New player enters e-invoicing landscape

Recently, Zeller launched its financial services solutions, including standalone business transaction accounts and debit cards, replacing the functionality of a traditional business bank.

Its online invoice service adds to the stable of products by enabling business owners to send unlimited, free online invoices, automate reminders, attach customer profiles to invoices to track payment and history, and accept payment via Zeller’s new online payment gateway.

Currently, most of Australia’s banks do not provide online invoicing as part of their banking offering, requiring businesses to look for an alternative.

Ben Pfisterer, Zeller co-founder and chief executive said the online invoicing offers a simplified payment processing system that will reduce late payments and saves time, all without any monthly fees or lock-in contracts.

A recent report from Accenture and Xero in 2022 found that 48 per cent of invoices in Australia were paid late, with the average being paid 6.4 days late — costing Australian small businesses $1.1 billion per year.

The Australian Treasury has committed to a review of the Federal Payment Times Reporting Scheme, as this issue continues to cause major issues for small businesses that in some cases rely solely on invoices to maintain their cash flow.

With this issue in mind, thousands of invoices have been sent using Zeller Invoices in the past seven weeks, which are being paid in an industry-leading 1.5 days — significantly shorter than the government’s reported average of 33 days to pay.

In addition, 89 per cent of invoices sent through Zeller are being paid before, on, or one day after their scheduled due date.