6 ways Tyro can make running your business easier
Time is precious when running a business, that’s why we use technology to bring improvements for both front and back-end operations to save you time and money.
From EFTPOS features, to straightforward loans and interest bearing deposit accounts, here are six solutions that can save you valuable time and make running your business a lot smoother:
1. The Tyro App
Tyro ”The bank born for Business”, purpose is to serve Australian businesses, so we’ve developed a mobile App for simple, ‘on the go’ access to business financials. As it’s built specifically for Small and Medium Businesses, the Tyro App helps you make better decisions using real time insights from your EFTPOS takings, lets you manage your banking and allows you to quickly accept a loan offer, all at your fingertips.
The Tyro App allows you to:
Track your EFTPOS data to identify trends and gain insights
- View hourly transaction data for each of your locations and track your EFTPOS takings over the last 7 days
- View the details for each of your transactions
- View your daily unsettled EFTPOS takings
- Setup same day settlements1
- Order terminal paper
Manage your Tyro Bank Account
Access your EFTPOS settlements the same day, with an interest earning, fee-free bank account.
More info below
- View transaction history split by incoming and outgoing
- Connect to Xero to automate payroll, bill payments and streamline reconciliation
- Pay anyone with BPAY®, or BSB and account number
- Setup recurring payments
- View interest earned on funds
- Approve batch payments
- Download statements
- Setup account alerts
Access unsecured loan offers
Tyro provides unsecured business loan offers3 , based off your EFTPOS transaction data. More info below
- View, customise, and accept loan offers available to you
- Calculate loan fees and repayment options
- Manage active loans and see pay down forecast
- Make one time loan payments
- Download past loan statements
2. Tyro Bank Account
The fee-free Tyro Bank Account earns interest on funds in your account from day one and, with a tiered bonus interest rate structure, you earn more the longer you leave your funds in the account. You also have peace of mind knowing your money is protected by the Australian Government Guarantee Scheme which applies to all Authorised Deposit-taking Institutions including banks like Tyro.
To manage your business and cash flow, we’ve introduced Flexible Same-Day Settlement, where you can receive your EFTPOS settled funds into your Tyro Bank Account at any time between 8.00pm to 5.00am Sydney time, seven days a week – even on public holidays!
The account is fee free, meaning you pay no batching fees, no monthly account keeping fees, no dishonour fees, no ABA upload fees or transaction fees. Plus, your Tyro Bank Account integrates seamlessly with Xero accounting software, to streamline end of day reconciliation, set up quick and easy batch payments, and it’s perfect to process payrolls.
To find out more about the Tyro Bank Account click here
3. Unsecured Business Loans
Tyro understands the ups and downs of running a business – including times when you need to access funds quickly to cover a cash flow gap or seize a growth opportunity.
Tyro’s straightforward loan is different to a traditional loan:
- Tyro assesses your EFTPOS transaction history to determine if you are eligible for a loan and notifies you of an offer in the Tyro App, saving you time as there is no need to apply or fill out paperwork.
- You could borrow up to 10% of your annual card turnover, to a maximum of $50,000 for an initial loan and up to $120,000 for subsequent loans3.
- Funds are deposited to your Tyro Bank Account within 60 seconds, once you accept the offer and provide a personal guarantee.
- Loan offers are customisable; you nominate a percentage of your daily EFTPOS takings that are automatically put towards loan repayments. Meaning if your business has a slow day, loan repayments are kept in line with daily EFTPOS takings (subject to minimum repayments).
To find out more about the Tyro loan click here
4. Terminal integration (and partners)
For seamless terminal integration, we partner with over 260 point of sale (POS) providers, as well as accounting software, like Xero, to help you streamline your workflows and gain valuable insights.
An intuitive POS can take your business to the next level of efficiency and professionalism. Reduce keying errors, reap the benefits of automation and more accurate reporting, increase transaction speed and reduce payment time for your customers. Plus reduce time spent on end of day reconciliation.
Another way Tyro innovates to serve Australian businesses can be seen in the partnership with Alipay. Being the first Bank to offer this to merchants, you gain an all-in-one EFTPOS solution providing access to the rapidly expanding Chinese visitor market.
5. EFTPOS Features built specifically for certain industries
Every industry has different needs and requirements to offer their customers the best experience possible. This is why Tyro has developed EFTPOS features specifically for the industries we serve.
In the competitive and fast-paced hospitality industry, customers love being able to pay at their table, split bills amongst the group and have an option to set up a bar tab. Providing payment options your customers want and expect, enhances their experience with your businesses. This makes customers return time and again.
Customers often want to leave a tip if they’ve had a good experience and your EFTPOS terminal can handle this for you. With the percentage-based tipping feature, customers select the percentage of their bill to tip, which is all managed on the terminal screen. Research has shown that tips received using this feature have increased by up to 20% when compared to tips received in dollar value.
For busy managers, the special “retail” mode allows different staff members to login to process payments helping you to stay on top of your staff’s individual sales, giving you greater insights into your business.
As Christmas is only around the corner, and with many international visitors coming to Australia for summer, your EFTPOS terminals can help make the most of these shoppers. You can provide a great, convenient and transparent payment experience for them by enabling Dynamic Currency Conversion. This gives your customers the choice of paying in Australian dollars or in their home currency and does all the calculations for you.
If you are in the Health industry, your EFTPOS terminal can help streamline payments for your patients, giving them the option to claim Medicare payments back, as well as process bulk bill payments straight from Medicare. This is all done with Tyro Easyclaim5. This gives patients a hassle free payment experience as your Tyro terminal processes rebates and puts funds back in patients account within 30 seconds.
Adding to this, you can connect to Tyro’s Healthpoint5 feature that integrates with health funds, allowing patients to claim health fund rebates at time of payment.
6. We’re here when you need us
Time is valuable when running your business, and if something goes wrong, you need a quick resolution, Tyro’s Australia-based customer support team is available 24 hours a day, 7 days a week, to help you resolve any terminal issue to your keep business running and get you back to what you do best. Simply call us on 1300 966 639 to get in touch.
1 Same day settlements are only available where settlement funds are deposited into the Tyro Bank Account. Applies to Tyro settled funds only (including American Express with Tyro Direct Settlement agreement) – excludes HealthPoint and funds settled directly by Afterpay, American Express, JCB and Diners Club.
2 1.75% p.a. payable for funds held in the Tyro Bank Account for longer than 90 days. Interest is calculated daily and paid monthly. Interest rates are variable and subject to change.
3 Tyro loans are subject to Tyro’s eligibility and credit criteria and requires settlement funds to be deposited into the customer’s Tyro Bank Account.
4 Increase in the average tip amount by 20% is based on 2 weeks before and approximately 2 weeks after Percentage Tipping was enabled from November 2017 to January 2018 at 5 Hospitality merchants that introduced Percentage Tipping.
5 Medicare Easyclaim and HealthPoint are only available where the POS/PMS supports the integration. You should make your own enquiries in regards to this.
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