- Highs: Good rates. No commitment. 24/7 support. Compatible with many POS systems. Same-day payouts with free bank account.
- Lows: Takes up to 2 weeks to receive a terminal. Monthly cost. Poor reviews. Old terminal models.
- Choose if: You want traditional EFTPOS machines with no lock-in and competitive fees.
What is Tyro?
Tyro Payments is one of the largest EFTPOS machine providers in Australia. It offers a range of payment solutions for small and medium-sized businesses in most sectors.
Apart from traditional EFTPOS machines, Tyro offers a bank account, business loans and online payments. Transaction rates are tailored to the merchant and terminal rental fees apply, but the bank account for same-day settlement is free.
What about Tyro alternatives?
Compare best EFTPOS machines for a small business
Countertop card machine
Worldline Yomani is the stationary model.
Mobile card machine
Worldline Yoximo is the mobile terminal model.
The desktop model is a bit big, but the upside is that it feels more secure on a counter. The portable EFTPOS terminal is smaller, deliberately narrow to fit nicely in your hands. They both have a colour display and built-in receipt printer.
The card machines accept chip and PIN and contactless payments from eftpos, Visa, Mastercard, UnionPay. Diners Club, American Express and JCB. Alipay, Apple Pay, Google Pay and Samsung Pay can also be accepted.
With American Express and JCB, if eligible, you can choose Tyro to settle these schemes. If you have an existing agreement with these card schemes, Tyro can deposit your settlements into the bank accounts you have registered with them.
Pricing and payments
Tyro does not require any commitment and mainly just charges a monthly rental cost and transaction fees. It is free to set up an account, and the contract can be cancelled any time without a termination fee. Just note that a cancellation has to be submitted within the timeframe stated in your contract to avoid getting charged for the following month.
| Tyro fees | |
|---|---|
| Setup fee | None |
| Contract | Monthly rolling (no lock-in) |
| EFTPOS rental | Desktop terminal: $29 + GST/month Mobile terminal: $39 + GST/month |
| Terminal delivery | Free |
| Transaction fees | 0.8% – 1.5%* |
| Card-not-present transactions | Additional fee of 0.15% + GST |
| Refunds | Free |
| Chargebacks | Free |
| Monthly minimum charge | No minimum turnover required/no fee |
| Exit fee | None |
*Percentages cover all the transaction costs involved.
| Tyro fees | |
|---|---|
| Setup fee | None |
| Contract | Monthly rolling (no lock-in) |
| EFTPOS rental | Desktop terminal: $29 + GST/month Mobile terminal: $39 + GST/month |
| Terminal delivery | Free |
| Transaction fees | 0.8% – 1.5%* |
| Card-not-present transactions | Additional fee of 0.15% + GST |
| Refunds | Free |
| Chargebacks | Free |
| Monthly minimum charge | No minimum turnover required/no fee |
| Exit fee | None |
*Percentages cover all the transaction costs involved.
The terminal rental costs $29 + GST for the desktop terminal and $39 + GST for the mobile card machine per month.
In terms of transaction fees, there are a few different fee structures to suit a variety of businesses. The website used to state these fixed fees for merchants with a turnover below $20,000 per month:
- Domestic Visa and Mastercard, eftpos and UnionPay: 1.1% + GST
- American Express, JCB and Diners Club: fee to card scheme + 0.1% fee to Tyro
- Foreign cards: additional 0.4% + 0.4% if using DCC
- Alipay: 1.4%
These costs could work well if you prefer predictable costs, but there’s another option: the Cost Plus Pricing (interchange++) structure. This consists of the:
- Cost of processing (card scheme fees + fixed interchange rates)
- Merchant acquiring fee (margin of Tyro)
This is the closest thing you get to paying the true cost of card transactions, which is often the most attractive pricing for a business.
Card scheme fees depend on the type (e.g. debit, credit, corporate) and brand (e.g. Visa, Amex) of card being processed. Together with the interchange rate and Tyro’s margin, you can expect to pay between 0.8% and 1.5% in total per transaction. Certain premium or foreign cards could have higher fees, and American Express may require additional costs for acceptance.
These are some interchange fees for Australian cards of the main card networks:
| Card scheme | Interchange fees* |
|---|---|
| eftpos cards | $0.01-$0.15 |
| Mastercard, Visa debit cards (AUD) | $0.01-$0.20 |
| Mastercard, Visa credit cards (AUD) | 0.18%-0.80% |
*Excluding GST.
| Card scheme |
Interchange fees* |
|---|---|
| eftpos cards | $0.01-$0.15 |
| Mastercard, Visa debit cards (AUD) | $0.01-$0.20 |
| Mastercard, Visa credit cards (AUD) | 0.18%-0.80% |
*Excluding GST.
Keyed-in payments (‘card not present’ transactions) incur an extra rate of 0.15% + GST per transaction. This is actually not bad for keyed transactions which can cost significantly more at other merchant service providers.
Tyro also has a Tap & Save system (least-cost routing) auto-applied to your transactions. This ensures that relevant debit card transactions use the lowest-cost payment network so you get the lowest charges. On average, Tyro Tap & Save customers save 8.5% on their merchant service fees through this feature.
In general, transactions are settled into any Australian business bank account within 1-2 business days, but can be settled the same day, seven days a week, with a Tyro Bank Account. The Tyro bank account has no monthly fees or payout charges.
Sales overview and bank account
There are two ways to get a sales overview of your EFTPOS transactions: the Tyro Portal accessible in a web browser and the Tyro App. You can generate reconciliation reports, cost analysis reports or simply view a list of sales from anywhere you are logged in. Ecommerce transactions may also be included here if using the Tyro Portal.
If you have a Tyro Bank Account, this is also managed through the web portal and app, similar to other banking apps. This can be used as your primary business bank account where EFTPOS funds are settled, then managed through the app. You can transfer money from the Tyro account to other bank accounts or BPAY billers, even initiate payments over Siri on iPhone.
POS integrations
Tyro’s card terminals integrate with over 300 different point of sale (POS) and practice management software systems including Bepoz, Clinic to Cloud, Hike POS, Lightspeed and Vend. The wide range of integrations means that Tyro can fit into almost any kind of business using specialised POS software.
Image: Tyro
Tyro integrates with 300+ POS systems/practice management software platforms.
Why is this important? To save time and human errors, it is better to integrate an EFTPOS machine with your point of sale system (unless you are using the terminal as a standalone solution).
When a POS system is synced with an EFTPOS machine, it automatically communicates transactions to the terminal and records transactions in your sales reports along with details like the type of card that was used. You also avoid having to manually enter totals on the terminal as well as confirm successful payments in the POS software afterwards.
Remote payments
Through the Tyro eCommerce portal in a web browser, you can accept Mail Order and Telephone Order (MOTO) payments. This happens on a virtual terminal page where you enter card and transaction details manually on behalf of the cardholder.
Image: Tyro
Tyro Virtual Terminal in the eCommerce portal.
It is also possible to key in transactions on the Tyro card machines – handy when you’re not near a computer. Other payment options include electronic invoicing, recurring payments and card-on-file transactions.
Access to these remote payments requires that you set it up first. You’ll need to have PCI-DSS compliance in place, which Tyro will help you with, possibly at an additional cost.
It is also possible to integrate with ecommerce, but Tyro isn’t transparent about which online store platforms it works with. You’ll need to inquire about this during onboarding to be sure it works with your preferred setup.
Customer service and reviews
Tyro provides round-the-clock customer support via telephone or email.
Onboarding is not exactly fast, though. Applications typically take about 2-3 business days to process, after which 5-7 business days go by before you receive the EFTPOS terminal. This means it could take two weeks (10 business days) – and that’s if you’ve submitted all the correct documents.
Tyro reviews are a mixed bag. Several customers complain of Tyro’s poor, slow or even lacking customer service, while others are entirely happy with their experience.
Image: Tyro
A Tyro solution can have good rates, but not necessarily a good service.
The biggest issue happened in January 2021 when Tyro EFTPOS machines were out of order for up to five weeks. During this time, the thousands of affected merchants received poor communications from Tyro and inadequate compensation when the businesses’ losses were clear. Some of these businesses are now suing Tyro who only offered rebates on merchant fees rather than compensation for the significant sales losses incurred.
Given the age of the card machines, we are not surprised they may be prone to technical issues. We recommend consulting Tyro about what they have done to prevent a repeat of last January’s technical issues if you’re considering signing up with them.
Verdict
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.
Want modern terminals and no monthly fee? Compare Tyro with Square
