As you can see, deciding to use Tyro as your EFTPOS terminal is going to incur a lot of ongoing fees. This includes terminal rental fees and service fees every month. Before adding GST, Tyro EFTPOS terminals will cost you at least $39/month. A hefty price when compared with the one-time payment for Square’s readers.
This is balanced out however, by the much lower transaction fees that Tyro charges. The rates vary between the types of cards being used, and they are in part tailored for the merchant. If your monthly turnover is below $20k, rates start at 1.1% per transaction (depending on the type of card accepted).
Consequently, the fees are a tad under those of Square that charges 1.9% for all card payments through Square Reader (that costs $59 incl. GST) and 1.6% for card payments through Square Terminal ($439 incl. GST) and Square Register ($1,099 with GST).
Tyro also charges less per transaction where details need to be keyed in: a base transaction fee in line with the EFTPOS rates plus an additional 0.15% per transaction.
That being said, Tyro adds a 0.4% fee for transactions with a foreign card plus a further 0.4% if currency conversion was applied.
In the long run, these small percentages could play a big role in determining which will save you more money.