For early-stage founders and startup entrepreneurs, choosing the right financial products for your business is a pivotal decision. While traditional banks were once the go-to choice, fintech products are consistently bringing something new and dynamic to the table.
Offering comprehensive, cost- and time-efficient solutions, these newer app-driven products are making the most of technological advances, allowing businesses to add to their financial product suite for low– or no–fee, in seconds.
Joshua McNicol, Director of Growth at Zeller, says this is ideal for early-stage startups that have yet to build a trading history and have no idea what their cash flow is going to look like.
Startups are all about moving with your business’s growing needs
“When you’re first starting up a business, you’ll likely be looking for the basics – somewhere you can easily accept payments and access your money for business expenses,” McNicol says.
With the uncertainty that comes with starting up a business, he notes startups are also looking for financial products that don’t have lock-in contracts or fees for each product.
But as your business grows and your needs adapt, so too will your banking and financial requirements.
While traditional banks generally require new applications for each product, often involving in-person visits or lengthy wait times, tech-driven products can deliver in seconds.
“The full range of Zeller’s features are available as soon as you set up – which takes minutes to do. You can set up zero-cost business transaction accounts, issue unlimited [free] debit cards with the click of a button, and gain access to a full reporting suite to track all of your business finances in one app.”
This platform, available in the Zeller app, enables businesses to view financial reports through an iOS or Android device and the platform can be used to turn your phone into a contactless payment terminal or send invoices.
Fintechs are also bringing new tech to traditional POS systems. The new Zeller Terminal 2, for example, includes a free, built-in point-of-sale app that enables businesses to create items, discounts, modifiers and variants, track inventory, send itemised receipts, and manage sales operations directly from the terminal.
Zeller Terminal 2 and Zeller POS Lite
Harness your business’s financial data to maximise your growth
Unlike traditional financial solutions, which often require businesses to shop around for different banking products, digital-driven solutions can offer businesses a comprehensive suite of financial services at no additional cost. Opting for a one-stop solution opens up a range of benefits to startups and established businesses alike.
“This means businesses no longer have to piece together a patchwork of financial products from the incumbent banks and other providers to shape a solution that meets the needs of their business,” McNicol says.
Beyond the inconvenience of shopping around, having accounts with multiple financial institutions can create data silos, meaning your business’s financial data can’t be harnessed to its full potential – or as seamlessly.
Conversely, managing everything in one connected system means business owners can tap into rich data – and see their full financial health with the click of a button on their phone.
“You can see daily, weekly and monthly financial comparisons clearly and concisely,” explains McNicol.
It also provides a new level of detailed insight into your business.
“The Zeller Dashboard allows you to chart things like your busiest periods or best – and slowest – selling products or services with hard numbers,” he explains.
This can impact all kinds of business decisions, from rostering to tweaking product offerings.
“The failure rate is the highest in the first twelve months as a startup, and so much is an unknown – you are creating your trading and financial history.
“Our financial tools help you stay constantly aware of your business’s financial health. This is not just important for startups -any business benefits from using financial analytics.”
You can learn more about Zeller for startups and sign up for free to order the Zeller Terminal 2 exclusively at myzeller.com.
This article is brought to you by Startup Daily and Zeller.
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