How Tyro and eftpos are driving innovation in payments

The payments landscape has evolved rapidly in recent years, as cash continues to fizzle out and electronic payments become the norm. As new ways to pay emerge, two brands that remain at the forefront of adoption and innovation are Tyro and eftpos.

In this article we talk about the importance of Tyro and eftpos and how, together, they’re helping Australian businesses across the country harness the latest payment technologies – enabling them to do business, and do it well.

The current payment technology climate

Payments are at the heart of every business and making them happen is an almost entirely digital process these days.

Where customers once fished for notes and coins in their wallet, now they tap, insert and swipe their debit or credit card on an electronic device – paying for their goods and services either with a physical card, digital wallet, or wearable such as a smart watch.

This modern monetary exchange is made possible through the combined effort of EFTPOS (electronic funds transfer at point of sale) technology and EFTPOS machines, which read cards, move money along, and make the transactions happen.

EFTPOS technology isn’t accessible without EFTPOS machines, and EFTPOS machines don’t exist without EFTPOS technology – each one complements the other.

This is where Tyro and eftpos Payments Australia come in.

Tyro and eftpos’ roles in the payments industry

eftpos is now part of Australian Payments Plus (AP+). AP+ brings together eftpos, BPAY and NPP Australia into one organisation to shape the future of payments. eftpos is the brand responsible for introducing EFTPOS to Australia in 1984, making speedy, secure card payments possible for the first time. All eftpos transactions are securely processed in Australia using their infrastructure.

Tyro is the 5th largest EFTPOS bank acquirer in Australia², hooking up business with the latest payment technology (and other complementary banking solutions) so they can accept  payments easily from customers every time they pay.

Together, these brands are helping put the latest payment technology in the hands of business owners around the country so that they don’t just survive but thrive.

Innovation in Tyro and eftpos

Both brands are big innovators – continuously delivering new solutions to their customers.

eftpos remains committed to providing Australia with innovative solutions to keep businesses ahead and changing the way Australians pay for the better – like a centralised network and contactless chip in 2014, and mobile payments in 2017.

Tyro has a track record of innovation, creating purpose-built solutions and being first to market – an approach that saw them become the first technology company to receive an Australian specialist credit card institution license in 2005, which was later replaced (in 2015) by an Australian banking licence, making Tyro the first new domestic banking licensee in over a decade. With innovation at their core, Tyro is powering the future of payments with continuous improvements on features and products to meet the ever-changing needs of Australian businesses.

Tyro is able to offer up a suite of EFTPOS solutions to Aussie business owners, from your traditional EFTPOS machine to portable card readers and smartphone processing (the newest method of them all) – helping them power the future of payments.

Here’s a rundown of these solutions and what they do.

Tap to Pay on iPhone with the Tyro BYO App

Tap to Pay on iPhone with the Tyro BYO App⁴ is the latest innovation on the list – a technology that allows businesses to accept all types of in-person, contactless payments directly from their iPhone⁵.

Tyro became one of the first payment providers in Australia to offer it to business owners via the new Tyro BYO App. eftpos has also been available as a payment option since the launch of Tap to Pay on iPhone.

Tyro Go

Tyro Go is a sleek, compact, and portable card reader, allowing businesses to accept all kinds of transactions on the go³. Ideal for any business wanting the flexibility to do business wherever they are, have simple payment needs, or to complement existing EFTPOS solutions in-store.

CounterTop or Mobile EFTPOS

These signature machines are designed to live in a business premise, whether a store, restaurant or healthcare centre to take payments speedy and securely – CounterTop EFTPOS in a fixed location like a counter or reception and Mobile EFTPOS wherever it’s needed within your premises.

Benefits of these innovations for Australian businesses and consumers

These cutting-edge solutions are all about making life easier for business owners (and customers), offering convenience, security, speed and affordability.

Increased convenience

CounterTop EFTPOS and Mobile EFTPOS are packed with features that enable simple and fast Tap & Go Payments, and a positive checkout experience for customers. They also integrate with over 330 POS/PMS systems for seamless reconciliation at the end of the day, so owners can get back to what they do best. Mobile EFTPOS also comes with additional built-in features that give patrons more ways to pay such as Tipping, SplitBills, and BarTabs⁶ – upping customer convenience even more.

Tyro’s newer solutions revolutionise the way businesses accept contactless payments, and allow them to do business in a frictionless manner. Tyro Go and Tap to Pay on iPhone with the Tyro BYO App Tyro Go and Tap to Pay on iPhone with the Tyro BYO App offer business owners a way of accepting electronic payments from the palm of their hand, aligning with their simpler, more agile setup and allowing them to do business in a way that works for them. All while still being able to accept a wide variety of payments and let customers pay via their preferred method.

All in all, Tyro helps make life easier for Australian businesses and customers in lots of ways, every day.

Strong line of security

Tyro cares about keeping both business’ and customers’ data safe. That’s why both the CounterTop and Mobile EFTPOS machines have PIN shields to protect PIN entry, as well as secure data storage for optimum protection.

Although Tyro Go and Tap to Pay on iPhone with the Tyro BYO App are smaller than the traditional EFTPOS machine, their security remains just as strong. Tap to Pay on iPhone uses the built-in features of iPhone to help keep business and customer data private and secure. Card numbers are not stored on the device or on Apple services when a payment is processed. With Tyro Go, if a customer taps their card, transactions over $200 will require them to enter their PIN in the Tyro Go App; depending on the card issuer, a PIN may be required for transactions between $100 to $200. Additionally, the customer’s PIN will be required for any transactions when the card is inserted into the reader.

On top of this, AP+ is committed to giving Australians the safest, most reliable ways to pay. As a result, all eftpos payments are tokenised, or in other words debit card numbers are replaced with unique digital identifiers known as payment tokens. This means payment information isn’t shared with third parties – keeping customer details safe and secure.

Speedy service

eftpos payments are processed on the spot, in a matter of seconds – providing a quick and easy checkout experience for both customers and staff alike.

Being able to make fast transactions is great for both business and customers, as it means you can make more of them, particularly during rush hours, while saving your customers from waiting in long queues.

Helping businesses keep more money in their back pocket

Whenever a business accepts an electronic payment through an EFTPOS machine, they have to pay a service fee to make the transaction happen.

Least-cost routing (LCR) is an initiative (which all Tyro EFTPOS products accept) to help businesses keep these overhead costs down, by processing eligible transactions through the cheapest available network⁸.

Eligible transactions include contactless (tap-and-go) dual-network debit cards, which can be used to make transactions through eftpos, or an international payment scheme such as Visa or Mastercard.

Wrap up

Tyro and eftpos both have a rich history in payments technology in Australia which has helped them to understand the needs of businesses all across Australia . A match made in payments heaven, they help Australian businesses harness EFTPOS solutions that suit them and enable them to stay on top in an ever-changing environment.

References

1 Techopedia. (n.d). Electronic Funds Transfer at Point of Sale (EFTPOS). https://www.techopedia.com/definition/1498/electronic-funds-transfer-at-point-of-sale-eftpos
2 As per the statistics detailed in Authorised Deposit-taking Institutions Points of Presence June 2021 issued by APRA in October 2021. Excludes EFTPOS providers who are not ADIs.

3 Tyro Go EFTPOS reader requires a Bluetooth-enabled mobile device or tablet, the Tyro Go App to be installed, and mobile network coverage. Check Google Play & App Store for the latest OS compatibility requirements. 

4 Tap to Pay on iPhone requires iPhone Xs or later running iOS 16.4 or later via the Tyro BYO App. Some contactless cards may not be accepted by the Tyro BYO App. The Contactless Symbol is a trademark owned by and used with permission of EMVCo, LLC. For more details, see https://developer.apple.com/tap-to-pay/ The Tyro BYO App requires mobile connectivity for use.

5 Businesses are required to use their own iPhone. Tyro BYO App is free to download via the App Store.

6 Tyro’s Pay@Table and SplitBills features are only available where the POS/PMS supports the integration. SplitBills is only available with Tyro’s Pay@Table feature.

7 Average time taken to authorise a Visa, Mastercard, eftpos payment transaction, during the period 1 Feb 2022 to 30 April 2022. Measured as the time elapsed from a cardholder presenting the card on the EFTPOS machine to the return of the authorisation on the EFTPOS machine from the card schemes.

8 Tyro does not guarantee any cost savings by opting in for Tap & Save. Savings on eligible transactions processed through the cheapest network vary for each business depending on their card mix, transaction volume and amount, industry, and pricing plan. Eligible transactions are contactless debit card transactions less than $1,000. Tap & Save is not available on Special Offer pricing, Card Not-Present Transactions or where you surcharge on debit card transactions as cost savings may not be realised. For details refer to Tyro.com or call 1300 00 TYRO (8976).