In an interview with Dynamic Business, Ben Pfisterer, the CEO of Zeller, highlights the outdated nature of business banking services offered by the big four banks and notes that many businesses need more support as a result.
“Traditional business banking services offered by the big four banks are incredibly outdated and have failed to evolve with the changing needs of Australian businesses,” Ben said.
A new survey of 545 Australian business owners has revealed that a staggering 91 per cent of them are dissatisfied with their current business bank. The study points to a clear demand for change and increased competition to Australia’s outdated business banking model.
“We recently surveyed over 500 Australian business owners, and the majority of them said that they don’t feel their bank is meeting their needs – demonstrating the evident gap in the market for the competition from a fully-digital alternative, Ben added.”
“And so we realised that Zeller has an opportunity to address some of the key challenges that business owners face when dealing with traditional banks – such as long wait times for applications and products, arduous forms and the lack of accessibility in regional areas.
“We are building solutions that solve these problems and prevent business owners from having to piece together different financial products from banks and other providers – we are building a solution that hosts business owners’ complete financial ecosystem in one place.”
According to the survey, business banking customers in Australia are growing increasingly frustrated with long wait times, complicated bureaucracy, and poor customer service. Most respondents feel their current bank is not meeting their needs and are seeking alternative solutions.
Zeller’s new financial services products include the Zeller Transaction Account, which allows businesses to store, save, and manage funds online easily. The account can be created in record time – more than 14 times faster than the fastest of the big four banks.
Furthermore, businesses can create unlimited Transaction Accounts instantly, without incurring any cost, and enjoy real-time fund transfers, comprehensive transaction information, and detailed reporting.
They can also issue unlimited virtual and physical Debit Cards for online and in-store spending and take advantage of built-in expense and transaction reporting, categorisation, and receipt uploads. In addition, they can send an unlimited number of online invoices via Zeller Invoices, with secure payment processing capabilities.
The Zeller App is also available to help business owners manage their finances, create Transaction Accounts, issue Debit Cards, and review detailed financial reports from their smartphones. Best of all, there are no recurring monthly fees or lock-in contracts, and all Zeller Financial Services products are accessible for free.
The Zeller Debit Card is also available, enabling businesses to issue virtual or physical cards for in-store and online expenses, helping them better track employee spending. These new products can be managed using the Zeller App, which also provides detailed financial reports and insights accessible on iOS or Android devices.
According to Ben, businesses can sign up in minutes and access everything they need to run their business; transaction accounts, debit cards, online invoicing, integrations with existing platforms such as Xero and the ability to accept card payments with Zeller Terminal.
Zeller has formed a unique collaboration with the renowned retailer, Officeworks, to create an unprecedented distribution channel, allowing customers to buy the Zeller Debit Card in Officeworks outlets and online for $15. Once the purchase is made, the same amount is credited back to the customer’s Zeller Account.
By offering the Zeller Debit Card at Officeworks, it is easier for businesses outside metropolitan areas, who may have limited access to vital financial services due to traditional incumbents, to get access to them.
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