The Tyro Blog

20 April 2022 - 5 min read

Product Features

Meet your ideal business companion: The Tyro Bank Account

tyro bank account

Every business needs a good cashflow hub.

Designed to complement Tyro EFTPOS and eCommerce, the fee-free Tyro Bank Account is a comprehensive cashflow option that allows you to secure all your settlements in the one place. It can also be configured to automatically transfer a percentage of your daily earnings to an external linked bank account, for seamless cashflow management—making running your business easier.

Packed full of features to strengthen and streamline your payments needs, including on-the-go insights and just-in-time reminders, the Tyro Bank Account can reduce time spent on admin so you can get back to what you do best.

This article covers the four key features of the Tyro Bank Account, so you can understand its benefits (and how it can work for your business).

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Tyro Bank Account


Key features of the Tyro Bank Account

Flexible settlements

How does 7-day settlements sound? The Tyro Bank Account puts flexibility at the forefront, so you can receive your Tyro EFTPOS settlement funds every day of the week at a time that suits you (between 8pm and 5am), including weekends and public holidays, which means no more lengthy settlement delays. Additionally, you can set up your settlements to automatically transfer a percentage of your daily earnings to an external linked bank account allowing you to save time from financial admin.

Keep in mind that this only applies to Tyro settled funds and excludes Alipay, HealthPoint and funds settled directly by Afterpay, American Express, JCB and Diners Club.

Unlock Xero integration

Does your business Xero accounting software? By opening a Tyro Bank Account, you can link the two together and enjoy the satisfaction of 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. This can all be approved in the Tyro App with the click of a button, which eliminates double entry of your payments and payroll, and saves you time that can be better spent elsewhere.

Earn interest without moving your funds

Another great feature of the Tyro Bank Account is its interest-bearing capabilities, that allow your funds to flourish while they stay put in your account.

All about opportunity and flexibility, you can earn more the longer you leave your funds, while still having the freedom to access them when you want. The competitive variable interest rates are calculated daily and paid monthly, so you can enjoy extra cash every month.

Your ticket to the Tyro Business Loan

Having a Tyro Bank Account means you can easily apply for a  Tyro Business Loan1 (subject to eligibility criteria) via the Tyro App. The Tyro Business loan allows you to borrow unsecured amounts of up to $350,000. This lump sum can help kick your business goals into gear—whether that’s expanding your offering, financing new inventory, or just keeping things afloat during quiet periods.

Why many customers choose to borrow from Tyro:

  • Simple: No collateral is needed to apply for your loan; all we ask for is a personal guarantee
  • Speedy: Once you apply, accept your loan and provide a personal guarantee in the Tyro App, funds are deposited into your Tyro Bank Account, fast (we’re talking in less than 60 seconds). If you have a linked bank account, funds will be deposited within just a few business days
  • Straight-forward: You’ll only pay one simple fee over the lifetime of your loan, with no hidden charges
  • Smart: Designed to give you flexibility to repay as you trade, you pay less on slower days and a little more when sales are strong (subject to minimum repayments). Automatic repayments are made by nominating a percentage of your daily EFTPOS or eCommerce sales

Grow your savings with Tyro Business Term Deposit

Want to build up your savings? Having a Tyro Bank Account also gives you exclusive access to  the Tyro Business Term Deposit. With a Tyro Business Term Deposit you can lock away as little as $1000 with competitive fixed interest rates for 30, 60, or 90 days. By locking in a competitive fixed interest rate, you can guarantee your return and protect against downward movements in interest rates.

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 another.

Conclusion

Having a Tyro Bank Account opens up many business opportunities. If you want to secure your settlements in one place, while having access to a great bunch of cashflow features, the Tyro Bank Account awaits.

Want to make the Tyro Bank Account your new business companion? Get in touch and we can set you up!

1 Tyro loans are subject to Tyro’s eligibility and credit criteria. A personal guarantee is required. Other conditions may apply.

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