Tyro has joined the eftpos membership and will soon connect directly to the new eftpos Hub, a centralised real-time payment processing infrastructure.
Since going live in November 2006, Tyro processed eftpos transactions through two major banks. With the direct membership and connection, Tyro will be able to work closely with eftpos to deliver innovative solutions to its merchant community.
Already, Tyro has helped its merchants accept eftpos debit cards and helped eftpos grow the processing volume.
Tyro was the first to offer general and specialist medical practices a seamless solution where patients see Medicare Australia rebates deposited in their bank account in eleven seconds. Today, more than half of Medicare rebates through the debit card system are processed by Tyro.
Tyro was also the first to offer table restaurants an easy solution where patrons can use their eftpos card and PIN to securely pay, split and tip without leaving the table. Even better, the POS won’t be locked down while bills are being settled, so payments are processed quickly and tables turned faster.
Tyro’s approach to payments is to understand the specific needs of a business. Then Tyro embeds its payment solutions into the business software of the merchant. This seamless integration automates the payment, splitting, tipping, claiming and reconciliations process. There are no more data entry errors and no printing of paper vouchers. End of day banking is fast and accurate, and immediate payments dramatically reduce outstanding debt.
Tyro was only the second new eftpos Member to join since the inception of eftpos as a payment system in 2009, following the addition of ING Direct in 2014. Tyro is scheduled to connect to the eftpos Hub in November following others who have already connected including NAB, ANZ, Coles, First Data and Woolworths.
eftpos Managing Director Bruce Mansfield describes eftpos as owned and operated by Australians and an essential and valuable part of the fabric of everyday Australian life. He embraced Tyro and its large small-business merchant base as a welcome addition and a valuable voice at the eftpos table.
eftpos wants to move into new areas such as online and mobile products and services that use the new eftpos payment infrastructure. Tyro is all for these investments as they will give Australian merchant and consumers more payment choices.