Tyro Business Term Deposit Target Market Determination

Objectives, financial situation and needs of the Target Market 

The Tyro Business Term Deposit is targeted at Merchants across Australian businesses with the likely objectives, financial situation, waiting the ability to hold savings for a fixed period of time at a fixed rate.

Eligibility criteria for the product

Merchants will need to satisfy certain eligibility criteria, including that Merchants must:

  • Have an active Australian Business Number (ABN).
  • Have an existing merchant facility.
  • Have and maintain a Tyro Bank Account.

Key features of the product 
  • 30, 60 and 90 day fixed term deposits.
  • Each term deposit will range between a minimum of $1,000 and a maximum of $100,000 (note: customers can have multiple Term Deposits).
  • Ability to access your Tyro Business Term Deposit through the Tyro App.
  • Interest earned on the Term Deposit at maturity or if the funds are withdrawn before the Maturity Date, the reduced interest at the time of processing will be paid into the Tyro Bank Account.

Why the product is likely to be consistent with the likely objectives, financial situation and needs of the Target Market
  • The Merchant can use the Tyro Business Term Deposit for securing money for the future while earning higher interest for business savings purpose and needs.
  • Merchants can separate their surplus cash-flow (savings) from their everyday funds (transactions) which makes them relatively easy for merchants to understand.

Distribution conditions

The distribution of this product is subject to the following conditions and restrictions:

  • The product can only be distributed through Tyro’s mobile app channel and/or a Banking Specialist.
  • Other third parties responsible for or involved in the distribution of the product must comply with their agreement in place with Tyro and take reasonable steps to ensure Merchant needs align to the product target market. 
  • This product can only be distributed to business customers in accordance with Tyro’s product and process requirements. 

Tyro views that these distribution conditions are appropriate and are of a nature that it is likely that the product will be distributed to the Target Market given that Tyro will have oversight of how the product is promoted and issued to Tyro EFTPOS and eCommerce Merchants.

Reviewing the target market determination

The Target Market Determination may no longer be considered appropriate and a review of this Target Market Determination must be undertaken by Tyro, if any of the below review triggers occur:

  • A significant number of complaints received from merchants who acquired the product, which relate to the Merchant’s purchase or use of the product and which shows that the Target Market Determination may no longer be appropriate for the product.
  • A material incident or significant number of incidents, which relate to the customer’s purchase or use of the product and which shows that the Target Market Determination may no longer be appropriate for the product.
  • A significant dealing of this product to Merchants who are outside the Target Market.
  • The receipt of a product intervention power order from ASIC requiring Tyro to immediately cease commercial product distribution conduct in respect of the product.
  • The material alteration of the product or product terms and conditions, which would cause the Target Market Determination to no longer be appropriate for the product.
  • Any other event or circumstance that Tyro views would materially change a factor taken into account in making the Target Market Determination.

Next review due date 

By 5 October 2023.

Review period

At least every 24 months from the Start Date of this Target Market Determination.

Review trigger information reporting requirements

The following information must be provided to Tyro by all third parties responsible for the product distribution conduct of this product in accordance with this Target Market Determination, within the required time-frames:

Information typeDescription Time frame for reporting
Product complaints data Information relating to complaints received including number of complaints, third party distributor identifier information, product name and complaint verbatim.Monthly, and in any case no later than 10 business days from the end of the month.
Significant dealingsAny significant dealing of the product to customers who are outside the Target Market. As soon as practicable, and in any case, no later than 10 business days after becoming aware. 

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