to utilise and follows up overdue invoices on our behalf, so we can focus on managing our business and providing exceptional care for our customers,” said Sara Kourkgy, General Manager of Precision Pharmacy in Sydney, an early adopter of Zeller Invoices, who also uses Zeller EFTPOS Terminal to accept in-person payments.
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