Tyro EFTPOS terminal review

Find out about Tyro's EFTPOS and banking solutions to see if they're right for your business.

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 terminals, bank accounts and business loans. This review will take you through Tyro's payment solutions and the features on offer to help you decide if they will work for your business.

  • Compatible with any Australian financial institution
  • Integrates seamlessly with your existing point of sale
  • Used by over 20,000 Australian businesses
  • Available linked interest-earning transaction account

Quick verdict

Suited for
  • Merchants that need a portable payment terminal
  • Businesses that want to offer Alipay (available from mid-2019)
  • Health, hospitality and retail merchants
  • If you want to keep using your own business bank account
Not suited for
  • Merchants that need to use their smartphone as a POS
  • Online merchants

What types of payment terminals does Tyro have?

Tyro has two types of EFTPOS terminals:

  • EFTPOS OnTop: This terminal is suited to countertop transactions and comes with 3G and ethernet configurations. The terminal can accept contactless payments, has a built-in thermal printer, integrates with over 260 POS solutions and connects to multiple tills and point-of-sale (POS) lanes.
  • EFTPOS OnTheGo: If you need to take payments on the go or around your store, this terminal may be more suitable. It's mobile with 3G and Wi-Fi and has a long-life rechargeable battery. It accepts contactless payments, connects to multiple tills and POS lanes, can integrate with over 260 POS solutions and has a built-in thermal printer.

Features of Tyro's merchant services

  • Fast payment processing and reliable system. Payments are processed in less than 1.6 seconds and the system has a 99.9% uptime with 3G backup.
  • Payment options. Your customers will have a number of payment options including American Express, Google Pay, Apple Pay, contactless payments, Diners Club, EFTPOS, JCB, Mastercard, Samsung Pay, UnionPay and Visa. Plus, from mid-2019, Alipay will be available to Tyro merchants.
  • Least-cost routing available via Tyro Tap & Save. Tyro offers least-cost routing functionality to merchants via its Tap & Save technology, and was the first payments provider to offer least-cost routing in the Australian market. This enables merchants to process contactless debit card transactions via EFTPOS. Tyro's Tap & Save functionality could save you over 6% on Merchant Service Fees (this will vary between businesses).
  • No lock-in contracts and 24/7 support. There is no minimum contract for Tyro's payment terminals and you can also benefit from a 24/7 Australia-based support centre.
  • Option to use your current bank account. You're able to use your current business bank account if you prefer. Or, Tyro has its own fee-free bank account that allows you to get your EFTPOS funds paid every day at a time of your choosing.
  • Customised solutions. Tyro offers customised solutions for merchants in the health, hospitality and retail sectors.
  • Reporting and merchant account. In your Tyro merchant portal, you can see reports of takings across each terminal you have, track past terminals, create and view invoices and take advantage of the powerful search functionality for individual transactions.
  • Integrated with Xero. You can simply scan your bills, add them to your Xero account, bundle them together and schedule them for payment, rather than adding them to your online accounting software system one by one. Plus, bill payment requests are sent directly to your mobile so you can approve on the go.
  • 24/7 support. Australian business owners will be happy to know Tyro offers 24/7 local support within Australia. So when your business needs some help, you'll be connected with someone in Australia to assist you any time of the day or night.

How much do Tyro EFTPOS terminals cost?

Tyro charges for EFTPOS terminal hire cost and card processing hire cost. Tyro offers three different EFTPOS pricing models: Special Offer, Simple and Cost Plus. Special Offer is available for businesses transacting less than $20,000 per month and costs $29 per EFTPOS terminal. You will be charged a 1.1% fee on each transaction.

Tyro's Simple pricing model gives you a fixed percentage or cost for transacting within the three to four card categories (standard, premium, international and scheme debit). Cost Plus will see you incur a cost on each transaction depending on the wholesale cost to transact for each card type. Get in touch with Tyro directly to discuss what type of account and pricing model will be suitable for you.

A bit about Tyro

Tyro is an Australian bank that specialises in providing products and services for small- to medium-sized enterprises (SMEs). Founded in 2003, Tyro started by offering EFTPOS solutions for businesses and soon expanded into other payment solutions, business loans and bank accounts. Find out about Tyro's payment terminals in this review, why it was deserving of being named a finalist as the Best Banking Innovation in the 2018 Finder Awards, and whether it's right for your business.

What other products does Tyro offer?

  • Business loans. If you're a Tyro EFTPOS customer you can apply for an unsecured business loan up to $120,000 (up to $50,000 for your first loan). Your repayments are taken from a percentage of your cash flow and you will be charged a flat fee.
  • Bank account. You also have the option of opening a Tyro fee-free deposit account. The account integrates with Xero and allows you to earn up to 1.75% p.a. interest. You're also able to get your EFTPOS funds paid every day at a time of your choosing.

How do you sign up with Tyro?

If you think Tyro is the right fit for your business, get started by clicking the green "Go to Site" button above. This will take you securely to Tyro's website where you can fill in a few personal details. A member of Tyro will get in touch straight away to discuss your business needs and what level of service you require.

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4 Responses

  1. Default Gravatar
    HollyAugust 17, 2019

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

    • Avatarfinder Customer Care
      JeniAugust 18, 2019Staff

      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

  2. Default Gravatar
    LeeMarch 5, 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.

    • Default Gravatar
      LiezlMarch 6, 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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