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Free Business Transaction Account (No Min Bal/Deposit, Free Debit Card, Free to Send Invoice, 1.7% + $0.25 Payment Fee) @ Zeller

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Free Business Transaction Account (No Min Bal/Deposit, Free Debit Card, Free to Send Invoice, 1.7% + $0.25 Payment Fee) @ Zeller
Go to Deal
ginmi on 31/01/2023 - 13:19 myzeller.com (174 clicks)
Last edited 31/01/2023 - 17:31 by 1 other user

The Zeller transaction account and all associated services (including debit cards) are now available to all businesses, even if they don't need or use an EFTPOS terminal!

https://australianfintech.com.au/zeller-doubles-addressable-…

Pricing:

  • The business bank account is completely free with no minimum balance or deposit requirements. No hoops of any kind as a matter of fact!
  • Business debit cards are completely free. Again, no hoops of any kind.
  • Invoices are free to send. Payment fees are 1.7% + 25c for payments made with domestic debit and credit cards. Higher fees for overseas cards. During February, invoice payment fees are waived.

EFTPOS terminals cost $299 as a one-off purchase + 1.4% for In-person payments and 1.7% for payments taken over the phone (i.e when you enter the card details manually into the EFTPOS terminal yourself).

This in my opinion is a new bar for business banking in Australia. Don't think there is anything else that even comes close but happy to be corrected.

Referral Links

Referral: random (17)

Referrer and referee each receives $50 on their transaction account when the referee signs up through the referral link and processes $500 of card payments using Zeller Terminal within 45 days of account activation.

Financial Bank Account Payment System Transaction Account

Related Stores

Zeller
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Comments

  • Aerith-Waifu on 31/01/2023 - 13:46
    +1

    Is 1.4% considering low fee?

    • ginmi on 31/01/2023 - 13:50
      +3

      I think so.
      Stripe charges 1.75% + 30 cents for domestic cards.
      PayPal charges even more.
      https://stripe.com/en-au/pricing

    • Trance N Dance on 31/01/2023 - 14:04

      It is considering it includes Amex, but is extremely high for eftpos transactions. It does appear to be the cheapest amongst their competitors.

      • billsa on 31/01/2023 - 14:15
        +2

        cba is 1.1 including amex

        • payless69 on 31/01/2023 - 14:30

          Since when? We used to pay 2.9% for cards and had endless issues with Amex customers.

        • Reveen on 31/01/2023 - 15:27

          CBA's Business Transaction Account is also fee-free.

        • Trance N Dance on 31/01/2023 - 15:59
          +2

          Ah interesting didn't realise CBA come out with the Smart product. $29.95 monthly rental is the trade off though, although depending on your monthly transaction amount it could end up being the better deal as after $9983 you've essentially recovered the monthly rental in transaction fee savings.

          • payless69 on 31/01/2023 - 16:25

            @Trance N Dance: We used to rent the terminal connected to the phone.
            Then one 6th December we received that friendly letter that fees were going down:
            Either sign a 3 year contract or pay 30% more. If you rented a shop and on 6th December it was impossible to change so they also hit you with a $300 terminal return fee.
            Thanks CBA, the person sending the letter got a $54 million bonus for being the largest processor holding the small trader at ransom!

  • Slippery Otter on 31/01/2023 - 13:48

    A little cheaper then pin payments!

  • firestormx on 31/01/2023 - 15:21
    +1

    Are they an ADI? They aren't on the list of institutions covered by the financial claims scheme: https://www.apra.gov.au/list-of-authorised-deposit-taking-in…

    • ginmi on 31/01/2023 - 17:33
      +1

      Good question!!

      Here is what their PDS says:

      The Available Balance in the Enhanced Zeller Payment Services held in a client segregated monies account maintained by Zeller with an Australian authorised deposit-taking institute (ADI). Zeller is responsible for the settlement of transactions using the Card but may outsource these functions to other service providers. Zeller holds the Available Balance on trust for you, in accordance with this PDS and the Terms and Conditions. You acknowledge that the Available Balance can be used to meet our settlement obligations in respect of your transactions and to provide security for our settlement obligations.

      https://www.myzeller.com/product-disclosure-statement-enhanc…

      Seems similar to the structure used by Airwallex and the like

      • CacheHunter on 31/01/2023 - 17:39
        +4

        So, simple answer is 'no'. They aren't an ADI and individual customers aren't protected by the FCS.
        They promise to segregate client monies and hold them in trust, but recourse is questionable of that doesn't occur. APRA aren't checking up on them to make sure they are handling client money appropriately.
        Risk and return - in this case the risk is higher than with an ADI, but the return is also better ie lower fees.
        Each customer will need to address against their own personal risk appetite.

        • ginmi on 01/02/2023 - 08:07

          You are spot on. Here is what the PDS is saying:

          the Financial Claims Scheme does not apply in relation to the Enhanced Zeller Payment Services(EZPS) or your Available Balance.

          Even though:

          in the event of Zeller's insolvency, your ability to continue using the EZPS may be affected. However, there should not be any impact on any Available Balance on the EZPS, as such amounts are held by Zeller on trust for you and are not used for any other purpose apart from fulfilling your payment instructions;

  • Insane22 on 31/01/2023 - 17:00
    +1

    I average about 1% on all mastercard/visa transactions with NAB.

    • ginmi on 31/01/2023 - 17:34

      Noice!
      What product are you on?

  • Insane22 on 31/01/2023 - 19:18

    Just the standard package? I own storage sheds and don’t do mind blowing volume?

  • MITM on 01/02/2023 - 08:46
    +1

    Moved from Square to Zeller some time ago and have been waiting for Zeller invoicing.
    Comes with your own BSB and account number so customers can direct deposit from their bank account.
    This is like merging Xero/MYOB and big4 bank into one facility. Just needs BPAY. I’m currently using www.stratapay.com.au to take BPAY payments ($2.50 flat rate per transaction)

  • TheTechGuy on 02/02/2023 - 09:19

    I'm using Zeller, and it is great!
    You can access your fund the next day and they give you a Mastercard attached to your account
    Now you can also send clients an invoice so they can pay with the card online, and not have to do a payment over the phone.
    I personally love it (been using them just over a year now)

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