Excitement is in the air as restaurants, cafés and retailers in NSW open up to many people after three months of lockdown and roadmaps for re-opening across the country are revealed. But the economic landscape has changed and you need to be prepared.
As we come out of the pandemic, more Australians are starting businesses. According to the Australian Bureau of Statistics, during 2020-2021, there was an increase of 3.8 per cent (87,806) in the number of new businesses (out of more than 2.4 million actively trading businesses in the country, as of June 2021).
While it remains to be seen how that trend has continued throughout various state lockdowns, it’s clear that living through a pandemic has inspired new business owners to chase the opportunities presented by growing areas like eCommerce and food delivery.
Meanwhile, existing business owners are opening their doors to a changed landscape. Both new and existing businesses need to think about how they will accept payment in a COVID-safe way, securely store their takings, and pay staff and bills when they fall due.
Here are three specific tools from Australian payments provider Zeller that can help you do it faster and smarter – especially if you’re in hospitality or retail.
1. Go contactless and COVID-safe in one go
These days, the ability to accept digital transactions is crucial. Shoppers are increasingly reaching for their card or smart device over cash, with contactless transactions proving much more COVID-safe than traditional means.
Younger customers are leading the charge – at least 41 per cent of Gen Z consumers expect to use their digital wallet to make payments.
“Trends are coming and going quicker than ever, and they’re the generation who keep up with every single one,” says Esha Watt, co-owner of Perth boutique sneaker retail store Fluent Store. “This translates into their spending. They don’t have credit cards and don’t often carry their cards on them. Nowadays, they can use the likes of Apple Pay.”
So being able to accept newer forms of payments and currency with an easy-to-use, cost-effective, portable EFTPOS machine is essential, especially in the hospitality sector, where servers need to go from table to table to take payments.
If you’re an established business just reopening, you likely already have an EFTPOS machine. However, this is an opportunity to implement a new system.
Zeller has seen an increase of 660 per cent in the number of hospitality businesses signing up for its EFTPOS solution between June and September this year. The company’s mobile terminal features the option of a SIM card to switch to other networks by 3G if your Wi-Fi goes down – no more having to turn away customers because you can’t charge their cards.
And if you’re up to your eyeballs with too many extra card fees, Zeller offers a standard rate of 1.4 per cent per tapped, dipped or swiped transaction for every card type.
2. Save time and money by doing business banking… without a bank
Setting up the financial side of a business has typically been a drawn-out process, relying on old-school practices such as faxing and face-to-face appointments, which blow out the set-up stage to days and weeks.
Filling out huge forms, waiting in long phone queues or having to visit a bank branch in person eats up precious time that you could be spending serving your customers or working on your marketing. And nowadays, it’s becoming much harder to visit a bank, especially in regional Australia where many banks have closed local branches in recent years.
Then there’s the costs involved in setting up a bank account and payment solutions for your business. Typically the big banks charge a monthly rental fee for their EFTPOS terminals, along with hefty – and often hidden – fees.
Zeller offers a ‘three-in-one’ solution: An EFTPOS terminal that you buy and own for a one-off fee, with no lock-in contracts or monthly rental fees, a fee-free Zeller Transaction Account, and a Mastercard (with zero fees for domestic purchases) that you can use to pay for business expenses from your Zeller transaction account. All three products work together or as standalone options.
When searching for a better solution to his existing set-up with one of the big banks, Quinton Evans of White Lily Couture, a bridal shop in Red Hill, Queensland, found himself turning to Zeller.
“It started with us asking ‘How we can use our cash smarter?’ he tells Kochie’s Business Builders. “We looked at other banks and terminal options, but they couldn’t beat our current rate. I saw the Zeller Terminal in an Officeworks email, and when we calculated how much we were paying versus how much we could save with Zeller, it was a no-brainer. Saving $10,000 a year right now is insane.”
Quinton also appreciates the benefits of paying a flat rate. “Now, I know what I’m paying. Before I switched to Zeller, I’d get a bill and I’d ask why I was paying over $1000. You’re not only charged by the card provider themselves, the bank charges you for the privilege of processing through the bank, and through the terminal – which you’re also renting.”
3. Speed up your cash flow without a business loan
So, business is picking up again, but how’s your cash flow looking? Retail and hospitality businesses are already seeing a flood of customers as NSW reopens, but that can add its own pressures. From needing to order more stock, pay suppliers, hire extra staff and get your expenses paid on time, there’s never been a more important time for businesses to focus on being cash flow positive.
The last thing you need is delays in accessing funds. While many of the big banks force merchants to wait several business days to process transactions, especially when weekends and public holidays are factored in, the Zeller all-in-one system speeds up your cash flow so you can be more nimble.
Here’s how it works: Funds accepted through your Zeller Terminal are settled into your Zeller Transaction Account each night. If you have a third-party bank account, funds will be settled the next business day, allowing you to use your Zeller Mastercard to spend your takings as soon as funds clear.
If you’re starting a business, you might normally dip into your savings or even secure a loan. But whether it’s long-term or bridging, a loan comes with interest that can pile up. So, be sure to invest in a solution that helps speed up the process of getting you cash flow positive from the get go.
Now, let’s get back into the swing of things, shall we?
Find out more about Zeller’s payment solutions and sign up for an account here.
This article is brought to you by Kochie’s Business Builders in partnership with Zeller.
Feature image: AdobeStock
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