Fair Business Practices
Ever wondered why debit card holders push the “credit” button on the terminal, even though they are paying with a “debit” card? Or why merchants are charged at the credit card percentage rate when processing scheme debit card transactions?
With approximately 30% of Visa and Mastercard cards issued being scheme debit cards, there are potentially a lot of transactions where the merchant is being overcharged.
At Tyro we correctly identify scheme debit transactions (even if the card holder presses the “credit” button) and only charge a low flat-rate fee regardless of the transaction value.
For instance, if a merchant has a 1% service fee on card transactions, he will be charged $5 to process a $500 sale. With Tyro the same transaction will cost only 50 cents. Imagine the savings!
Transparent Business Practices
Tyro is the only institution to offer merchants real-time online reporting of card based transactions, broken down by terminal. The day’s transactions can be downloaded into a spreadsheet or imported into the merchant’s business management system.
Tyro breaks down all transaction types into 7 clearly identified categories. Tyro then clearly shows the card interchange scheme fee and the total merchant service fee. This unique level of fee transparency allows better management of expenses by avoiding or limiting the higher cost transactions.
At Tyro we call this transparent way of pricing our service “Interchange Plus”. Only a handful of the largest retailers in Australia enjoy these terms. Tyro is the only institution making them available to all its customers.
A key benefit of “Interchange Plus” is that as the regulated interchange fee cap falls, so does the cost of transactions.