Zeller vs Square: Fees, Terminals and Costs (Oct 2026)

Zeller is cheaper for in-person sales: 1.4% on every card including Amex (1.2% through Zeller POS) against Square's 1.6%, with a $99 terminal against $329 for Square Terminal, as at 17 October 2026. Square gives you more for that 0.2 percentage points: an online store, restaurant and retail POS plans, offline payments, Afterpay and free next-day transfers to any bank. Weigh how you sell as well as price.

Standard published pricing, checked 17 October 2026.

The 30-second verdict by business type

Fees side by side

Two details often missed in older comparisons. Square's 1.6% only applies on Reader, Stand and Tap to Pay if you signed up on or after 30 May 2024 or are on a paid plan; earlier sellers pay 1.9% on those devices. And Zeller's 1.2% only applies when the sale goes through Zeller's own POS on a Zeller terminal. Third-party POS integrations pay 1.4%.

Refunds also differ. Square stopped returning its processing fee on full or partial refunds in 2023, so a $100 sale refunded in full still costs you $1.60. Zeller says it charges no fees for refunds or chargebacks. If you refund often, check the effect with our guide to processing fees after a refund.

Terminals and hardware prices

Zeller's $99 price was shown as a reduction from $199 when we checked, so budget for $199 if the offer ends. Square sells hardware outright or on interest-free instalments. Neither rents terminals.

Settlement and banking

Zeller settles terminal takings nightly into the free Zeller Transaction Account. Payments taken before 9pm are available to spend by 1am. You can sweep funds to any other bank at no charge, arriving the following business day. The account comes with a free Zeller Debit Mastercard (0% foreign transaction fee, converted at Mastercard's rate), BPAY, Xero bank feeds and optional corporate cards at $9 a month each. Zeller also offers a savings account; its comparison page quoted 4.95% p.a. as at 21 August 2026, so check the current rate.

Zeller is not a bank. It holds an Australian financial services licence (AFSL 534281) and says savings funds sit in an account with a licensed Australian bank. Zeller states that amounts in the Zeller Savings Account are not protected by the Financial Claims Scheme.

Square doesn't offer a business bank account or debit card in Australia on the pages we checked. Takings are sent automatically to your linked bank the next day free of charge, with a default close of day at midnight Melbourne time. Transfers run on weekends and public holidays if your bank account can receive NPP payments. You can hold funds in your Square balance and transfer manually, or pay 1.95% for an instant transfer (minimum $5, up to $5,000 a day, and $500 a day for some new sellers). Square Loans offers up to $250,000 for a flat fee, repaid from card sales within 18 months.

What this means: if you're happy to use Zeller's account, Zeller gets you usable money overnight, seven days a week. If you keep your main account with another bank, Square's weekend next-day transfers beat Zeller's next-business-day sweep, unless you pay Square's instant fee. For reconciling either, see our settlement bridge.

POS software for hospitality and retail

From each provider's Australian product and pricing pages, checked 17 October 2026. Zeller's page marks several features as coming soon; check what is live before you switch.

For a cafe or takeaway with a straightforward menu, Zeller POS covers the basics at no cost. A restaurant needing table maps, coursing and kitchen screens today will find Square for Restaurants more complete, or can run a dedicated hospitality POS with Zeller's terminal integrated. A retailer with real stock will usually outgrow Square's Free plan and Zeller POS, and should compare Square for Retail Plus with the options in our POS systems comparison. The cafe start-up guide shows where POS sits in the fit-out budget.

What changed after the October 2026 surcharge reforms

Older comparisons, including one written in September 2025, listed surcharging as a feature of both providers: Zeller let you surcharge even on Tap to Pay, and Square offered a weekend-only setting. That no longer applies to card surcharges.

From 1 October 2026, you can't surcharge eftpos, Visa, Mastercard, American Express or UnionPay cards, and PayPal's rule followed on 5 October, according to the Reserve Bank's FAQs. Zeller switched surcharging off automatically on its terminals, Tap to Pay, payment links and invoices, and says its pricing isn't changing. Square's published rates were also unchanged when we checked. Weekend and public holiday surcharges and booking fees are separate from card surcharges and can still be used.

Why it matters: the rate difference is now yours to absorb. On $20,000 a month of in-person sales, Square's 1.6% costs $320 and Zeller's 1.4% costs $280. That $40 a month ($480 a year) used to be recoverable through a surcharge. Lower interchange caps from 1 October don't automatically reach either provider's customers, because both charge flat rates. Work through every payment channel with the surcharge change checklist, and reprice using pricing strategy for small business.

What each costs at three turnover levels

To test your own turnover and card mix, enter both providers' rates in the EFTPOS fee calculator.

Assumptions (illustrative): 90% of card turnover taken in person on a terminal and 10% through emailed invoices paid by Australian cards; average invoice $500; no international cards, refunds, keyed payments or promotions; free software plans; standard rates as at 17 October 2026.

The arithmetic at $20,000 a month:

• In person $18,000: Square $18,000 × 1.6% = $288.00; Zeller $18,000 × 1.4% = $252.00; Zeller POS $18,000 × 1.2% = $216.00.
• Invoices $2,000 (four invoices of $500): Square $2,000 × 2.2% = $44.00; Zeller $2,000 × 1.7% = $34.00 + 4 × $0.25 = $35.00.
• Totals: Square $288 + $44 = $332.00; Zeller $252 + $35 = $287.00; Zeller POS $216 + $35 = $251.00.

At $5,000 the same steps give Square $72.00 + $11.00 and Zeller $63.00 + $8.75 (one invoice). At $50,000 they give Square $720.00 + $110.00 and Zeller $630.00 + $87.50 (ten invoices).

Year one with hardware at $20,000 a month: Square $332 × 12 + $329 Terminal = $4,313. Zeller $287 × 12 + $99 = $3,543. Zeller POS $251 × 12 + $99 = $3,111. Using Square's $65 Reader instead brings Square to $4,049, still $506 more than Zeller.

If you'd pay for a Square Plus plan anyway, add $109 to $129 a month to Square's column, and compare that with the cost of a separate POS subscription on top of Zeller. To test the numbers on your own statement, use the merchant statement worksheet.

Who should pick which

Choose Zeller if:

• most of your card sales are face to face and you want the lowest flat rate without renting a terminal;
• many customers pay with Amex;
• you already run a third-party POS that integrates with Zeller, or Zeller POS covers your menu;
• you want takings available overnight, seven days a week, and you're comfortable using Zeller's account, knowing it isn't covered by the Financial Claims Scheme;
• you refund often, since Zeller says it charges no refund fees.

Choose Square if:

• you sell online as well as in person and want one catalogue and stock count;
• you need restaurant tables, kitchen screens, kiosks, appointments, loyalty or advanced inventory;
• you need to keep trading through internet outages using offline payments, accepting the risk of later declines;
• you take Afterpay at the counter;
• you bank elsewhere and want free next-day transfers on weekends.

Whichever you choose, run a POS trial with your awkward sales, and if switching, export your old POS data first.

Tyro: the third option

Tyro is an Australian ADI that rents terminals and integrates with hundreds of POS systems (Zeller's comparison counted 330+ as at 21 August 2026; Tyro's own FY26 results presentation says more than 580). Its standard rate is 1.3% below $20,000 a month, with rental of $19 (Pro Lite) or $29 (Pro Touch and Pro Key), or $0 on its BYO phone app. Above $20,000 a month it quotes custom pricing. An intro offer of 1% and free rental to 31 March 2027 applies to eligible new merchants over $20,000 a month whose application is approved by 9am Sydney time on 24 November 2026. Tyro advertises no lock-in and no break fees, and same-day settlement into a Tyro account. Tyro Payments Limited is on APRA's list of ADIs covered by the Financial Claims Scheme.

Where Tyro beats Zeller on standard rates: Tyro Pro Lite (1.3% + $19) matches Zeller's 1.4% at $19 ÷ 0.001 = $19,000 a month, and costs less above that. With the $29 Pro Touch, the crossover is $29,000. Tyro never beats Zeller POS at 1.2% on standard rates, because 1.3% plus rent is always higher. Against Square's 1.6%, Tyro Pro Lite is cheaper above $19 ÷ 0.003 = about $6,330 a month.

Tyro's website blocked automated access when we checked, so these figures come from its indexed pricing pages and comparisons dated late September and early October 2026. Confirm them with Tyro. For the wider field, including bank terminals from 0.79%, see our EFTPOS machine comparison.

Key takeaways

• Zeller charges 1.4% in person (1.2% via Zeller POS); Square charges 1.6% for accounts opened from 30 May 2024. Both include Amex at the same rate.
• At $20,000 a month (90% in person, 10% invoices), Square costs $332 a month and Zeller $287, or $251 through Zeller POS, on published October 2026 rates.
• Zeller settles nightly into its free transaction account; Square sends free next-day transfers to any NPP-enabled bank, including weekends.
• Square has the deeper POS: restaurant and retail plans, kitchen displays, kiosks, inventory and an online store. Zeller POS is free but some features are still marked coming soon.
• Neither can surcharge eftpos, Visa, Mastercard or Amex cards since 1 October 2026, so the 0.2-point rate gap now comes straight out of your margin.
• Tyro (1.3% plus $19 to $29 rental) only beats Zeller's 1.4% above about $19,000 to $29,000 a month, and never beats Zeller POS at 1.2% on standard rates.

Where to get help

• Reserve Bank of Australia: surcharging FAQs for the card rules since 1 October 2026.
• ACCC: card surcharges for price display obligations.
• APRA: list of ADIs covered by the Financial Claims Scheme before you hold large balances with a provider.
• Australian Financial Complaints Authority if a complaint to your payment provider isn't resolved.
• Zeller support (24/7 according to Zeller) and Square support (Monday to Friday, 9am to 5pm AEST on the Free plan; 24/7 on Plus plans) for account-specific questions.

Related tasks

See the payments and POS hub for settlement, refund and outage guides.