Australian technology company, Zeller has seen rapid adoption of its new financial services solution with over 25,000 transaction accounts created in the six months since launch, as the company aims to address the evolving needs of business owners and provide an alternative to outdated bank offerings.

Opening a Zeller account is the fastest way for business owners to create a transaction account with the entire process being completed online in under five minutes without any paperwork or the need to visit a bank branch.

In a recent Zeller study, close to two-thirds (65%) of Australian business owners said they were dissatisfied with the support offered by the big four banks from long wait times to reach support, excessive and unnecessary physical paperwork to open new accounts, and limited access to online business banking and mobile apps.

Zeller CEO and co-founder, Ben Pfisterer believes the lack of competition in the Australian business banking sector has left business owners underserved and proactively looking for a better alternative.

“Zeller is evolving the idea of what a business bank should be – it should no longer just be a generic, functionless account to store money,” he said.

“Zeller gives business owners access to advanced business accounts to store and manage finances, categorise debit cards and expenses, and advanced reporting tools. Zeller is building the future of business banking, by delivering the tools merchants need to manage all their finances in one place.”

With over 7,500 downloads in just six months, the Zeller app has established itself as the top-rated dedicated ‘business banking’ app in the App Store with a 4.8-star rating.

“We’re excited to see Zeller’s new financial services products gaining rapid traction outside of our existing customer base accepting payments face-to-face with Zeller Terminal. A variety of different verticals who never used Zeller for EFTPOS payments are now signing up for our accounts and cards products including mobile service providers, freelancers and start-ups,” Pfisterer added.

Zeller’s complete financial services solution is also seeing rapid adoption among larger businesses. On average, businesses utilising all four of Zeller’s products (transaction accounts, debit cards, EFTPOS, and online invoicing) are processing 60% more in payments revenue compared to those using just one product.