Tyro (company)

Tyro Payments Limited is an Australian financial institution and merchant acquiring bank, primarily focused on providing EFTPOS and other payment solutions to Australian businesses. Founded in 2003, Tyro has positioned itself as an alternative to the "big four" banks in the Australian market.

Overview

Tyro offers a range of payment processing services, including EFTPOS terminals, eCommerce solutions, and banking products. They cater predominantly to small and medium-sized enterprises (SMEs) across various industries, including retail, hospitality, and healthcare. Their core offerings revolve around facilitating card payments, managing transactions, and providing data analytics related to payment activity.

History

The company was established with the aim of disrupting the Australian banking sector by offering specialized payment solutions tailored for businesses. They obtained a banking license in 2015, allowing them to directly handle funds and operate as an authorized deposit-taking institution (ADI).

Products and Services

Tyro's primary product is its EFTPOS terminals, which are designed to accept various payment methods, including credit cards, debit cards, and contactless payments. They also offer eCommerce payment gateways that allow businesses to accept online payments. Furthermore, Tyro provides banking services, such as business accounts and merchant loans, aimed at supporting the financial needs of their business customers.

Business Model

Tyro operates on a transaction-based fee model, charging merchants a percentage of each transaction processed through their terminals or payment gateways. They also generate revenue from interest earned on deposits held in their business accounts and fees associated with their lending products.

Market Position

Tyro is a significant player in the Australian payments market, particularly within the SME sector. They compete with major banks and other payment service providers. They differentiate themselves by focusing on customer service, innovation in payment technology, and providing integrated business solutions.

Controversies

Like other financial institutions, Tyro has occasionally faced scrutiny related to system outages and service disruptions, leading to concerns among their merchant customers. The company has typically addressed these issues by implementing measures to improve system reliability and communication with affected businesses.