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Summary

Available in countertop and mobile versions, Tyro EFTPOS machines offer fast payment processing for businesses.

If you're looking for convenient EFTPOS solutions for your business, you may want to consider Tyro. This technology-focused business bank offers a range of solutions for small- to medium-sized enterprises (SMEs) including EFTPOS machines, business lending and banking solutions.

They also offer Medicare and private health fund claiming and rebating services. This review explains Tyro's payment solutions and the features on offer to help you decide if they will work for your business.

In this guide

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Quick verdict

Suited for businesses that
  • Need a fast, mobile or countertop EFTPOS machine
  • Want to offer a wide range of payment options including Alipay
  • Are in the hospitality, retail, health, accommodation and services industry
  • Want to keep using their own business bank account
  • Want to offer online payments and/or eCommerce
Not suited for businesses that
  • Need to use their smartphone as a POS

What types of payment machines does Tyro have?

Tyro has two types of EFTPOS machines:

  • CounterTop EFTPOS: This robust machine is suited for countertop transactions and comes with ethernet connectivity and 3G backup. This machine can accept contactless payments, has a hi-res colour display, integrated printer, backlit keyboard, integrates with over 300 POS/PMS solutions, and connects to multiple tills and POS/PMS lanes.
  • Mobile EFTPOS: If you need to take payments on the go or around your venue, this machine may be more suitable. It's a smaller portable machine with WiFi connectivity and 4G backup, and has a long-life rechargeable replaceable battery. It accepts contactless payments, connects to multiple tills and POS/PMS lanes, can integrate with over 300 POS/PMS solutions, has an integrated printer, and hi-res colour display.

Features of Tyro

  • Fast payment processing. Payments are processed in less than 1.5 seconds (average time for card-present payment authorisation).
  • Payment options. Your customers will have a choice of payment options including Visa, Mastercard, eftpos, American Express, JCB, UnionPay, Alipay, Diners Club and digital wallets Apple Pay, Google Pay and Samsung Pay. All EFTPOS devices can accept contactless, chip or magstripe.
  • Least-cost routing available via Tyro Tap & Save. Tyro offers least-cost routing functionality to businesses via its Tap & Save technology, and was the first payments provider to offer least-cost routing in the Australian market. This feature, once enabled, reroutes contactless debit card transactions less than $1,000 to the cheapest network. Tyro Tap & Save customers save, as an average, 8.5% on Merchant Service Fees for eligible contactless debit card transactions (calculated as an average over the period December 2017 to June 2020). Cost savings are not guaranteed and vary for each business depending on their card mix transaction volume and amount, industry and pricing plan. Tap&Save is not available on Special Offer pricing which includes some flat fee simple pricing offers.
  • No lock-in contract. There is no lock-in contract for Tyro's EFTPOS.
  • Option to use your current bank account. You're able to settle into your current business bank account if you prefer. Or, Tyro has its own fee-free bank account that allows you to get your EFTPOS and eCommerce funds paid every day at a time of your choosing (from 8am-5pm) if you settle into your Tyro Bank Account (excludes HealthPoint, Alipay and funds settled directly by Afterpay, American Express, JCB, and Diners Club).
  • Customised solutions. Tyro offers customised solutions for businesses in the health, hospitality, accommodation, services and retail sectors with Pay@Table, SplitBills, BarTab, Medicare Easyclaim (subject to your POS/PMS supporting the integration), Dynamic Surcharging, and much more.
  • Reporting. In the Tyro Portal, you can get insights on your business takings, download reports, set surcharge rates, track past transactions, view invoices and take advantage of the powerful search functionality for individual transactions. With the Tyro App you can see your real-time takings of one or many of your different businesses, and review your transactions.
  • Integrated with Xero. By linking your Xero software to your Tyro Bank Account you get access to integrated bank feeds providing seamless reconciliation and payroll/invoice payments.
  • Australia-based support. Aussie business owners will be happy to know Tyro offers 7 days customer support. So when your business needs some help, you'll be connected with one of their skilled support representatives in Australia to assist you.

How much does Tyro EFTPOS cost?

Tyro charges for EFTPOS machine hire cost and card processing fees. Pricing quotes are customised depending on a business's industry, transaction history, and size. Receiving a quote is free with Tyro, and one of their EFTPOS specialists can talk you through the multiple pricing models offered and the benefits of each for you and your business.

A bit about Tyro

Tyro is an Australian bank that provides products and services to more than 36,000 Australian small to medium-sized enterprises (SMEs). Founded in 2003, Tyro started by offering tailored EFTPOS solutions for businesses and then expanded into business lending, banking solutions, and now eCommerce. Find out about Tyro's EFTPOS machines and why it was deserving of being named a finalist as the Best Banking Innovation in the 2018 and 2019 Finder Awards, and whether it's right for your business.

What other products does Tyro offer?

  • Business lending. If you're a Tyro EFTPOS and/or eCommerce customer you can apply for an unsecured business loan up to $120,000 (up to $100,000 for your first loan). Your repayments are taken from a percentage of your cash flow and you will be charged a flat fee payable over the life of the loan. A personal guarantee is required and minimum loan repayments are required. Approval is subject to meeting Tyro's terms and conditions.
  • Business bank account. With interest and no fees, business banking never looked so good. The account can integrate with Xero and allows you to earn interest. You're also able to get your EFTPOS and eCommerce funds paid every day at a time of your choosing (available times are from 8pm until 5am) when you settle into your Tyro Bank Account (excludes HealthPoint, Alipay and funds settled directly by Afterpay, American Express, JCB, and Diners Club).

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Elizabeth Finder

Lead Editor

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Kathy

June 13, 2023

My Probus club are interested in the mobile Tyro EPTOS machine. We have been told that we can obtain one device rent free due to the fact we are a non-profit. We require an ABN as we are located in Australia. My question is the sim and internet connectivity free? If not, what is the cost? We understand there will be surcharges on credit cards. Visa & mastercard 1.98% and AMEX 1.65%.


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Sarah Megginson Finder

July 13, 2023

Hi Kathy,


All of Tyro’s EFTPOS machines are pre-installed with a mobile network SIM card to provide a backup connection.


However, they recommend using your local internet network to reduce the possibility of connection issues from mobile network disruptions, and this would require you to pay for your own internet connection.


You can compare some mobile internet plans that might be suitable to connect with your Tyro device here:

https://www.finder.com.au/broadband-plans/mobile-broadband


Hope this helps!


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Holly

August 17, 2019

Can you please confirm if the 1.1% is for all cards, including Amex?


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Jeni Finder

August 17, 2019

Hi Holly,


Thank you for getting in touch with Finder.


Under Tyro’s Special Offer pricing model, you will be charged 1.1% (excluding GST) fee on each transaction. This particular pricing scheme is available for businesses transacting less than $20,000/month. This flat fee does not apply to Diners Club, Amex, and JCB.


I hope this helps.


Thank you and have a wonderful day!


Cheers,

Jeni


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Lee

March 05, 2018

Can you tell me the break down in cost involved in getting tyro for a small beauty business? I have premises so will be based there full time.


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Liezl

March 06, 2018

Hi Lee,


Thanks for visiting finder!


Tyro’s merchant service fee will be structured based on your annual turnover. For instance if your monthly turnover is less that $20,000 then, they will take a 0.99% (excluding GST) cut of each transaction. Also as mentioned above, they don’t charge set up and cancellation fees nor impose lock-in contracts. You can refer to the links I emailed you for other pricing models.


Alternatively, you can contact their sales team for an obligation-free quote and they will walk you through all the details.


Thanks and regards,

Liezl


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