10 considerations before opening a cafe
There’s no getting around the fact that money makes a business go round. No matter what you offer or how big your business is, money is what you put in and what you get out, so it’s important to make it count.
Here at Tyro, we’re dedicated to helping small businesses make the most of their hard-earned cash. This article covers the products we’ve got going that are designed to enhance and optimise our customers’ business cash flow. Dig in to the details below to discover how they could help your business.
Tyro Bank Account
First up we’ve got the Tyro Bank Account. Designed to complement Tyro EFTPOS and eCommerce, this fee-free bank account allows you to secure all your settlements in the one place – making it an ideal companion for seamless business cash-flow management.
Here are the key features of the Tyro Bank Account that you should know about:
With the Tyro Bank Account, you can receive your Tyro EFTPOS settlement funds 7 days a week (between 8pm and 5am). This includes public holidays, which means you can say goodbye to lengthy settlement delays due to multi-bank handling.
Additionally, you can set up your settlements to automatically transfer a percentage of your daily earnings to an external linked bank account1. This reduces the time you spend on financial admin, allowing you to get back to what you do best.
Bear in mind that flexible settlement only applies to Tyro settled funds and excludes Alipay, HealthPoint and funds settled directly by Afterpay, American Express, JCB and Diners Club2.
Does your business use Xero accounting software? Good news! You can link it with the Tyro Bank Account for seamless reconciliation.
With Xero integration, you’ll be able to schedule batch payments in Xero, including BPAY® and bank transfers, as well as your Xero payroll. Setting up this automation has many benefits including eliminating double entry of your payments and payroll and saving you (precious) time. The best part? Payments from Xero can all be approved with the click of a button in the Tyro App.
Keen to make your money grow? Thanks to its interest-bearing capabilities, the Tyro Bank Account allows you to do just that. All about opportunity and flexibility, you can earn more the longer you leave your funds in your account, while still being able to access them when you want. The competitive variable interest rates are calculated daily and paid monthly, so you can start each month with some extra cash.
Additionally, by enabling the Tyro Bank Account in the Tyro App, you’ll have a suite of handy sweet features to help you bank better. This includes:
- reminders that will let you know when funds are low, so you can go ahead and reschedule bill payments
- making payments using Apple’s smartphone assistant, Siri (fun fact: Tyro was the first in Australia to allow these kinds of payments4)
- automatically receiving a notification if a new payee is included in a payroll batch
- setting up recurring payments so you have less on your to-do list
Tyro Business Term Deposit
The other (and equally valuable) product we offer to help boost business cash flow is the Tyro Business Term Deposit.
Only accessible with a Tyro Bank Account, the term deposit lets you lock away $1000 to $100,000 with competitive fixed interest rates for 30, 60, or 90 days to make it multiply. When the maturity date rolls around, the principal and interest are paid directly into your Tyro Bank Account so you can reap the rewards of your term deposit or re-invest in another6.
Your money is protected with the extra security of the Australian Financial Claims Scheme, so you can rest assured that it’s safe and secure5.
Running a small business isn’t easy, and the last thing you want is to see your money go to waste. When considering your business cash flow needs, it’s important to understand what tools are available to best support your needs.
1 For Flexible Settlement Allocation, depending on your banking provider it may take up to 3 business days to receive funds into your linked account.
2 Settlements are received daily for Tyro settled funds (including American Express and JCB with Tyro Direct Settlement agreement).
3 Interest rates are variable and subject to change. For other interest rates and interest rate tiers, refer tyro.com/rates.
4 Tyro allowed payments to be made from its business bank account using Apple’s smartphone assistant, Siri on 20 February 2017.
6 To withdraw your funds early, you will need to give us at least 31 days’ notice. At the end of the notice period, we will return your funds to you and your interest will be reduced. If you think you may need to access your funds before the maturity date, it may be more suitable for you to keep your funds in your interest earning Tyro Bank Account.
® Registered to BPAY Pty Ltd ABN 69 079 137 518
Xero is a trademark of Xero Limited.
Siri a trademark of Apple Inc., registered in the U.S. and other countries.