The Tyro Blog

18 March 2022 - 5 min read

Case Studies

How Just Cuts Hunter tracked down a payment and banking ‘one stop shop’

How many times have people in lockdowns over the past two years wished they could just have their hair cut? It’s a need that Fletcher Kidd, owner of not just one but eight Just Cuts salons across NSW’s Hunter region, understands well. We asked Fletcher to share insights into owning hair and beauty franchises.

An introduction: from hardware to hair and beauty

Fletcher Kidd came to Just Cuts via another retail franchise. “I managed Mitre 10 stores in Sydney and, with Mitre 10 being a franchise, I knew how the model worked,” he says. “I chose the Just Cuts model because it’s been around for over 30 years and something’s working to make it last.”

That’s a lot of haircuts! Just Cuts was founded to offer quality style haircuts at an affordable price. With key points of difference including fixed prices and no appointment needed, Just Cuts bridges the gap between a traditional barber and a high-end salon.

Fletcher feels fortunate to be in the position as owner of eight Just Cuts salons. “I think everybody wants to be their own boss, but not everyone gets to do it,” he says.

First stop: cash or card?

Essential for a business like Just Cuts, which Fletcher says is 90 percent cashless, is getting paid and giving clients the options they demand. “It’s important we don’t turn clients away,” he says.

Fletcher now has Tyro EFTPOS operating across his eight salons. “Tyro’s integration with the Just Cuts point of sale system has allowed my business to minimise manual entry,” he says. “That minimises the risk of user error.”

Tyro EFTPOS features, says Fletcher, are “advantageous to the hair and beauty industry. For example, the 3G/4G backup has helped our business,” he says. “There’s been numerous times such as when an internet service provider’s gone down, we’ve still been able to use tap and pay.”

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Behind the scenes: surcharges and cash flow

Another Tyro feature that Fletcher is benefitting from is Dynamic Surcharging, an EFTPOS feature that allows you to apply a surcharge to most customer card transactions1.  

“We found the feature and activation very simple,” says Fletcher of his ability to recover most card payment costs easily after deciding to switch on Dynamic Surcharging a few months ago.

“It’s very easy to update,” he adds, referring to being able to configure your surcharges in your Tyro Portal. “It’s helped us recoup some of our fees across our eight locations.”

Additionally, with the built-in Cost of Acceptance calculator, it helps us to understand how much we are allowed to surcharge our customers – so it gives us peace of mind when it comes to Reserve Bank regulations.

Fletcher also notes that Tyro’s same-day settlements2 to his Tyro Bank Account has made a positive change to his cash flow management. So much so that it allows him to now pay his wages weekly.

“The Tyro App allows for same-day settlements into your Tyro Bank Account,” he says. “This allows you to use that money for bills and staff instead of waiting two days.”

Under the cape: challenges and business lending

Now that the challenges of Covid-19 are subsiding, many owners are focusing on the core of their business and taking time to review and improve their business systems.

In the world of hair and beauty, which relies on a high-turnover and loyal clients, balancing demands for expenditure is not always easy. “A lot of the equipment for hair and beauty is quite expensive,” says Fletcher. Which is where a business loan like Tyro’s can help.

“A Tyro Business Loan3 can help inject some cash flow into the business to help with salon improvements, a partial refurbishment or additional stock,” Fletcher says. “That’s a real benefit in hair and beauty, as it could mean the difference between extra foot traffic or not.”

Fletcher found the process with applying for and managing a Tyro Business Loan to be smooth. “I was told by previous owners how beneficial a Tyro Business Loan is,” he says. “I’ve found it very simple to activate and see what you’re going to be paying.”

He appreciates the Tyro model of repayment. “The advantage of a Tyro Business Loan is that it takes a small percentage of your takings,” Fletcher explains. “So, if you’re having a quiet period, it’s taking a smaller portion.”

Before you go: some final words…

“Owning a business, you need to delve into the numbers,” he says, adding that the Tyro App helps with this on a daily basis.

When he moved from one to eight salons, Fletcher did not hesitate to turn to Tyro. “I immediately switched them over,” he says. “It was a simple process, just contacting our account manager and all the equipment was shipped, ready for the changeover and ready to go.”

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1 Dynamic Surcharging is available for Mastercard, Visa, eftpos, UnionPay, American Express, JCB, and Diners Club on CounterTop EFTPOS and Mobile EFTPOS machines, and excludes eCommerce transactions.

2 Same day settlements are only available where settlement funds are deposited into a Tyro Bank Account. Available settlement times are from 8pm to 5am. Applies to Tyro settled funds only (including American Express and JCB with Tyro Direct Settlement agreement) – excludes Alipay, HealthPoint and funds settled directly by Afterpay, American Express, JCB, and Diners Club.

3 Subject to meeting Tyro’s terms and conditions. A personal guarantee is required and loan repayments are subject to minimum repayments. Other conditions may apply.