Big four still banking on SMEs not shopping elsewhere, says Zeller founder Ben Pfisterer

The big four banks’ ‘failure to evolve’ business products is a godsend for integrated payments platform Zeller, says founder Ben Pfisterer.

Zeller founder and chief executive Ben Pfisterer.

Small businesses are finally beginning to recognise the big four monopoly isn’t the best option for banking, and that far better offers are available from smaller providers, says Zeller founder Ben ­Pfisterer.

Up to 65 per cent of small businesses do not feel supported by big four banks when it came to transaction accounts and cards, according to research from the integrated payments firm.

Small business customers were turning to other options, Mr Pfisterer said. Zeller had already picked up 35,000 SMEs for its eftpos terminals. 

Zeller was the brainchild of Mr Pfisterer, a former Square managing director and NAB and Visa executive.

He helped bring Square to Australia before parting ways with former Square executive Dominic Yap in January 2020.

“Due to the complete lack of competition in the Australian business banking sector, banks have done little to evolve their offerings in recent years, resulting in business banking failing to keep up with innovation more commonly seen in the consumer banking space,” Mr Pfisterer said.

“There is growing recognition from business owners that they require far better service and products than what is being provided by outdated business banks.”

Mr Pfisterer said he believed the big four had relied on the idea that small businesses would put up with long wait times and a lack of services.

“The big four banks have failed to evolve their business banking products and service models,” he said.

“There’s still an expectation that customers will put up with long wait times to get support, fill out pages and pages of physical paperwork, wait in line at physical branches to access banking solutions that should be readily available online, and use subpar business banking apps to manage their money.”

Zeller also hoped small business owners would stop using their personal accounts and begin to use other services, Mr Pfisterer said.