Zeller will also complement the transaction account with an app and dashboard, allowing companies to store, save, and manage funds online.
The debit cards come with built-in transaction and expense reporting, categorisation, and receipt uploads.
The accounts will have no monthly fees or transaction fees.
Businesses are also set to gain near-instant access to transaction accounts and physical debit cards without ever entering a bank branch.
The Zeller debit card enables businesses to issue virtual or physical debit cards reportedly in less than 25 seconds for in-store and online business expenses.
For those businesses in need of a physical card, Zeller has exclusively partnered with Officeworks to offer its physical debit card in 167 outlets across the country.
While there will be a $15 upfront charge, the purchase price will be reimbursed back to the business owner’s Zeller account.
A recent Zeller survey of 545 Australian business owners found 91% feel their current bank is not meeting their needs.
Zeller co-founder and CEO Ben Pfisterer said Zeller aims to challenge the big four banks with a best-in-class alternative.
“The need for competition in the financial services sector is still very much unmet,” Mr Pfisterer said.
“Businesses across Australia will no longer have to piece together a patchwork of financial products from the incumbent banks and other providers to shape a solution that meets the needs of their business.”
Founded in 2021, Zeller already has 30,000 business customers and claims the move would double its addressable market.
Zeller small business transaction account explained
With Zeller’s new financial services solutions, businesses can:
- Create an account in a matter of minutes with no lock-in contracts
- Manage your finances better with powerful features, reporting, and business analytics through the free app
- Transfer funds to and from your transaction account with real-time settlement
- See every invoice, transaction, transfer, payment, and settlement in one place
On sign-up, users will be granted a business transaction account instantly - complete with its own BSB and account number.
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| Bank | Savings Account | Base Interest Rate | Max Interest Rate | Total Interest Earned | Introductory Term | Minimum Amount | Maximum Amount | Linked Account Required | Minimum Monthly Deposit | Minimum Opening Deposit | Account Keeping Fee | ATM Access | Joint Application | Tags | Features | Link | Compare |
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