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Around 48 per cent of invoices were paid late last year but the firm says its software will help fix the problem.
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Zeller launches online invoicing system
16 March 2023
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9 minute read
Melbourne fintech Zeller has launched an online invoicing system which it claims will help fix the problem of almost one in two payments being late.
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Zeller co-founder and CEO Ben Pfisterer said the software would make payment processing simpler.
“We’re excited to add Zeller Invoices to our growing product suite, which helps Australian business owners manage finances and payments more easily,” said Mr Pfisterer.
“This product simplifies payment processing, reducing late payments, and saves time, all without any monthly fees or lock-in contracts.”
“With a low card processing rate, businesses can save money and get paid faster.”
The firm said Zeller Invoices would enable business owners to send unlimited, free online invoices, automate reminders, attach customer profiles to invoices to track payment and history and accept payment through Zeller’s online payment gateway.
Zeller referenced a report by Accenture and Xero which found 48 per cent of invoices last year were paid late, with an average delay of 6.4 days. It said late payments were costing small businesses over $1 billion per year.
But over the past two months thousands of invoices sent using Zeller’s software were paid in 1.5 days, with 89 per cent paid before, on, or only one day after their scheduled due date.
An early adopter of the system, general manager of Precision Pharmacy in Sydney Sara Kourkgy, said it was simple to understand and helped the business reduce its overdue invoices.
“As a business that takes both in-person and invoice payments, using a financial services provider that provides both tools is crucial - providing us with a comprehensive overview of our incoming funds,” said Ms Kourkgy.
“We chose Zeller Invoices as it is easy to utilise and follows up overdue invoices on our behalf, so we can focus on managing our business and providing exceptional care for our customers.”
Zeller said it saw the opportunity as most traditional banks did not provide online invoicing as part of their product suite.
“Alongside Zeller’s existing Eftpos, transaction accounts and debit card products, business owners can now see all of their cash inflows and outflows directly from their Zeller Account,” it said.
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