As a business continues to grow, sorting out its financial and banking aspects becomes important. Setting up a business account is a crucial step that can help you manage your business funds effectively.
Additionally, keeping business and personal transactions separate can make it easier to get information for taxation and reporting obligations and prepare financial documents.¹²
This article will take a look at the Zeller Transaction Account. We’ll cover its main features, the type of businesses it supports, the process of signing up and verification, the fees involved, how it fares against Wise Business, and other key details.
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Zeller is a financial company that offers payment solutions and financial services for Australian small, medium and large businesses. Its services include business EFTPOS, transaction accounts, invoicing and debit cards.
Zeller claims to have the goal of reimagining business banking and is working to replace traditional banking products that can be outdated. It aims to level the playing field for businesses of all sizes and offer integrated financial solutions that accomplish this.
Zeller is Australian-owned and operated, with headquarters located in Melbourne.¹
Zeller Transaction Account is one of the products available in Zeller’s financial ecosystem. It is a business account that allows you to separate your personal and business finances. You can store funds in a Zeller Transaction Account, track your business’s income and expenses, and transfer money to pay the bills and your employees.
It’s free to open a Zeller Transaction Account. After getting the account, you only need to transfer money in for an opening balance.⁵
Some of the main features of the Zeller Transaction Account are⁵:
BPAY is available to pay bills from the Zeller Transaction Account.⁵
A day’s funds from Zeller Terminal or EFTPOS machine can be deposited into a Zeller Transaction Account nightly. Zeller Terminal accepts the following payment methods⁸:
The fees associated with the Zeller Transaction Account are as follows⁵:
| Service | Fee |
|---|---|
| Zeller transaction account setup | AUD$0 |
| Monthly account fee | AUD$0 |
| Minimum balance requirements | AUD$0 |
| Transfer fees | AUD$0 |
| Read more: Zeller Corporate Cards in Australia |
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Here’s how the Zeller Transaction Account fares against Wise Business account.
| Service/fee | Zeller Transaction Account | Wise Business |
|---|---|---|
| Opening a business account | Free | Free |
| International transfers | Not available | 54 available currencies |
| Minimum balance required | None | None |
| Integrations | Xero | Xero, QuickBooks |
| Employee cards⁹ | Corporate cards are free until 1 April 2024, AUD$9 per card per month thereafter Business debit cards are free | AUD$6 |
18 February 2024
Zeller is only available for businesses across Australian States and Territories. So, your business needs to physically be located in Australia, and not internationally, for you to be able to accept payments.
However, if you have a Zeller card, it can be used internationally wherever Mastercard is accepted.⁶
Zeller Transaction Account can be integrated with Xero Bank Feeds to reconcile transactions, invoices and settlements.
You’ll need to be a registered customer with Xero and accepting transactions into the Zeller Transaction Account before setting up the integration.⁷
You’ll get a Zeller Transaction Account as soon as you sign up for a Zeller Account on their website. Before you begin the sign-up process, you’ll need to check if Zeller supports your business and gather some necessary information and documents.²
Zeller supports the following business types.³
You’ll need to provide the following details to complete the sign-up process.
Additionally, depending on the business type, you might be prompted to provide additional documents for identity and business verification. Following is the documentation that may be required⁴:
Once you’ve gathered the important details and documents, you can begin the process of signing up for a Zeller account, which looks as follows²:
You’ll only be able to start accepting payments once your business is registered and you’ve passed the identity verification process. You might be asked to provide additional documents, as mentioned earlier, for the verification.
Zeller has PCI-DSS (Payments Card Industry Data Security Standard) certification. All of their products are PCI Level 1 compliant. Additionally, Zeller is certified by Europay, Mastercard, Visa, American Express, EFTPOS and JCB.
Zeller has real-time transaction monitoring with 24/7 fraud prevention. All accounts have multiple layers of encryption with two-factor authentication enabled.
Zeller can be contacted in the following ways between 9AM to 1AM AEST:
You can also get in touch with Zeller on their X or Facebook accounts from Monday to Friday, 9AM to 5PM AEST.
Zeller follows Regulatory Compliance requirements which means that they check the identity of all customers and businesses. This entails verifying the information provided and identifying both individual and non-individual customers. You might be requested to share additional business documents to help with this process.⁴
Zeller has an app available for both iOS and Android, making it easier to access the Transaction Account from a smartphone or a tablet. The app has several tools and features to allow you to track sales and expenses, issue cards, configure account settings, and even create and manage new Transaction Accounts.¹⁰
You can get and link unlimited free virtual and physical business debit cards once you open a Zeller Transaction Account. The debit cards can be assigned to different accounts to categorise the transactions and streamline admin. You can make unlimited free transfers to and from Zeller Transaction Accounts with the business debit card.¹¹
You can also purchase virtual or physical Zeller Corporate cards that are free until 1 April 2024 and will cost AUD$9 per active card per month thereafter.⁹
You can securely pay your bills right from your Zeller Transaction Account using BPAY. The BPAY option is available under the Accounts tab of your Zeller account. All you have to do is enter the BPAY details, link a contact, assign a nickname and initiate bill payment. The option of linking BPAY details and contacts helps keep track of the expenses. If your Transaction Account is integrated with Xero Bank Feeds, you’ll be able to reconcile BPAY bill payments.
There are no fees attached to making payments via BPAY from the Zeller Transaction Account.
Streamlined and hassle-free, the Wise Business Account with linked debit card delivers an all-in-one solution for businesses.
At home or abroad, you can shop online or in-store via the Mastercard network and make easy ATM withdrawals using the Wise business debit card. With no monthly fees, hefty rates or hidden charges, Wise makes it easier to spend, send and receive funds.
Manage your money via your local Australian account while also benefiting from access to accounts in over 9 major currencies.
Access additional cards for your team as needed and pay a single fixed card-creation fee per card with no monthly fees applied.
Able to integrate with most major APIs, the Wise Business Account also facilitates better cash flow management and consistent, reliable reporting across all additional cards.
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Find out more about how the Wise Business Account can save you time and money.
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| Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information. |
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Sources:
Sources checked on: 18 February 2024
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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