Review of Tyro EFTPOS terminal for your business | Finder

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.

Quick verdict

Suited for
  • Businesses that need a fast, portable or countertop EFTPOS machine
  • Businesses that want to offer a wide range of payment options including Alipay
  • Businesses in the hospitality, retail, and health industry
  • Businesses that want to keep using their own business bank account
  • Businesses that 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 terminals does Tyro have?

Tyro has two types of EFTPOS terminals:

  • CounterTop EFTPOS: This robust machine is suited for countertop transactions and comes with 3G and ethernet connectivity options. This machine can accept contactless payments, has a hi-res colour display, integrated printer, back lit keyboard, integrates with over 300 POS solutions, and connects to multiple tills and Point of Sale (POS) 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 mobile machine with 3G and WiFi connectivity, and has a long-life rechargeable replaceable battery. It accepts contactless payments, connects to multiple tills and POS lanes, can integrate with over 300 POS 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 number of payment options including contactless payments including wearables, American Express, Google Pay, Apple Pay, Diners Club, eftpos, JCB, Mastercard, Samsung Pay, UnionPay, Visa and Alipay.
  • 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 certain pricing structures, where debit card surcharging is applied and on certain older machines.
  • No lock-in contract. There is no lock-in contract for Tyro's EFTPOS services.
  • 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 if you settle into your Tyro Bank Account (excludes Alipay, HealthPoint and funds settled directly by Afterpay, American Express, JCB and Diners Club).
  • Customised solutions. Tyro offers customised solutions for businesses in the health, hospitality, and retail sectors with Pay@Table, Split Bill, Tipping, Medicare Easyclaim (subject to your POS/PMS supporting the integration), Dynamic Surcharging, and much more.
  • Reporting. In the Tyro Portal or the Tyro App, 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.
  • 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.
  • 24/7 local 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 one of our skilled support representatives in Australia to assist you any time of the day or night.

How much do Tyro EFTPOS machines 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 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 eCommerce, a business loan, and a business bank account. 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 loans. 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.
  • Bank account. With interest and no fees, business banking never looked so good. The account integrates 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 Alipay, HealthPoint and funds settled directly by Afterpay, American Express, JCB and Diners Club).

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4 Responses

    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

    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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