Tyro merchants save over $1.5 million on fees in eight months with award-winning Tap & Save
Over 11 million transactions routed since March 2018
Sydney, Australia, 15 November 2018 – Tyro, Australia’s business-only bank, today revealed the initial outcomes of ‘Tap & Save’ since its launch in March this year. Tap & Save is a first-to-market initiative from Tyro offering least-cost routing to Tyro merchants and allowing them to save on their service fees by processing eligible debit tap-and-go payments through the more economical eftpos network.
Tap & Save has delivered substantial savings on card acceptance costs for businesses using Tyro EFTPOS. Since its launch in March this year eligible Tyro merchants have collectively saved over $1,500,000, an average of 8.4%, on their Merchant Service Fees – with these savings increasing month on month, and some Tyro merchants have saved on average around 20-30% on routed transactions. Actual savings for each business have varied depending on their card mix, transaction volume and amount, industry and pricing plan. Since its inception, Tap & Save has seen over 11 million transactions processed through the cheaper eftpos network.
Tyro merchants have been quick to adopt the payment method with nearly 20% of businesses now Tap & Save enabled. The industry with the biggest opt-in to Tap & Save activity has been retail, followed by hospitality, then health and other services. A summary of the savings up to end of October 2018 broken down by industry is:
- Hospitality has saved nearly $750,000 on their service fees
So far pubs and bars have benefitted the most saving on average of nearly 15% and over 10% for fast food and catering
- Retail has saved over $545,000 on their service fees
Savings include nearly 14% for liquor stores, over 10% for pharmacies, over 9% for automotive retail
- Health and other services have saved over $180,000 on their service fees
Iconic Sydney hotel The Oaks was one of the first Tyro merchants to trial Tap & Save from late 2017 and so far, has seen significant savings. Since implementing Tap & Save, The Oaks has seen an average of over $1,000 a month in savings on their service fees. Several other Tyro customers have received impressive savings since the launch of Tap & Save to October 2018 including:
- Cabfare, Tyro’s strategic partner in the transport industry, has saved over $35,000 on their service fees
- Jaycar, a leading electronics retailer, has also saved nearly $35,000 on their service fees
- In the hospitality sector, one bar in Queensland saved over 30% on their service fees, one bar in the Eastern Suburbs saved over 27% on their service fees and a pub in South West Sydney saved over 25% on their service fees
Robbie Cooke, Tyro’s Chief Executive Officer, said, “The success of Tap & Save has gone beyond our initial estimate and close to 20% of our existing customers are already enjoying the benefits of least-cost routing with more customers signing up weekly. We’ve also seen a solid increase in merchant acquisitions since the launch. The micro and small business markets have been quick to embrace least-cost routing. We are delighted to be the first, and so far only, bank that has delivered this cost saving feature to Australian businesses.”
“Tap-and-go is by far the easiest and most convenient way to pay, with more and more Australians tapping away at point-of-sale. Tyro is the first bank to offer merchants the ability to route these transactions through the more economical eftpos network with Tap & Save, which has certainly given our customers an advantage,” Cooke continued.
As the champion for small to medium enterprises (SMEs) in Australia, Tyro is always looking at ways to address their banking needs – Tap & Save is a testament to this and was recently recognised for its success, with Tyro being awarded ‘Best Payment Services Bank’ at the Australian Business Banking Awards 2018 in August. Following the release of Tap & Save, Tyro has also introduced Flexible Settlements allowing Tyro merchants to choose a daily EFTPOS settlement time (after 8pm) to suit their business operations; Tyro was the first Australian bank to integrate with Alipay; and Tyro will develop a one-stop point of sale (POS) and app integration for merchants. These initiatives are in response to real merchant needs, and see Tyro gaining ground with SMEs and winning the approval of customers.
Tyro is an Australian Bank and operates under the supervision of the Australian Prudential Regulation Authority (APRA).
Tyro provides credit, debit and EFTPOS card acquiring, Medicare and private health fund claiming and rebating services, as well as an interest-bearing transaction and deposit account offering integration with Xero cloud accounting. Tyro takes money on deposit and offers unsecured cash-flow based lending to Australian EFTPOS merchants.
Tyro currently serves more than 20,000 businesses with its own in-house, cloud-based mobile core banking platform.
For more information, visit tyro.com.