Quick video guides to Tyro eCommerce
A recent report from the Aite Group reveals that 60 percent of American SMEs consider mobile banking capabilities important or very important when selecting their bank partner. It is clear that mobile is a must, but alone it falls short.
Banks giving SMEs and growth businesses some variation of the consumer mobile bank experience might look — prima vista — cool, but they fall short of the real goal, which is removing all frictions and waste from payments, transactions, deposits and lending, thus improving banking efficiency dramatically.
The nextgen banking requires rethinking. Yes, banking for businesses will need to be mobile, but it needs to be embedded into the business and accounting software enabling fully automated banking processes. The winners in the business banking of the future need to marry deep technology AND banking skills — the Tyro DNA.
Fintech companies are challenged to appreciate and address the complexities of payment processes, risk and liquidity management, funding and capital provisioning. The awesome user experience leads to initial fabulous growth and customer sign-up, followed by sobering complexities and cost in sustaining customer acquisition and containing lending and other losses.
But this reality should in no way discourage the fintech start-up community, because many of those who started or are starting will survive and build the new eco-system of financial and banking services.
Tyro is the only Australian technology company with a general bank licence and 10 years of experience as a regulated entity. That gives us the pole position in building the NextGen bank for SMEs and growth companies. Not only is Tyro EFTPOS Banking totally mobile, but also integrated into the business point-of-sale and accounting software, automating the banking processes end-to-end. Today more than 160 Australian software providers have integrated with Tyro.
Aite found that small businesses feel they lack access to the information and supporting documentation needed to make payments from their mobile devices and they lack support for different authorisation levels, entitlement capabilities and responsibility limits.
Tyro has addressed these challenges with its integration model. The Tyro App provides information, authentication, authorisation and notification. Tap and Go. The data is not entered into the totally unsuitable mobile device. It is extracted from the business and accounting software.
Tyro’s tight integration with the software industry, with providers such as Xero and many POS vendors, makes banking efficient and beautiful. It takes an entire eco-system, many Tyros to disrupt banking as we know it and instead build the nextgen banking, totally mobile and totally integrated.
Xero is a trademark of Xero Limited.