You’ve probably heard the phrase ‘cash flow is king’ and with tough economic times for many Australian SME’s never has this been more true. Cash flow is what separates a thriving business from one struggling to stay afloat.

It encompasses all revenue generation, operational expenses and investment activities. Businesses that manage their money efficiently ensure more cash is entering the business than leaving it which enables them to grow and expand.

Get a Cash Flow Plan

With the start of 2024 it’s important SME owners have a plan in place for their cash flow so they can invest in new growth opportunities, expand operations, acquire assets and explore strategic developments. Cash flow allows owners to realise their business goals but it’s important to have an accurate forecast.

Accurate cash flow forecasting is the foundation of sound and comprehensive management. It involves predicting future cash inflows and outflows so owners know when to expect periods of surplus and shortfalls and can implement strategies to navigate the challenging times.

Where Cash Flow goes wrong

It’s a tough time for SME’s at the moment. Rising overheads, supply chain issues, high staff turnover and rising interest rates – it’s no wonder many are struggling with the day to day running costs. 

Some of top mistakes small businesses make when it comes to cash flow include

• Failing to manage payment delays
• Expanding too quickly without enough working capital
• Poor inventory management
• Failing to generate new sales leads

Get Help

Whilst many businesses strive to reduce the time between invoicing customers and receiving payments to ensure positive cash flow this can become tough when some customers take up to 60 days to settle accounts. 

Invoice financing, which is widely used by business owners in the US, UK and Europe is becoming more popular here in Australia and allows a business owner to unlock the cash that’s tied up in their unpaid invoices, providing a line of credit secured by the Accounts Receivables ledger. The financier gets paid when the debtor makes payment so there are no repayments to be made. Typically, businesses can access up to 90% of the sale value of an invoice whilst continuing to offer credit terms to customers.

It’s an option worth looking into if you are a B2B business.

Have a Back Up Plan

Lastly it’s important to have a contingency plan in place. Know what resources are available to you if unexpected challenges come your way. Some businesses have an emergency cash reserve to cope with economic downturns or supply chain disruptions, others have assets they can quickly convert to cash, and others feel secure having an invoice financing facility in place.

Whatever challenges lie ahead for your business in 2024 going into the new year with a focus on maintaining positive cash flow puts you in the best position for growth and achieving your goals.

Contributed by By Angus Sedgwick, CEO of OptiPay

Change fatigue employees in Australia are looking to avoid risky career moves and limit their exposure to workplace disruptions as they enter a new year of work, according to Gartner, Inc.

Gartner’s latest Global Talent Monitor survey data, collected between October and December 2023, revealed Australian employees’ intent to stay with their employer increased to 37.8% from 35.4% in 3Q23. While overall business confidence increased for the first time in 2023 to reach 43.1%, discretionary effort declined from 17.5% to 16.5%.

“Employees experienced a multitude of enterprise changes last year, including return to work mandates and technology disruptions,” said Neal Woolrich, Director, HR Advisory in the Gartner HR practice. “Change fatigue, combined with the rising cost of living and a softening labour market in Australia has many employees taking a cautious approach to their next career move.”

Gartner’s 4Q23 survey data reflects the growing need for constancy this year, with stability entering the top 10 drivers of attraction for Australian employees, up three places to ninth spot (see Table 1).

Top 10 Drivers of Employee Attraction and Attrition, Australia, 4Q23

Source: Gartner Global Talent Monitor Survey, 4Q23 

While longer tenures can be an advantage for employers, disengaged employees can affect both productivity and workplace culture. Gartner recommends organisations review their Employee Value Proposition (EVP) to identify the employment attributes most likely to foster engagement and address change fatigue.

Reengaging the workforce

According to the Gartner survey, while engagement levels remained steady in 2023, less than one-quarter (24.3%) of Australian employees consider themselves to be ‘highly’ engaged. Most (73.9%) state they are only ‘somewhat’ engaged.

“Organisations need to be aware that traditional retention strategies won’t work in the current environment,” said Woolrich. “Leaders need to balance pay discussions with effective non-compensation EVP components, such as respect, manager quality and career progression to retain employees.”

Woolrich added, “Employers also need to think about the whole person, not just the employee, as they customise their EVP. It’s essential to understand what employees need and want from their role. An agile approach that provides a rich portfolio of experiences, support and opportunities will be key to maximising productivity and engagement.”

Addressing change fatigue

Change fatigue is fuelled by more than just the number of changes experienced by an employee, according to Gartner research. A new project, task or process can erode trust, impact wellbeing and contribute to a lost sense of purpose if communication from management is not clear.

“Employers must prioritise their relationships with employees to foster strong psychological safety and trust,” said Woolrich. “When employees understand that there is room to try, fail, reset and try again, they will soon start to thrive in an environment of change.”

Gartner recommends two-way dialogue between leaders and employees, which can significantly increase change success and psychological safety. Furthermore, when managers effectively allocate resources and goals to accommodate change, their teams are more likely to sustain workforce health through the disruption.

The shift towards a digital workplace presents both opportunities and challenges for modern businesses. As companies increasingly adopt cutting-edge technologies to enhance efficiency and scalability, they must effectively balance these advancements with the human element to maintain an engaging and productive work environment. The challenge for many businesses is in integrating technology in a way that supports, rather than supplants, the human workers. This approach is key to enhancing employee experiences while sustaining long-term business growth and success in a digitally dominated era, according to Logicalis Australia.  

Scott Brown, head of employee experience, Logicalis Australia, said, “Artificial intelligence (AI) and other advanced technologies are shiny new toys that have the capacity to revolutionise how we do business in the modern age. However, it’s critical to understand that human workers will remain essential to business success in many ways. Business leaders can’t afford to let the employee experience fall by the wayside as they embrace new technologies. Instead, they must find a way for the two elements, technology and human, to work in tandem.

“Leaders should focus on strategies that foster employee engagement and well-being in a digitally-driven environment. Implementing user-friendly technology that simplifies workflows and enhances collaboration is key. Equally important is creating digital spaces that support social interaction and personal connection, preserving the essence of a traditional office environment. This can be achieved through virtual team-building activities and digital platforms that encourage open communication and inclusivity.”

Incorporating technology in the workplace significantly enhances connectivity among workers. It facilitates seamless communication and collaboration, regardless of physical locations. Technologies like private 5G and cloud-based solutions provide robust and flexible platforms for employees to interact, share ideas, and work on projects collectively. This level of connectivity both improves efficiency and fosters a sense of unity and teamwork, crucial in today’s often dispersed work environments.  

Technology-driven connectivity facilitates more dynamic and inclusive meetings and brainstorming sessions, bridging gaps that physical distances might create in a remote or hybrid working environment. Advanced video conferencing and collaborative online tools ensure real-time sharing and editing of documents, making teamwork more interactive and productive. Supporting technologies can also be tailored to suit different workstyles and preferences, ensuring all team members, regardless of location, have equal opportunities to contribute and engage. This works to enhance productivity and strengthen the bonds between employees, fostering a more cohesive and supportive workplace culture.

Ultimately, the goal is to create a digital workplace that is efficient and scalable while also being nurturing and human-centric. This approach will lead to enhanced employee satisfaction, productivity, and overall business success. Effective digital workplace management also involves personalised experiences for employees achieved by leveraging data analytics to understand individual work patterns and preferences. This is especially valuable as tailoring digital experiences to meet these unique needs promotes a sense of belonging and increases engagement.

Scott Brown said, “By leveraging these technological advancements, businesses can create a more connected, engaged, and productive workforce. With additional tools like AI-driven analytics, teams can gain insights into work patterns, improving decision making and project management. The integration of smart technology leads to a more adaptable, innovative, and responsive workforce, that aligns with the evolving needs of the business landscape.”

A human-centric digital workplace is not only about the tools and technologies employed; it is also about how these elements are integrated with a deep understanding of human dynamics to improve employee experiences. This approach is essential for fostering a thriving, engaged, and satisfied workforce.

Responding to reports around proposals to change negative gearing, Master Builders Australia says this is a timely reminder as to why proposed changes to negative gearing have been dropped in the past.

“Prior to the 2019 election Master Builders had modelled ALP policies to change negative gearing and capital gains tax arrangements,” said Master Builders Australia CEO Denita Wawn.

“The policies would have seen a fall in the number of homes being built, thousands of job losses and billions of dollars wiped off the value of residential building activity.

“Fast forward to 2024 and we’re now in an even worse economic and housing environment with renters and mortgage holders bearing the brunt of rapid interest rate rises and high inflation.

“Across the whole housing spectrum, the common constraint is supply. In order to put downward pressure on housing inflation and high rents, we need to build more homes.

“The Henry Tax Review, Productivity Commission and Reserve Bank of Australia have all said curtailing investor incentives like negative gearing and capital gains tax discounts reduces housing supply rather than improve it.

“With the current downturn in new building approvals and investments in new housing, why we would take a sledgehammer to investors including Mums and Dads beggars’ belief.

“The priority of the Federal Government should be on ensuring the objectives of the Housing Accord are fulfilled and our target of building 1.2 million homes is achieved.

“This means doubling down on reducing the cost and time it takes to build, increasing the building and construction workforce, and investing in critical infrastructure to make land “build ready”,” Ms Wawn said.

Booking more than two weeks ahead, asking for last room availability, and choosing fares that offer like-for-like credit options with cancellations. These are just some of the top travel hacks that helped the savviest businesses shave hundreds of thousands of dollars off their travel spend last year, as revealed by Corporate Traveller.

Flight Centre Travel Group’s flagship SME travel management business has lifted the lid on the best travel tactics that have helped some of their most strategic business customers save more than 30 per cent on corporate travel over 2023. And with a recent survey revealing that 91 per cent of SMEs would continue to travel regardless of economic pressures this year^[1], Tom Walley, Corporate Traveller’s Australian-based Global Managing Director, says these tips could put thousands back in the company coffers.

Tom says: “Simple but effective hacks such as booking airfares a month out from the travel date can alone save a company up to $200 on a single one-way domestic ticket. And given there was a 28.7 per cent increase in ‘revenue passenger kilometres’ to 67.6 billion last year within Australia^[2], we know Aussies are spending more and more on travel.”

Corporate Traveller reveals the top travel hacks to save from its savviest customers:

1. Ditch the myth of last-minute travel deals and ensure you book those flights more than two weeks out from the travel date.

Last-minute travel deals are a myth, says Tom, with the cheapest airfares now typically available at least two weeks out from the travel date, but booking as soon as six months in advance would see the largest savings. He further adds that organisation is key when it comes to nabbing the cheapest deals.

Tom says: “Last year one of our clients gave themselves the goal of improving their annual advance purchase by 20 per cent, by simply shifting 33 per cent of their bookings from within two weeks to at least four weeks in advance. By doing so, they reduced their average trip cost year on year by $137 per booking, for a total savings of $120,000 over 800 bookings.”

Airlines offer their cheapest rates on any given flight more than 14 days out, as their algorithms work to seat availability, and as seats get snapped up, the price of the remaining spots tend to increase. Additionally, says Tom, Corporate Travellers’ savviest clients frequently book on the quarter or half hour to nab cheaper fares, with companies that opt for a flexible departure time able to secure the best deals.

Tom says: “Remember that many travel hacks that worked years ago have also changed. Travellers used to think travelling on a Tuesday, for example, would guarantee the best fare. But now, by tracking flight prices, booking in advance and being flexible with meeting times at the destination, you’re far more likely to reap savings.

“But, as is the nature of business travel, advance organisation of meetings and events is not always as easy as it may sound. Travel Management Companies exist to help corporate travellers secure the best deal for those unavoidable last minute travel scenarios.

2. Maximise travel value adds by signing up for a travel programs 

Alongside utilising a travel management partner such as Corporate Traveller to help you secure the most competitive rates, Tom says many of their business customers also enjoy increased value in their travel through travel programs. Corporate Traveller’s SmartStay program, for instance, offers exclusive hotel deals, with add-ons including free breakfast, late checkout, and upgrades.

Tom says: “Travel management companies are typically able to secure better deals because of their buying power and their strong relationships with suppliers. By signing up to hotel or airline newsletters, our clients have also nabbed special coupons and offers.

3. Book a flight that offers the best terms and conditions for changes, credits or cancellations

Not all airline Terms and conditions were created equal, Tom says, and by purchasing a flight that lets you get a full credit that can be used on the same economy flight type has the potential to save you thousands in the long run when those corporate travel plans change. Smart travellers and bookers should always check the terms and conditions of a fare, as some economy tickets may appear to allow flight credits in the case of cancellation, but it may come with restrictions.

Tom says: “Some flight credits only allow you to purchase a flex fare, which means in some cases you’ll end up paying hundreds of dollars more. Others hit you with hefty fees for changing flight dates.

“Our smartest customers opt for flights with good credit and refund policies.”

4. Encourage a carry-on luggage culture

During domestic travel, encouraging staff to fly with just carry-on luggage for short trips can save a company significantly over the course of a year. Some of the more budget-conscious businesses are educating their travellers about what they can pack and how to do it efficiently, leading to savings of up to $90 per airfare.

By taking travel-sized toiletries, separating electronic devices and carrying your laptop separately, Tom says the carry-on luggage limits have proven to be ample on two-to-four-day trips.

5. Always ask for last room availability

Hotel rates vary wildly based on the time of year and city events, says Tom, but by utilising ‘last room availability’, Corporate Traveller’s budget-conscious customers get a guaranteed set contracted rate at the hotel they partner with. Last room availability is a contract between a company and a hotel that ensures a hotel sells their rooms to the company at a contracted price, regardless of how many rooms are left or whether a rare event, such as a concert, has inflated prices.

6. Package your flight, hotel and airport pick-up and drop-off service

Some business travellers make the mistake of booking each component of their travel separately in the hopes of snagging a better deal, but by bundling the trip, their customers usually pay the same, Tom says. This means less time spent organising a car rental or a rideshare, less hassle, and less room for error – after all, for busy business travellers, time is money.

Tom says: “Our top customers know that time is also money and that with bundled deals that include airport transport, the booking and travel process is seamless.”

7. Select hotels that are in close proximity to the CBD, transport and meetings

Businesses that booked hotels in walking distance to major amenities and meeting locations also clocked major savings last year by cutting down on rideshares and even restaurant expenses. By booking a hotel in the city centre, Tom says corporate travellers enjoyed more dining options and less need for a rental car or taxi.

Tom says: “With Australians projected to spend a record $1.77 billion USD on ride-hailing apps this year^[3], our savviest customers are realising a well-located hotel can reap major annual savings.”

Intuit QuickBooks, global financial technology platform​ in Australia, has announced a new cloud-based offering and the most robust version of QuickBooks Online, built for small to medium sized businesses. Using artificial intelligence, this new solution will serve up insights and patterns that help growing companies better run their business. 

“QuickBooks Online Advanced provides an advantage for growing and more complex businesses at an attractive price point, filling a gap not yet met in the market,” says Damien Greathead, Accounting and Advisor Group Lead at Intuit QuickBooks Australia. 

“We’ve expanded our platform capabilities to serve customers who are self-employed all the way through to those with larger workforces and a high volume of transactions. As these businesses grow, many are faced with the lack of an affordable solution and often adopt software that is both expensive and too complex for their needs. QuickBooks Online Advanced addresses that void to help power their prosperity.”

QuickBooks Online Advanced boasts all the features of Intuit’s most popular small business software solution, QuickBooks Online Plus, as well as enhanced services to make it the perfect fit for growing business owners.

QuickBooks Online Advanced key features include:

• Automated workflows: Invoices can be sent through pre-set approval flows before they’re sent. Reminders and approvals can be set for transactions like invoices, payments, or deposits, dependent on individual requirements. 
• Custom roles and permissions: Access to sensitive information can be restricted and information to transactions such as deposits, sales, expenses, inventory or reports can be customised. 
• Automatic backup and restore: Data is frequently backed up and stored securely, allowing the user to easily restore books to a previous point in time, providing peace of mind.

Additional product capabilities will be added to the platform in the near future — giving users even more great benefits to anticipate including features to increase administrative efficiencies, enhance reporting and benchmarking, and ease expense management.  

A recent survey by leading software research site Capterra reveals that Australian businesses are more actively improving their cybersecurity infrastructure to defend against potential attacks. The study’s findings show that a third (33%) of the respondents have experienced security breaches in 2023 amidst recent notable data breaches occurring at Optus and Medibank. 

Research Analyst at Capterra, Laura Burgess, said, “The survey presents us an overall picture of cybersecurity’s increasing trend in Australia. The increase of investment in AI-driven solutions should come together with a growing consciousness to alleviate weak password practices.”

“As cybersecurity threats continue, businesses are encouraged to adopt a multi-faceted approach. A combination of IT security investment, workforce education and strong security policies would help ensure an improved defence against these risks,” Laura Burgess adds. 

Cybersecurity Concerns

The biggest concern points towards advanced email phishing attacks, with 51% alarmed by the vulnerability of companies and their employees to this threat. Organisations are encouraged to prioritise awareness and defences against email phishing, which proves to be a challenge to mitigate. Other security concerns include advanced ransomware attacks (37%), AI-enhanced attacks (36%), business email compromise (28%), and software supply chain attacks (23%). 

In response to the progression of these threats, more than half (58%) of Australian businesses reported an increase in IT security spending in 2023 compared to 2022. Proper budget and cybersecurity software implementation is critical to protecting sensitive information and minimising operational disruptions.

AI-Driven Solutions

Adopting AI technologies as a cybersecurity solution shows an ongoing development, with 65% of companies allocating part of their IT budget to AI-driven cybersecurity measures. With AI making its mark in the latest technologies, this shift indicates how companies recognise its potential to safeguard information.

Major factors influencing companies’ drive to invest more in AI-driven solutions include phishing and social engineering attacks. Almost half (42%) of respondents indicated these specific threats as the main reasons in their decision-making process to improve their cybersecurity infrastructure. 

AI-driven solutions can analyse a significant amount of data, which enables immediate detection of unusual patterns that may lead to a security threat. Speed is crucial in identifying threats to allow IT security teams to receive alerts and act in real-time to minimise impact.

Weak Password Practices

While we see an increasing trend in cybersecurity technology adoption, potential exposure to threats is presented by weak password practices. It remains a persisting challenge as almost half (45%) of respondents use the same password for multiple software or accounts. The risk of exposure is heightened for employees working remotely, as their personal network may have a different level of security compared to the corporate domain. Awareness through cybersecurity training is emphasised to comprehensively address this risk, with only 36% stating they raised security concerns with their IT department.

Capterra’s ‘2024 Data Security Survey’ was conducted online in November 2023 among over 700 respondents from Australia, Canada, France, Germany, India and the U.K. The report revealed that 568 are explicitly involved in their company’s cybersecurity measures, with the majority indicating they’ve increased investment in IT security.

Inflation is declining in Australia. Recent figures from the Australian Bureau of Statistics (ABS) show that the Consumer Price Index (CPI) recorded a modest 0.6 per cent increase during the December 2023 quarter, marking the slowest growth since March 2021. Over the past year, CPI rose by 4.1 per cent, indicating a significant slowdown in the inflation rate during the final months of last year, which was halved compared to earlier periods. 

According to Dr Gonzalo Castex, an economist and Senior Lecturer at UNSW Business School, various factors such as clothing, footwear, holiday travel and furnishings, have contributed to the decline in the CPI. Conversely, he says insurance, financial services, gas, electricity, rent, tobacco, bread and cereal products “have played a role in the opposite direction.” 

The ABS says rental and electricity prices remain as significant contributors to overall rising costs, with a 7.1 per cent increase in rental prices and a 10.7 per cent surge in electricity prices in the 12 months to November. 

“The current cash rate of 4.35 per cent appears to be contracting aggregate demand, opening the possibility for the Reserve Bank of Australia (RBA) to reduce its rate in upcoming meetings. This could alleviate pressure on households affected by a significant rent increase and mortgage payments,” says Dr Castex. 

Although inflation is declining, Dr Castex and Professor Gigi Foster, School of Economics at UNSW Business School, say this figure is still high. Why is inflation declining, and what does this mean for Australians and market economics more generally? 

Why is inflation declining?  

Dr Castex: The RBA has implemented a contractionary monetary policy since May 2022. The impact of increasing the cash rate takes some time to influence prices as a consequence of a contraction of the aggregate demand. Consequently, we have observed an overall decrease in prices since January 2023. It’s worth noting that while the current inflation rate has decreased, it still remains over the target. The RBA should continue monitoring the evolution of prices, aiming to keep the inflation rate within the target range of 2 to 3 per cent per year. 

Prof. Foster: Some items in the basket the ABS uses to construct the consumer price index have risen less than in prior data releases. However, some items have kept up the pace. So, depending on what a consumer buys, the “easing inflation” report may or may not match their pocketbook’s experience. 

What will happen if inflation continues to decline? 

Dr Castex: If inflation continues its downward trajectory, the RBA will likely respond by lowering the cash rate. However, new geopolitical developments in the Middle East could potentially impact prices, adding an element of uncertainty to this scenario.  There are also other economic indicators to take into consideration, like the unemployment rate, for example. 

The cash rate is a crucial tool in the RBA’s monetary policy toolkit, influencing economic borrowing costs. The RBA aims to stimulate economic activity by reducing the cash rate and making borrowing more affordable. 

Prof. Foster: Some analysts are predicting fewer rate hikes in the near future. However, we are still far from reaching RBA’s target cash rate range of 2-3 per cent. There are also signs that the labour market is still very tight – that’s one of the indicators the RBA uses to determine whether it can keep pushing rates up without knocking the economy into a visible downturn. I expect we will see more rate hikes this year. 

How will this influence the housing market in Australia? 

Dr Castex: In the context of the housing market, a lower cash rate often leads to decreased mortgage interest rates – which may attract more home buyers and potentially exert upward pressure on home prices. 

However, it’s important to acknowledge that the relationship between interest rates, inflation, and the housing market is multifaceted. While a lower cash rate may contribute to increased housing demand, other factors such as economic conditions, employment levels, and global events also shape market dynamics. The RBA carefully considers these variables in its decision-making process, aiming to strike a balance that supports overall economic stability. 

Prof. Foster: The steady rise in the price of housing is one of the factors pushing inflation higher in recent years. With the government now bringing in vast numbers of immigrants – especially immigrant students, there is more pressure on the housing component of renting consumers’ baskets than during the COVID era. For people with a mortgage, rising interest rates continue to impact Australians considerably. 

While inflation is declining, is it considered low? And what is considered low? 

Dr Castex: Not yet, the inflation rate has been on a declining trend, but it’s important to note that the current level is still relatively high compared to the RBA’s target range. As of the latest release, the inflation rate is 3.4 per cent. This figure exceeds the RBA’s target range of 2-3 per cent, indicating that inflation remains elevated. 

In assessing whether inflation is considered low, it’s crucial to consider the historical context of the past ten years. While the recent decline is notable, the absolute level of 4.1 per cent is still considerably higher than the upper bound of the RBA’s target. Generally, an inflation rate within the 2-3 per cent range is conducive to price stability and economic growth. The RBA monitors these trends closely to ensure that inflation remains within this target band. 

Prof. Foster: Definitely not. The primary reason we are in this inflationary situation is that the Australian government poured cash into the economy after putting it into suspended animation during the COVID era. Supply chains were disrupted, fiscal stimulus was distributed liberally to households and businesses without the economic activity there to soak it up, and the RBA delayed raising rates. Now, we’re feeling the consequences of all those mistakes. 

How will a low inflation rate impact everyday Australians? 

Dr Castex: A high inflation rate reflects an overall price increase and higher economic uncertainty, and we’ve been observing this trend since 2020. When the inflation rate is high, it can impact everyday Australians in several ways. If our income is not adequately adjusted to match the rising cost of living, it may result in a decline in real consumption. In practical terms, individuals and households may need help to afford the same quantity of goods and services, such as reducing purchasing power for everyday items like apples and bananas. 

Prof. Foster: The RBA has a target 2-3 per cent inflation rate for a reason: it’s the level at which the economy hums along without people having to think too hard about rising prices and what they mean for contracts, weekly budgeting, or anything else, but still while generally feeling upbeat about the economy, and acting accordingly. We need to see a sustained and steady lowering of the inflation rate before the RBA and Australia, more broadly, can adopt a more reassured stance. 

Zeller has launched Tap to Pay on Android, making it the first Australian-born fintech to deploy this new and innovative way to accept contactless payments, with an offering that’s vastly simpler and more affordable than similar products from US entrants. Tap to Pay on Android enables businesses to accept contactless payments directly from their smartphone using the Zeller App, with no additional hardware required.

Since deploying Tap to Pay on iPhone in October 2023, Australian business owners have quickly demonstrated their love for the new way to accept contactless payments. Zeller App — the leading finance app which enables businesses to manage their account, cards, financial reporting, and accept contactless payments — is the top-rated business financial services and banking app in Australia*, when ranked against similar apps offered by Tyro and the big-4 banks.

Australian shoppers have also demonstrated unequivocal support for Tap to Pay, with the average transaction value for payments accepted using Tap to Pay with Zeller App being 108% higher in comparison to in-person payments accepted using Zeller EFTPOS Terminal. Australia is widely regarded as one of the world’s leading early adopter markets for new payments innovation, having deployed EMV chip cards and tap-and-go contactless payments ahead of most other major western markets.

Tap to Pay on Android and IOS with Zeller App has quickly proven to be a valuable addition to Zeller’s growing ecosystem, with businesses demonstrating a variety of valuable use cases for the new solution.

• South Melbourne Seafoods utilised Tap to Pay during the busy Christmas season to accept in-queue payments for order collection, reducing customer wait times.
• Fusspots Antique Emporium in Inglewood, regional Victoria, uses Tap to Pay as a back-up payments solution when wired internet connectivity is unreliable.
• Accommodation and dining destination Hotel Sorrento utilises Tap to Pay throughout the Summer to accept payments from guests as they relax poolside.

Sebastian Fernández Mackenzie, owner of Seb’s Mobile Car Wash in Melbourne, was one of the first Australian businesses to try Tap to Pay with Zeller App. It was a convenient solution to avoid the administrative burden of invoicing, while reducing the need for customers to carry cash.

“Back then I didn’t have my regular clients, I was sending invoices to people I’d just met. I’d have to send reminders, and one person took three days to pay me.” commented Seb. “Now, my clients simply tap their card or mobile wallet to my phone, and the payment is processed instantly. It’s so simple, takes minutes to set up, and I can see every transaction and settlement immediately in my Zeller App.”

“The early adoption we’ve seen for Tap to Pay with Zeller App has been overwhelming. Australian businesses continue to demonstrate their willingness to adopt and try the newest forms of payment innovation, particularly when they can help make getting paid and running their business simpler” said Ben Pfisterer, Zeller CEO and co-founder. “Zeller is proud to become the leading Australian-born fintech deploying Tap to Pay across both iOS and Android. It’s helping get brand new businesses off the ground; supporting those that are mobile, remote or impacted by unreliable connectivity; and giving established businesses another solution to boost their financial success.”

Android smartphone users can now join thousands of Zeller merchants using Tap to Pay by downloading Zeller App, and enabling the feature instantly. For more information and device eligibility, please click here.