Tyro EFTPOS machine

Quick verdict

What types of payment machines does Tyro have?

Tyro has two types of EFTPOS machines:

• CounterTop EFTPOS: This robust machine is suited for countertop transactions and comes with ethernet connectivity and 3G backup. This machine can accept contactless payments, has a hi-res colour display, integrated printer, backlit keyboard, integrates with over 300 POS/PMS solutions, and connects to multiple tills and POS/PMS lanes.
• Mobile EFTPOS: If you need to take payments on the go or around your venue, this machine may be more suitable. It's a smaller portable machine with WiFi connectivity and 4G backup, and has a long-life rechargeable replaceable battery. It accepts contactless payments, connects to multiple tills and POS/PMS lanes, can integrate with over 300 POS/PMS solutions, has an integrated printer, and hi-res colour display.

Features of Tyro

• Fast payment processing. Payments are processed in less than 1.5 seconds (average time for card-present payment authorisation).
• Payment options. Your customers will have a choice of payment options including Visa, Mastercard, eftpos, American Express, JCB, UnionPay, Alipay, Diners Club and digital wallets Apple Pay, Google Pay and Samsung Pay. All EFTPOS devices can accept contactless, chip or magstripe.
• Least-cost routing available via Tyro Tap & Save. Tyro offers least-cost routing functionality to businesses via its Tap & Save technology, and was the first payments provider to offer least-cost routing in the Australian market. This feature, once enabled, reroutes contactless debit card transactions less than $1,000 to the cheapest network. Tyro Tap & Save customers save, as an average, 8.5% on Merchant Service Fees for eligible contactless debit card transactions (calculated as an average over the period December 2017 to June 2020). Cost savings are not guaranteed and vary for each business depending on their card mix transaction volume and amount, industry and pricing plan. Tap&Save is not available on Special Offer pricing which includes some flat fee simple pricing offers.
• No lock-in contract. There is no lock-in contract for Tyro's EFTPOS.
• Option to use your current bank account. You're able to settle into your current business bank account if you prefer. Or, Tyro has its own fee-free bank account that allows you to get your EFTPOS and eCommerce funds paid every day at a time of your choosing (from 8am-5pm) if you settle into your Tyro Bank Account (excludes HealthPoint, Alipay and funds settled directly by Afterpay, American Express, JCB, and Diners Club).
• Customised solutions. Tyro offers customised solutions for businesses in the health, hospitality, accommodation, services and retail sectors with Pay@Table, SplitBills, BarTab, Medicare Easyclaim (subject to your POS/PMS supporting the integration), Dynamic Surcharging, and much more.
• Reporting. In the Tyro Portal, you can get insights on your business takings, download reports, set surcharge rates, track past transactions, view invoices and take advantage of the powerful search functionality for individual transactions. With the Tyro App you can see your real-time takings of one or many of your different businesses, and review your transactions.
• Integrated with Xero. By linking your Xero software to your Tyro Bank Account you get access to integrated bank feeds providing seamless reconciliation and payroll/invoice payments.
• Australia-based support. Aussie business owners will be happy to know Tyro offers 7 days customer support. So when your business needs some help, you'll be connected with one of their skilled support representatives in Australia to assist you.

How much does Tyro EFTPOS cost?

There are no setup fees, but Tyro charges for EFTPOS machine hire cost and card processing fees.

• Merchant services fee: 1.4% if monthly transaction value is less than $20,000. If transaction value is more than $20,000 per month, pricing is customised based on industry, transaction history and size.
• Terminal rental fee: $29 a month (no lock-in contracts).

Receiving a quote is free with Tyro, and one of their EFTPOS specialists can talk you through the multiple pricing models offered and the benefits of each for you and your business.

What other products does Tyro offer?

• Business lending. If you're a Tyro EFTPOS and/or eCommerce customer you can apply for an unsecured business loan up to $120,000 (up to $100,000 for your first loan). Your repayments are taken from a percentage of your cash flow and you will be charged a flat fee payable over the life of the loan. A personal guarantee is required and minimum loan repayments are required. Approval is subject to meeting Tyro's terms and conditions.
• Business bank account. With interest and no fees, business banking never looked so good. The account can integrate with Xero and allows you to earn interest. You're also able to get your EFTPOS and eCommerce funds paid every day at a time of your choosing (available times are from 8pm until 5am) when you settle into your Tyro Bank Account (excludes HealthPoint, Alipay and funds settled directly by Afterpay, American Express, JCB, and Diners Club).