Tyro among NSW elite as Telstra finalist
Australia’s leading independent EFTPOS provider Tyro Payments has been named as one of the finalists of Telstra’s prestigious business awards.
Despite being founded in 2003, Tyro Payments has already surpassed $4 billion in credit and debit card transactions per year. Tyro offers small businesses and consumers a better deal by ‘busting open’ Australia’s credit card and debit card payment structure, operated by the country’s major banks.
Tyro was founded by three Australian engineers, Paul Wood, Peter Haig and Andrew Rothwell. It is now run by ‘bank buster’ Jost Stollmann, one of Europe’s successful entrepreneurs, who previously founded and grew German IT service company, CompuNet into a $1 billion business, before selling it to GE Capital in 1996.
He sailed into Sydney Harbour with his five children and wife after a two year 40,000 nautical mile circumnavigation of the world, and decided to stay.
Tyro seized on the Reserve Bank’s decision in 2003 to open up Australia’s payment system to innovation, technology and competition, and has not looked back.
“The system run by the banks suffers from ageing and unreliable systems and infrastructure, while Tyro is the first new entrant into the EFTPOS business in more than 14 years. It has been a long and difficult process, but we prevailed and have reinvented EFTPOS,” Mr Stollmann said.
The value of Tyro Payments transactions increased by 51 per cent in 2012 compared to 2011 and has risen 145 per cent year on year since 2007, as retailers and customers flock to their innovative payments system. Year on year Tyro’s Merchant Service Revenue (MSF) has grown by more than 40 per cent.
Australians spent a staggering $440 billion on credit, debit and charge card transactions last year; including $208 billion on Visa and MasterCard credit cards, $130 billion on EFTPOS cards, $54 billion on AMEX and Diners Club charge cards and $49 billion on Visa and MasterCard debit cards.
Under its banking licence, Tyro provides credit and debit card payment solutions to retailers, newsagents, pharmacies and restaurants and Medicare claiming and rebating services to medical practices.
Primarily, Tyro focuses on the needs of the under-serviced 350,000-strong small business community.“Our payment solutions are industry firsts. We brought the industry into the 21st century by delivering 100% system availability and 0% data compromise.We introduced transparent pricing and advocate fairness for the small business community,” Mr Stollmann says.
Tyro prides itself on an innovative, fair, transparent, flexible and caring working environment for talented team oriented individuals. “There is not one banker in the business. We think differently and invent solutions the major banks can’t imagine.”
On being named one of the finalists of Telstra Business Awards, Jost is humble. “It is a great reward for a bunch of hard working dedicated people. I am very proud,” he said.
Tyro Payments is a finalist in the ‘Medium Business’ category.