SAVE ON FEES WITH DYNAMIC SURCHARGING
With Dynamic Surcharging 1, you can recover most costs of accepting card payments quickly and easily.
With Dynamic Surcharging 1, you can recover most costs of accepting card payments quickly and easily.
Different payment methods entail different acceptance costs for businesses.
A surcharge is an amount charged to a customer on top of the price of goods and services, and offsets the costs of accepting payments through card transactions.
Enabling surcharging allows you to recover some or most of these costs. Tyro makes it easy to do this through Dynamic Surcharging 1.
Tyro’s Dynamic Surcharging 1 feature automatically calculates and applies the surcharge based on the type of card used by the customer. This speeds up the transaction process and reduces the risk of manual error as your Tyro EFTPOS machine does all the hard work for you.
Manual Surcharging is a more time-consuming method of surcharging where the merchant needs to manually calculate the surcharge applicable to each customer’s bill.
For example, if the surcharge for Card Type A is 1.5%, but Card Type B is 2%, Dynamic Surcharging will automatically add the 1.5% surcharge when a customer uses Card Type A, and change the surcharge to 2% when Card Type B is used, all without the merchant doing anything. With Manual Surcharging, the merchant would need to identify whether the card was Type A or B and manually calculate a surcharge of 1.5% or 2% on the bill.
The cost of transactions can vary depending on the card type or payment methods, and are often not included in the price of goods and services sold. Surcharging allows merchants to offset these costs.
Read our article to find out if surcharging is right for your business.
Surcharging can be set up through the Tyro Portal.
Click on ‘Manage surcharging’ under ‘Common tasks’ in the Tyro Portal
Toggle the option in the top-right to turn surcharging on
Set your surcharge rates and start accepting payments.
The Tyro EFTPOS machine will automatically classify the card type during a transaction by identifying the Bank Identification Number (BIN) of the card.
Tyro’s surcharging feature is available on the Tyro Pro Series, Tyro Go and Tyro BYO machines, as well as CounterTop and Mobile EFTPOS machines.
Surcharging is currently not available on eCommerce transactions processed by Tyro.
For transactions settled by Tyro, the surcharge amounts will not be included in your daily settlement. We will calculate the total surcharges processed during the month and subtract that total from your monthly invoice.
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