The main benefits of Tyro are perhaps the reasonable card rates and lack of lock-in mixed with a free bank account for same-day settlement. You’d have to stomach the monthly rental cost, though, which is not low considering the fact you can buy inexpensive card machines with fair rates elsewhere.
Compared to the big Australian banks, however, Tyro is in many cases a better deal for small to medium businesses. Should you need a business loan, Tyro might even be able to offer you one.
We have, however, seen bad reactions from merchants in light of the technical issues experienced in the beginning of 2021. Part of the problem could be the EFTPOS machines that we think are due an upgrade, where most other payment providers have got newer machines equipped with the latest software.
It is unclear whether Tyro is able to connect with an online store, which is odd given the importance of ecommerce during the pandemic. That being said, the many POS systems that work the Tyro terminals make it suitable for a lot of different businesses within hospitality, retail, service and more.
Best for: Small and medium businesses that prefer a well-known EFTPOS provider with a traditional offering.