What are Tyro’s Merchant Service Fees?
Tyro has a very simple Merchant Service Fee structure. Fees usually consider your current or expected annual card turnover and card mix. Joining Tyro comes with no hidden surprises and our Sales team will walk you through all the details and the various pricing structures that suit your business best. There is no set-up fee, no lock-in contract, and there are no cancellation fees.
What is integrated EFTPOS?
Integrated EFTPOS allows your POS/PMS system to communicate directly with your EFTPOS machine via broadband or WiFi. There is no need for complex third-party software to enable integration with Tyro; all you need is a POS/PMS system and a Tyro EFTPOS machine.
We work closely with all major POS/PMS software vendors to provide a seamlessly integrated payment, reporting and reconciliation solution. Search for your POS vendor here.
Is Tyro a bank?
Yes, Tyro is an Australian Deposit-taking Institution (ADI) that holds an authority to carry on banking business in Australia.
As an ADI, depositor funds are protected under the Financial Claims Scheme (FCS), which guarantees repayment of depositor funds up to $250,000 per account holder at an ADI in the unlikely event of their insolvency.
More information on the FCS is available on the FCS website –fcs.gov.au.
How do I get started with Tyro EFTPOS?
Joining Tyro is easy and you can have your EFTPOS machine usually within seven to ten business days after your application has been completed. Simply give us a call on 02 8907 1700 Mon-Fri 8.30am to 5pm (Sydney time) and we will walk you through a simple application form.
Once your application is completed, it can be as quick as two to three business days for approval (if we have received all the required information) and a further five to seven business days for your EFTPOS machine to be configured and delivered.
Does Tyro accept all payment types?
We accept all major debit and credit card types, including Visa, Mastercard, eftpos, American Express, Diners Club, JCB, and UnionPay. Another payment method we accept is Alipay. Additionally, our EFTPOS machines accept digital wallets like Apple Pay, Google Pay, and Samsung Pay as long as an accepted card type is loaded onto the wallet.
For American Express and JCB, if eligible, you can choose Tyro to settle these schemes. Otherwise, simply provide us with your existing American Express merchant number and your settlements will deposit into the bank accounts you have registered with them. For more information on our direct settlement option for American Express and JCB, please call our Customer Support team on 1300 966 639.
For Diners Club, simply provide us with your existing merchant number and we will continue to settle into the bank account you have registered with them.
Do I need to change banks?
When you choose Tyro as your EFTPOS provider, your funds will settle into your Tyro Bank Account. There are benefits with settling your funds into the Tyro Bank Account such as having access to your funds the same day, at a time of your choosing (from 8pm), and earning interest on your funds. You can simply setup recurring transfers to your accounts with other banks to suit your cash flow needs. However, if you prefer, your settlement funds can automatically sweep into your Linked Account in the same name, which can be with any Australian bank account.
What is Tap & Save?
Tap & Save is Tyro’s version of ‘least-cost routing’, otherwise known as ‘lowest-cost routing’, ‘low-cost routing’, ‘merchant routing’ or ‘smart routing’. It is when eligible Tap & Go debit card transactions process through the debit network that costs the least to provide you with a lower acquiring cost.
Will I incur a break fee from my current EFTPOS provider?
If you cancel your contract with your current EFTPOS provider within the term of the contract, they may charge you a break fee. Talk to our Sales team about ways we can help you offset your break fees.
What supporting documentation do I need to provide with my application form?
Primarily you will need clear representations of your identification documents (for example: copy of driver’s licence; passport) for each signatory.
Depending on the entity type of the business, we may require additional documentation to identify other beneficial owners, Trustee(s) or authorised signatories.
If an Australian Company, we will need to understand who the beneficial owners are, which may involve a copy of your Share Registry/Registry of Member.
If a Trust, we will need signed copies of the Trust Deed(s) to establish the Trustee(s), beneficial owners and/or appointor(s) of trust as applicable.
If a Partnership, we may need a signed copy of the full Partnership Agreement to determine the partners.
If additional identifications are required, we will need clear representations of their identities as well.
Additionally, as a Tyro Banking customer, you will receive a Tyro Bank Account with your EFTPOS services. The Tyro Bank Account is a fee-free, interest-bearing transaction account that forms part of your Tyro EFTPOS Banking product which enables you to enjoy same day settlement at a time you choose (from 8pm), integration with Xero for invoice and payroll batch payments, real-time reporting for your EFTPOS businesses, and access to our unsecured business loan (subject to eligibility) – all using the Tyro App on your mobile.
We will need you to provide us with details of an account you have with another Australian ADI which must be in the same name of the entity applying. This account will be referred to as your Linked Account. We will require a bank statement for your Linked Account so we can confirm the account name, or your welcome letter if a newly opened account.
How flexible is my contract with Tyro?
At Tyro, we have no lock-in contract, no set-up fees, no cancellation fees and no break or exit fees. All you pay is your merchant services fees and EFTPOS machine rental. This means you can test Tyro’s solution and make sure it works for your business.
Can any business apply to use Tyro?
Depending on the business and its products and/or business activities, Tyro may not be suitable for some businesses.
For further information, please see our Prohibited Products.
What are the benefits of Tyro Integrated EFTPOS?
Tyro’s integration has many benefits including:
- Easy installation which results in fewer support calls
- Fast card payment processing times at sub 1.6 seconds per transaction
- Elimination of double-entry data errors
- Streamlined reconciliation at the end of the day
- Support of Windows Machine Services (and Citrix) environments
- Secure encrypted transactions
- Immediate transaction reporting on your own online Tyro Portal
For more information, go to our Integration page.
Why would I choose Integrated EFTPOS over standalone EFTPOS?
Integrated EFTPOS is now becoming the default option for businesses. This is because it allows you to serve customers faster and streamlines reconciliation. You can find more information on the benefits of integration here.
What are Tyro’s Terms and Conditions for EFTPOS and the Tyro Bank Account?
Please see the Tyro EFTPOS Banking Terms and Conditions.
Other providers offer Integrated EFTPOS as well. How is Tyro’s solution different?
Tyro’s direct integration model cuts out the complexities, costs and risks related to using an EFTPOS middleware provider. We own all parts of the process, so you can rest assured that you are receiving premium local support whenever you need it.
Is my money guaranteed by the Government? (Financial Claims Scheme)
The Tyro Bank Account is a protected account under the Financial Claims Scheme (FCS), which guarantees repayment of depositor funds up to $250,000 per account holder at an authorised deposit-taking institution in the unlikely event of their insolvency.
What is the Financial Claims Scheme?
The Financial Claims Scheme is an Australian Government scheme that provides protection and quick access to deposits in banks, building societies and credit unions in the unlikely event that one of these financial institutions fails. Under the FCS, certain deposits are protected up to a limit of $250,000 for each account holder at any bank, building society, credit union or other authorised deposit-taking institution (ADI) that is incorporated in Australia and authorised by the Australian Prudential Regulation Authority (APRA). The FCS can only come into effect if it is activated by the Australian Government when an institution fails. Once activated, the FCS will be administered by the Australian Prudential Regulation Authority (APRA). In an FCS scenario, APRA would aim to pay the majority of customers their protected deposits under the Scheme within seven calendar days.
How is the Financial Claims Scheme limit applied?
The FCS limit of $250,000 applies to the sum of an account holder’s deposits under the one banking license. Therefore, all deposits held by an account holder with a single banking institution must be added together towards the $250,000 FCS limit, and this includes accounts with any other banking businesses that the licenced banking institution may operate under a different trading name.
Where can I get further information on the Financial Claims Scheme?
Information on the FCS is available on the FCS website – www.fcs.gov.au.