How to Start a Business in 10 Steps

What was once the go-to option for making purchases is fast becoming a thing of the past. Cash is no longer king. The most recent Consumer Payments Survey , conducted by the Reserve Bank of Australia (RBA) every three years, paints a bleak picture for the future of physical currency — and poses a problem for cash-only businesses. In 2019, 32 per cent of all in-person payments were made using cash. However, those purchases accounted for just 19 per cent of all in-person purchases. Three years prior, in 2016, 43 per cent of in-person payments were made using cash, accounting for 30 per cent of purchases. It’s a steep rate of decline that’s hard to ignore. As cash use continues to fall, and electronic payment methods become the go-to option for consumers, it becomes obvious that it’s not just a good idea to accept credit card payments for your small business — it’s vital for long-term success. Luckily, it’s surprisingly easy to start accepting credit card payments in Australia. Keep reading to learn more about the shift away from cash, why this change of preference impacts your business, and how to keep your customers happy by providing credit card payments as an option. Why do some businesses still operate as cash-only? A surprising number of businesses remain cash-only, despite the obvious benefits of accepting credit card payments. Among these are often food trucks and other street vendors, nail salons and some restaurants and coffee shops. Reasons for cash-only The decision to remain cash-only could be for a number of reasons; it could be due to something as simple as preference towards cash and resistance against change, or lack of a stable internet connection, or tax avoidance, or something else entirely.  The most commonly cited reasons for not making the switch to accept more modern forms of payment are: no credit card processing fees no waiting for payments to clear more straightforward accounting However, none of these reasons make it a more affordable option for business. In fact, not accepting credit cards could be costing a business in more ways than one. Perceived benefits don't outweigh the costs Providing no other option but to pay with cash can be a frustrating experience for a customer. It might even cost you their business. Research undertaken by the Australian Tax Office shows Australians are twice as likely to consider a cash-only payment experience as negative, rather than positive. That means operating as cash-only can have an impact on business reputation. That’s just one reason why knowing how to accept credit card payments in Australia is essential. The ATO has also done the maths to figure out whether accepting cash payments makes sense, from a financial standpoint, and discovered that processing a cash payment actually costs businesses nine cents more than processing a tap-and-go payment — while also taking about twice as long. Operating a cash-only business can cost you customers. Cash: kept on hand but not put to use Paper currency and coins will continue to play a role in payments well into the future. There’s no reason to think you won’t have at least the occasional customer who wants to pay for a purchase, especially a small one, with hard currency instead of a card. However, it’s becoming less and less common. The RBA has tracked a consistently downward trend in coin and currency payments since at least 2007, and the demographical data strongly suggests this trend will continue. Although older generations are still hanging on to their cash, just four per cent of 18 to 29 year olds make payments using cash on a frequent basis. Over time, that means this move away from cash will only become more noticeable. While it’s true that there was an injection of $11 billion worth of physical currency into circulation throughout the coronavirus crisis in 2020, the RBA has reported that this cash was stockpiled — not spent — suggesting a lack of confidence in the economy. Australians are keeping more coins and cash on hand, but you won’t necessarily see it flow into your business. Instead, your customers are continuing to turn to payment options beyond currency. Options for accepting credit card payments for small businesses All this talk of broad economic trends and data has an incredibly relevant point: your customers want to pay with a credit card and, as a business owner, your goal is to bring in revenue. So, how can you start accepting credit card payments at your business? The short answer is you need the right tools in place to accept credit card payments at your business. An Electronic Funds Transfer at Point Of Sale (EFTPOS) machine and a business account are the foundation of your business’s ability to process credit cards. This combination allows you to accept payment by processing cards in person, and then access your funds. There are plenty of options available to your business. An EFTPOS machine linked to a merchant account provided by a Big 4 bank is the most traditional. However, the process of applying for a business account and then ordering and setting up a payment terminal is often slow and time-consuming. A bank’s standards may even box out some smaller companies and new businesses without credit history or operating history. This route also isn’t typically the cheapest way to accept credit card payments in Australia, and it can take a number of business days for funds to reach your merchant account. That means your merchant account can actually be a bottleneck to your cash flow. An online merchant gateway , like PayPal or Stripe, is one option for e-commerce ventures. However, accepting in-person payments using an online gateway is often clunky and requires a number of workarounds; you’re effectively entering your customer’s details as if you were them. This is likely to leave your customers less than thrilled about the experience — and you and your staff consistently spending extra time on an everyday task. SME-focused alternatives Pairing a modern EFTPOS payment terminal with a banking alternative to the Big 4, such as a neobank, is an option many business owners are now considering. Frustrated with the lack of support traditional banks provide to large enterprises, small and business sized business owners are looking beyond the incumbents and setting their sights on more forward-thinking providers. When you take payment via Zeller Terminal , funds are settled into your Zeller Transaction Account on the same day — giving you fast access to your funds. Spend the money you make using your Zeller Mastercard as soon as funds clear. It’s the quickest way to speed up your cash flow and grow your business.

Here's what you need to know about finding the right EFTPOS terminal. Searching for a next-gen EFTPOS machine that accepts modern payment methods, processes payments quickly, settle funds into your business account as fast as possible, and looks good on your countertop? Finding the right terminal for your business is important – you’ll rely on it for secure, fast cashless payments that keep your cash flow looking healthy. Some terminal providers will lock you into long contracts, with expensive termination fees, so knowing what to look out for is key. How much is it to have an EFTPOS machine? The EFTPOS machine you choose will depend on variables such as your budget, sales volumes, Point of Sale (POS) software, and fees associated with your merchant account. It costs $259 to own a Zeller Terminal outright. There are no hidden fees or charges, and no lock-in contracts. When you sign up for Zeller, you also receive a free Zeller Transaction Account (into which funds accepted via Zeller Terminal are settled nightly) and a free Zeller Debit Card — so you can pay suppliers and make business purchases with ease. Keep reading to discover the nine questions you should keep in mind when comparing EFTPOS terminals. 1. Do I understand the fees? Many business owners don’t realise they are agreeing to pay hidden fees, such as expensive terminal fees, until it’s too late. Sign the dotted line and you could be agreeing to pay a lot more than anticipated for your EFTPOS machine — and lock-in contracts usually come with hefty fees for early cancellation. Otherwise cautious business owners fall victim to hidden EFTPOS terminal fees time and time again. However, these fees are required by law to be disclosed somewhere – you just need to know where to look. Make sure to go through the terms and conditions with a fine-tooth comb; never solely rely on a verbal quote. If you’re already using an EFTPOS machine, check your merchant statement as this will tell you the processing fees and other fees you’re currently paying. It’s also important to remember that, in most cases, if you decide to rent your EFTPOS terminal you won’t own it at the end of the payment period. You’re simply paying for the privilege of using it, and will be left empty-handed when the contract ends. Although renting may look like an affordable option at first, it’s a tactic designed to get business owners to pay far more than what the terminal is actually worth. Zeller Terminal is yours to own for one low payment of $259. There’s no lock-in contract or hidden fees; we know you’ll keep using your Zeller Terminal because you love it, not because you have to. Learn more about Zeller Terminal and whether it’s the right solution for your business. 2. Will it be easy to use? Taking payment is usually the last interaction a member of your staff has with a customer. However, time wasted teaching staff the intricacies of a confusing system is time that could be better spent on other parts of the business. The ease with which staff process a payment affects the customer experience at every business. Your EFTPOS payments terminal needs to be easy for all staff to use, with minimal training. This is especially important if you run a retail store that hires casual staff during peak holiday and sales periods, or in another business that regularly hires new workers. When shopping for an EFTPOS terminal, consider whether it has been designed by a team that understands your business. Are the prompts straightforward? Is the user flow intuitive? Your terminal should feel natural and simple to use. If it is, your staff will save time with every transaction – and you’ll save time training them how to use it. 3. Can I customise it to suit my business? Some EFTPOS payment terminal providers will force your business to work their way. This is related to the point above: if you choose a provider who understands your business, you’ll likely find there’s no need to change your internal workflows. An EFTPOS terminal should fit the way you want your business to work. When selecting a terminal provider, consider how well it fits with your established processes. For example, you might want the ability to: restrict the ability to provide a customer with a refund to a small pool of staff, such as managers charge your customers a surcharge enable tipping customise your receipts Choose a provider that gives you the power to customise the way you accept and manage your payments and you’ll save yourself from needing to retrofit your processes to fit the tool. 4. What happens if my internet cuts out? Your business needs to be able to continue processing cashless payments even during periods of internet outage. You don’t want to have to send your customers to the closest ATM, or have them scrambling for cash. Occasionally, small periods of service downtime will be unavoidable. Your internet provider might be down for routine maintenance or there may be a power cut to your area, or another technological issue may impact how your EFTPOS terminal connects to the internet. However, any period of downtime has the potential to negatively affect your business — the impacted customer may never return. That’s why, when you choose Zeller Terminal, you have the option to switch to another network. If you’re experiencing issues with your Wi-Fi provider, it’s simple to connect via 3G to another network and continue processing payments using your SIM card. 5. How often will I need to charge it? These days, many businesses are run on the go — so a mobile EFTPOS terminal is a must. Cafes and restaurants that take payment from the table depend upon a long-lasting battery to get through the day. For a retail store, a long-lasting battery provides the flexibility to take payments from wherever is convenient for the customer. For mobile services such as trades and beauty technicians, having the ability to take payment on the go saves you the hassle of returning to your computer, sending an invoice, then following up until payment is finalised. It’s essential that the EFTPOS terminal you choose has enough battery life to give you peace of mind that you’ll never miss out on crucial transactions. 6. How fast can I put my funds to work? Depending on which payment services provider you choose to use, you could access your funds the same day you earn them – or you could be waiting upwards of three business days. The speed of settlement can have a big impact on your cash flow. Choose a provider that’s slow to settle, and you may find yourself in the frustrating situation of needing a business loan to tide you over until your funds are released. When you use your Zeller Terminal in combination with your free Zeller Transaction Account , you’ll get same-day settlement for your funds so you can spend using your Zeller Debit Card . Or, if you want to use your existing business bank account , your funds will settle the next business day. 7. Is there setup and ongoing support? Painful setup, hard-to-follow instructions, and uncontactable customer service representatives are headaches you simply don’t need. Some EFTPOS terminal providers are intuitive enough to use out of the box, whereas others come with a booklet of instructions you’ll need to follow. Or, you may be asked to book a technician to manage the setup on-site. Once you’re up and running, having multiple ways to ask for help – whenever you need it — is important. If your business operates in the evening and on weekends, look for a provider that offers extended support hours. If something goes wrong and you need answers fast, you need to feel confident that someone will pick up the phone on the other end. 8. Will it protect my business? Fraud is a risk for businesses of any size. Recurring chargeback fraud , in particular, can be costly for a business. When considering any financial services provider, it’s important to check whether it's backed by a team of security experts. You’re trusting this business to handle your money. Zeller’s Support team monitors transactions round the clock — 24 hours, 7 days a week — to prevent fraud before it happens. Backed up by intelligent machine monitoring, our team works to identify and respond to fraudulent attacks in real-time. 9. How soon can I get it? If you’re ready to start selling your products or services now, choosing an EFTPOS terminal that takes weeks to be delivered is an unnecessary setback. Why eat into valuable time you could be turning a profit? Ideally, your EFTPOS terminal will be available for delivery quickly. Even if you’re not ready to start accepting payments at your business, getting your EFTPOS payment terminal as soon as possible will give you extra time to get up to speed with its features and options for customisation. We offer fast, free shipping anywhere in Australia, for all Zeller purchases. Sign up for Zeller in minutes. Zeller Terminal and accessories can be purchased online from the Zeller Shop with free express shipping and same-day dispatch. Once you’ve considered these 9 questions, you should have a good idea of the non-negotiables you need from your EFTPOS terminal provider. Remember to always read the fine print and understand what you’re really paying for when you sign the dotted line.

Accepting payments, managing your finances, and paying recipients should be simple. Unfortunately, this isn’t always the case. Our research shows the majority of Australian business owners are dissatisfied with their business banking. The truth is, most merchant services solutions aren’t built to help your business thrive. That’s where Zeller comes in. Today, we’re launching Zeller — giving Australian merchants affordable, accessible, and innovative tools that enable businesses to get paid, access their money, and manage cash flow — without ever having to set foot inside a bank. We’re reimagining business banking through powerful new technology, backed up by local support and personalised service. An innovative SME alternative to business banking “Innovative” isn’t a word usually heard in the context of merchant services. Finding integrated financial solutions to grow and support your business often requires you to weave together multiple products from different providers, which typically means longer processing times, more paperwork, and a more frustrating experience. Large enterprises benefit from financial solutions tailored to their specific needs; traditional banks have shown that they’re more than willing to pour resources into supporting big business. However, this comes at a cost to the everyday Aussies behind our small to medium sized businesses. SME owners are typically forced to fit the traditional banking mold, suffering through archaic onboarding processes only to be hit with high fees, lock-in contracts, and slow processing times when the paperwork is complete. For new business owners, this can present what seems like an insurmountable hurdle to starting and growing a venture. With 67% of businesses stating they would prefer a non-Big 4 bank, it’s clear that Australian business banking is fundamentally broken. A lack of innovation from the incumbents means merchants like you are overlooked and underserved, at a time when they should be thriving. Businesses need new tools, technology, and support to grow. And that’s why we built Zeller. What’s in the box Zeller is all-in-one payments and finance solution for Australian businesses. It helps to accelerate your business cash flow by giving you a next-generation EFTPOS terminal, a free business transaction account, and free business Mastercard, all in one box. 1. Zeller Terminal Our research revealed that 71% of business owners using clunky EFTPOS terminals regularly consider switching providers. High costs and expensive fees, slow deposits that impact cash flow, and a lack of local support are all common reasons for businesses looking to switch. The majority of Australian business owners are dissatisfied with outdated EFTPOS technology currently on the market. Zeller Terminal is an all-in-one card payment and EFTPOS solution. Our next-gen payment terminal allows you to accept every payment from every customer – Zeller Terminal accepts contactless devices, contactless cards, chip cards, magstripe cards, and will soon also accept alternative payment methods such as Alipay and ZipPay. As new payment methods continue to emerge and shape the way Australians pay for products and services, Zeller Terminal will adapt to support Australian businesses to grow. Read more about Zeller Terminal . 2. Zeller Transaction Account We understand that being able to effectively manage and access your cash flow is key to the long-term survival of your business.  That’s why we make sure your funds are available as quickly as possible after taking payment from a customer. Zeller Transaction Account is included free when you sign up for Zeller. Your account is instantly ready to use, giving you real-time visibility over your settlements and spending — no lengthy paperwork required. When you take payment through Zeller Terminal, funds are settled directly into your free Zeller Transaction Account within the day. You also have the option of sweeping your funds into any existing bank account, and they’ll be accessible as soon as your bank allows. Read more about Zeller Transaction Account . 3. Zeller Mastercard By giving you the tools to accept payments, store and settle funds, and spend your money, we're significantly reducing the time it takes for you to get access to your funds. According to the Australian Bureau of Statistics, more than 60% of small businesses close within their first three years — and the most cited cause for business failure is poor cash flow. As a business owner, fast access to your funds to pay your staff, suppliers, or buy product, is imperative. Read more about Zeller Mastercard . By seamlessly combining these services into a fully integrated solution, Zeller significantly reduces the time businesses spend on finding a merchant services provider, completing lengthy applications, getting set up, and connecting disparate payments and financial services solutions — all while speeding up your business’s cash flow. Watch the video to see how Zeller works in more detail. Your business, your way Merchant services should work the way your business needs, allowing you to pick and choose the business banking products you need to sustain and grow a profitable business. With Zeller, you have the option to choose the parts you need – Zeller Terminal, Zeller Transaction Account, and Zeller Mastercard work just as powerfully together as an integrated solution as they do alongside your existing products. Learn more about our EFTPOS machines and how our newly launched products are changing business banking for the better.