<?xml version="1.0" encoding="UTF-8"?><rss version="2.0" xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:wfw="http://wellformedweb.org/CommentAPI/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:atom="http://www.w3.org/2005/Atom" xmlns:sy="http://purl.org/rss/1.0/modules/syndication/" xmlns:slash="http://purl.org/rss/1.0/modules/slash/" > <channel> <title>2013 | Tyro</title> <atom:link href="https://www.tyro.com/blog/press-category/2013/feed/" rel="self" type="application/rss+xml" /> <link>https://www.tyro.com/blog/press-category/2013/</link> <description></description> <lastBuildDate>Wed, 26 May 2021 13:12:08 +0000</lastBuildDate> <language>en-AU</language> <sy:updatePeriod> hourly </sy:updatePeriod> <sy:updateFrequency> 1 </sy:updateFrequency> <generator>https://wordpress.org/?v=6.7.1</generator> <image> <url>https://www.tyro.com/wp-content/uploads/2019/07/tyro-fav-512-150x150.png</url> <title>2013 | Tyro</title> <link>https://www.tyro.com/blog/press-category/2013/</link> <width>32</width> <height>32</height> </image> <item> <title>Tyro at the forefront of industry initiative</title> <link>https://www.tyro.com/about-tyro/media/tyro-at-the-forefront-of-industry-initiative/</link> <dc:creator><![CDATA[]]></dc:creator> <pubDate>Thu, 19 Dec 2013 03:05:46 +0000</pubDate> <guid isPermaLink="false">https://www.tyro.com/?post_type=press-releases&p=560</guid> <description><![CDATA[<p>The post <a href="https://www.tyro.com/about-tyro/media/tyro-at-the-forefront-of-industry-initiative/">Tyro at the forefront of industry initiative</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p> ]]></description> <content:encoded><![CDATA[ <div class="wp-block-cgb-container-narrow container narrow-container container-block"><div class="row"><div class="col s12"> <p class="wp-block-cgb-text gutenberg-examples-align-none">A significant reduction in payment fraud is expected next year with yesterday’s decision by the ACCC to grant authorisation to Visa and MasterCard to abolish the use of signatures for purchases over $100. From 1 July 2014 consumers will be better protected by needing to enter their PIN for credit and debit card transactions to be approved.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">“Tyro welcomes and supports the move by the ACCC to have mandatory PIN transactions. With our Australian first mobile integrated EFTPOS solution we have long been ready for this change, while the big banks have not,” said Jost Stollmann, CEO of Tyro Payments.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">It is expected that Australia’s 14,000 cafes and restaurants, their staff and customers will be affected the most by the changes, with customers now forced to leave their seats to pay for bills at the cashier using their four digit PIN code. However, Tyro has been recognised as leading the charge on ensuring that customers are not unnecessarily inconvenienced by the change.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">“Tyro was well ahead of the industry pack when it came to considering how customers would be impacted and have been working tirelessly to ensure customers and businesses wouldn’t be adversely affected,” said Mr Stollmann. Last year Tyro worked closely with key software providers to develop Australia’s first and only, all IP based, integrated “pay at table” solution.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">The solution establishes a conversation between the restaurant management software and the payment terminal and allows the consumers to use the device at their table at their own pace to split the bill, pay and tip using their four digit PIN.“While mobile terminals are nothing new, their adoption in restaurants was lacklustre to say the least. Australians spend a huge $10 billion<sup>1</sup> annually dining out at cafes and restaurants and struggling retailers can’t afford to alienate their customers.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">“Our solution is supported by diners, restaurant staff and restaurant managers – who no longer have to spend lonely nights, after staff have gone home, punching numbers into terminals to process tips. “VISA and MasterCard are spending a lot of money to educate the public about the importance of being ‘PIN-Wise’, but are ultimately not addressing the real issue of putting the customer first and ensuring they are not more inconvenienced by the payment process,” Mr Stollmann said.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">Mr Stollmann said that the PIN requirement put the customer back in control.“It’s virtually impossible for a fraudster to ascertain a PIN, while forging a signature is easy. “Using chip card technology and PIN entry is an effective method to stamp out card theft and skimming and the share of fraud in face-to-face transactions. Our wireless integrated pay at table EFTPOS system is a perfect complement to eliminating credit card signatures.“Tyro’s mobile terminals revolutionise the customer paying experience and makes restaurant staff and owners lives much easier,” Mr Stollmann said.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">Yesterday, the ACCC granted ‘authorisation<sup>2</sup> to Visa and MasterCard to allow them, together with American Express and Participating Financial Institutions, to coordinate in relation to the removal of signatures as a method of authentication for most credit card transactions that are completed in person.’</p> <hr class="wp-block-separator is-style-wide" /> <p class="wp-block-cgb-text gutenberg-examples-align-none">[1] <a href="http://www.abs.gov.au/ausstats/abs@.nsf/Lookup/8655.0Main%20Features32006-07?opendocument&tabname=Summary&prodno=8655.0&issue=2006-07&num=&view="><strong>http://www.abs.gov.au/ausstats/abs@.nsf/Lookup/8655.0Main%20Features32006-07?opendocument&tabname=Summary&prodno=8655.0&issue=2006-07&num=&view=</strong></a><br />[2] <a href="http://registers.accc.gov.au/content/index.phtml/itemId/1120516/fromItemId/278039/display/acccDecision"><strong>http://registers.accc.gov.au/content/index.phtml/itemId/1120516/fromItemId/278039/display/acccDecision</strong></a> <br /> </p> </div></div></div> <div class="wp-block-cgb-container-narrow container narrow-container container-block"><div class="row"><div class="col s12"> <h2 class="wp-block-heading"><strong>Need to know more?</strong></h2> <p class="wp-block-cgb-text gutenberg-examples-align-none">For more about this news story please contact:<br/>Monica Appleby, Head of Corporate Communications on 0466 598 946 or <a rel="noreferrer noopener" href="mailto:mappleby@tyro.com?subject=Media enquiry" target="_blank" data-type="mailto">mappleby@tyro.com</a><br/>Sophie Cotterill, Corporate Communications Manager on 0414 960 292 or <a rel="noreferrer noopener" href="mailto:scotterill@tyro.com?subject=Media enquiry" target="_blank">scotterill@tyro.com </a></p> <p></p> </div></div></div> <p></p> <p>The post <a href="https://www.tyro.com/about-tyro/media/tyro-at-the-forefront-of-industry-initiative/">Tyro at the forefront of industry initiative</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p> ]]></content:encoded> </item> <item> <title>Sun is setting on Aussie cash as consumers spend</title> <link>https://www.tyro.com/about-tyro/media/sun-is-setting-on-aussie-cash-as-consumers-spend/</link> <dc:creator><![CDATA[Al Walsh]]></dc:creator> <pubDate>Thu, 15 Aug 2013 03:16:00 +0000</pubDate> <guid isPermaLink="false">https://www.tyro.com/?post_type=press-releases&p=562</guid> <description><![CDATA[<p>The post <a href="https://www.tyro.com/about-tyro/media/sun-is-setting-on-aussie-cash-as-consumers-spend/">Sun is setting on Aussie cash as consumers spend</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p> ]]></description> <content:encoded><![CDATA[ <div class="wp-block-cgb-container-narrow container narrow-container container-block"><div class="row"><div class="col s12"> <p class="wp-block-cgb-text gutenberg-examples-align-none">Consumers are now spending three times as much on their credit and debit cards as they withdraw in cash, as the relentless drive to a cashless society accelerates, according to the latest Reserve Bank of Australia statistics. Australians used their ‘fantastic plastic’ to pay for $444 billion worth of purchases in 2012-13, compared with $164 billion for ATM and eftpos cash withdrawals.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">Credit and debit cards accounted for 79.6% of all transactions in 2011/12, rising to 81.8% in 2012/13. This compared to a fall in ATM and eftpos cash withdrawals from 20.4% to 18.2% over the same period. Independent eftpos provider, Tyro Payments, said Australian consumers were increasingly moving away from cash as online, tablet, mobile and contactless payments systems replaced the old way of thinking.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">“We are approaching a tipping point for the end of cash as we know it,” says Jost Stollmann, CEO of Tyro Payments. “It is conceivable that we are not far off when consumers leave home entirely without cash, armed only with a credit or debit card to pay for anything from a package of chewing gum to a new car. With the number of EFTPOS terminals Australia-wide having grown to almost 780,000, consumers can use ‘tap and go’ technology more conveniently than fumbling for notes and coins. PINs, signatures and receipts are all a thing of the past for small ticket purchases below $35 or contactless payments up to $100. Cardholders simply hold their card against a special contactless reader to wave and off they go.”</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">The contactless cards reduce the standard waiting times at busy check out queues to as little as 6.4 seconds [1]. Supermarket group Coles reports that over half of all its credit card transactions are now made using contactless payments [2]. Mr Stollmann said the revolution in how Australians paid for things was accelerating.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">Australians used their credit and debit cards a whopping 5.1 billion times in the last 12 months [3]. For retailers like fast food restaurants, petrol stations, convenience stores, pharmacies, and others it makes good business sense: the faster the payment at checkout, the shorter the queues and the less purchase abandonment.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">With fewer cash transactions and cash on the premises the risks of robbery and slippage decline and so do the cash handling costs. And there is more to come.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">A wave of new players is rethinking and integrating the shopping and payment experience in dramatically new ways. Vend, Lightspeed, Revel, Lavu and others have built portable, inexpensive cloud and touchscreen based point-of-sale systems on iPad and tablets that offer a better customer experience and significant lower cost of ownership than the incumbent systems do.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">Mr Stollmann said the stakes were high when such tectonic shifts occur. “We expect the number of electronic payments to grow strongly as cloud-based technology advances and the new smart phones and devices become more popular. For Tyro this spells great opportunity, since we brought EFTPOS into the internet world. We use cloud architecture today for our totally reliable payment platform. Currently we hire as many top java engineers as we can to double our development capacity.”</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">The battle for displacing cash is heating up.</p> <hr class="wp-block-separator is-style-wide"/> <p class="wp-block-cgb-text gutenberg-examples-align-none">[1] Dhun Karai, Group Head Financial Services Woolworths at Cebit’s Future of Payments Conference<br/>[2] http://australia.blog.visa.com/2013/04/18/contactless-payments-take-off-at-coles/<br/>[3] http://www.rba.gov.au/statistics/tables/#payments_system </p> </div></div></div> <div class="wp-block-cgb-container-narrow container narrow-container container-block"><div class="row"><div class="col s12"> <h2 class="wp-block-heading"><strong>Need to know more?</strong></h2> <p class="wp-block-cgb-text gutenberg-examples-align-none">For more about this news story please contact:<br/>Monica Appleby, Head of Corporate Communications on 0466 598 946 or <a rel="noreferrer noopener" href="mailto:mappleby@tyro.com?subject=Media enquiry" target="_blank" data-type="mailto">mappleby@tyro.com</a><br/>Sophie Cotterill, Corporate Communications Manager on 0414 960 292 or <a rel="noreferrer noopener" href="mailto:scotterill@tyro.com?subject=Media enquiry" target="_blank">scotterill@tyro.com </a></p> <p></p> </div></div></div> <p></p> <p>The post <a href="https://www.tyro.com/about-tyro/media/sun-is-setting-on-aussie-cash-as-consumers-spend/">Sun is setting on Aussie cash as consumers spend</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p> ]]></content:encoded> </item> <item> <title>Signatures abolished – it all makes dollars and cents</title> <link>https://www.tyro.com/about-tyro/media/signatures-abolished-it-all-makes-dollars-and-cents/</link> <dc:creator><![CDATA[]]></dc:creator> <pubDate>Thu, 11 Jul 2013 03:35:13 +0000</pubDate> <guid isPermaLink="false">https://www.tyro.com/?post_type=press-releases&p=569</guid> <description><![CDATA[<p>The post <a href="https://www.tyro.com/about-tyro/media/signatures-abolished-it-all-makes-dollars-and-cents/">Signatures abolished – it all makes dollars and cents</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p> ]]></description> <content:encoded><![CDATA[ <div class="wp-block-cgb-container-narrow container narrow-container container-block"><div class="row"><div class="col s12"> <p class="wp-block-cgb-text gutenberg-examples-align-none">Australian retailers will need more than the luck of the Irish next St Patrick’s Day as it has been revealed that, Monday the 17th March 2014 will be the date that credit and debit card transactions will need to be accompanied with a PIN in order to be verified. For generations consumers have signed on a receipt when paying with their payment card. However, this will change as revealed by Visa in a submission to the ACCC [1].</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">From March next year all domestic Visa transactions will be verified by PIN or declined and it is expected that MasterCard will follow suit.Tyro has submitted to the ACCC inquiry that it supports an expedient and coordinated Visa and MasterCard PIN mandate implementation.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">Australia’s 14,000 cafes and restaurants, and the 145,000 staff who work in them, need to prepare themselves as there is danger to potentially alienate customers who will resent the inconvenience of leaving their guests and friends to pay for their bill [2].</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">“From St Patrick’s Day 2014, Australian consumers will be forced to leave their seats and pay for their meals at the cashier using the four digit PIN code, or in a minority of cases the payment terminal will come to them at their table,” said Jost Stollmann, CEO of Tyro Payments.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">For 1 April 2013 Visa had originally announced that PIN would become mandatory and signature was not going to be accepted anymore for face-to-face transactions. “Tyro reacted to the announcement immediately by developing and deploying an integrated payment solution allowing consumers to pay using a mobile EFTPOS terminal.“We were ready, the other banks were not”, said Mr Stollmann.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">As a consequence Visa extended its original deadline to 17 March 2014. Payment card fraud is booming in Australia, with the total number of fraudulent transactions surpassing one million last year [3]. Fraud losses added up to $261 million. When one adds to this the significant financial costs of issuing new cards, administrative burdens and personal inconvenience, using chip card technology and PIN entry becomes an attractive method to stamp out card theft and skimming and the share of fraud in face-to-face transactions.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">“The PIN requirement puts the consumer back in control, it is virtually impossible for a fraudster to ascertain a PIN, while forging a signature is easy,” said Mr Stollmann.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">However, the big question is what the change means to the 45% of Australian Visa and MasterCard cardholders who currently do not use their PIN? “They have to learn. Except for contactless transactions below $100 and low value transactions below $35, domestic chip card transactions will be declined unless the valid PIN is entered into the EFTPOS terminal.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">What is at stake is a multi-billion industry. Australians spend an astonishing $10 billion [4] annually dining out at cafes and restaurants , and struggling retailers cannot afford to alienate customers.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none"><strong>Integrated mobile EFTPOS terminals are the solution</strong></p> <p class="wp-block-cgb-text gutenberg-examples-align-none">Whilst mobile terminals are nothing new, their adoption in restaurants has been lack lustre to say the least. Most restaurateurs have balked at handing the critical bill payment instance to often itinerant staff. Having spotted the opportunity to innovate a new entrant into the electronic card payment space (Tyro) has worked closely with the industry and the key software providers to develop Australia’s first, all IP based, integrated “pay at table” solution.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none"><strong>How Tyro’s integrated EFTPOS terminals work</strong></p> <p class="wp-block-cgb-text gutenberg-examples-align-none">“By integrating its advanced IP based wireless payment terminals with the restaurant management software, Tyro delivers the integration benefits of speed, accuracy and reduced fraud”, explains Mr Stollmann. “The solution actually establishes a conversation between the restaurant management software and the payment terminal and allows the consumers to use the device at their table at their own pace to split the bill, pay and tip using their soon mandatory four digit PIN.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">“The diners will also have a broader choice of cards. They will no longer be limited to today’s signature based credit cards, but will for the first time, also be able to use Australia’s popular eftpos debit card at the table. Certainly restaurateurs will appreciate this as increase use of EFTPOS will save merchant service fees. But most importantly, customers never lose sight of their credit cards as they do now, which means they have total security over them.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">“Current adopters of the solution have reported positive outcomes such as halving the number of trips a waiter makes to the table to close it off. Restaurant managers also love the solution, because they no longer spend late, lonely nights, after staff have gone home, manually punching numbers into terminals, to process tips. With Tyro’s integrated pay at table solution end-of-day reconciliation and tip completion becomes a mouse click affair. The customer’s experience is vitally important creating good will and generating repeat business.”</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">“Wireless integrated pay at table EFTPOS, may be a small, but is an important step in the process of migrating all card payment transactions to the secure personal PIN entry. So far from being a threat, the long expected change eliminating credit and debit card signatures could be the best thing to happen to Australian restaurants in many years,” Mr Stollmann said.</p> <hr class="wp-block-separator is-style-wide"/> <h6 class="wp-block-heading"><a href="https://www.tyro.com/press-releases/signatures-abolished-it-all-makes-dollars-and-cents/#_ftnref1">[1]</a> <a href="http://transition.accc.gov.au/content/index.phtml/itemId/1120516/fromItemId/278039">http://transition.accc.gov.au/content/index.phtml/itemId/1120516/fromItemId/278039</a> <br><a href="https://www.tyro.com/press-releases/signatures-abolished-it-all-makes-dollars-and-cents/#_ftnref3">[2]</a> <a href="http://www.abs.gov.au/ausstats/abs@.nsf/Lookup/8655.0Main%20Features32006-07?opendocument&tabname=Summary&prodno=8655.0&issue=2006-07&num=&view=">http://www.abs.gov.au/ausstats/abs@.nsf/Lookup/8655.0Main%20Features32006-07?opendocument&tabname=Summary&prodno=8655.0&issue=2006-07&num=&view=</a><br><a href="https://www.tyro.com/press-releases/signatures-abolished-it-all-makes-dollars-and-cents/#_ftnref4">[3]</a> <a href="http://www.apca.com.au/docs/2013-media-releases/payments-fraud-statistics-for-calendar-year-2012.pdf">http://www.apca.com.au/docs/2013-media-releases/payments-fraud-statistics-for-calendar-year-2012.pdf</a><br><a href="https://www.tyro.com/press-releases/signatures-abolished-it-all-makes-dollars-and-cents/#_ftnref5">[4]</a> <a href="http://www.abs.gov.au/ausstats/abs@.nsf/Lookup/8655.0Main%20Features32006-07?opendocument&tabname=Summary&prodno=8655.0&issue=2006-07&num=&view=">http://www.abs.gov.au/ausstats/abs@.nsf/Lookup/8655.0Main%20Features32006-07?opendocument&tabname=Summary&prodno=8655.0&issue=2006-07&num=&view=</a></h6> </div></div></div> <div class="wp-block-cgb-container-narrow container narrow-container container-block"><div class="row"><div class="col s12"> <h2 class="wp-block-heading"><strong>Need to know more?</strong></h2> <p class="wp-block-cgb-text gutenberg-examples-align-none">For more about this news story please contact:<br/>Monica Appleby, Head of Corporate Communications on 0466 598 946 or <a rel="noreferrer noopener" href="mailto:mappleby@tyro.com?subject=Media enquiry" target="_blank" data-type="mailto">mappleby@tyro.com</a><br/>Sophie Cotterill, Corporate Communications Manager on 0414 960 292 or <a rel="noreferrer noopener" href="mailto:scotterill@tyro.com?subject=Media enquiry" target="_blank">scotterill@tyro.com </a></p> <p></p> </div></div></div> <p></p> <p>The post <a href="https://www.tyro.com/about-tyro/media/signatures-abolished-it-all-makes-dollars-and-cents/">Signatures abolished – it all makes dollars and cents</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p> ]]></content:encoded> </item> <item> <title>Tyro among NSW elite as Telstra finalist</title> <link>https://www.tyro.com/about-tyro/media/tyro-among-nsw-elite-as-telstra-finalist/</link> <dc:creator><![CDATA[]]></dc:creator> <pubDate>Mon, 01 Jul 2013 05:20:50 +0000</pubDate> <guid isPermaLink="false">https://www.tyro.com/?post_type=press-releases&p=622</guid> <description><![CDATA[<p>The post <a href="https://www.tyro.com/about-tyro/media/tyro-among-nsw-elite-as-telstra-finalist/">Tyro among NSW elite as Telstra finalist</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p> ]]></description> <content:encoded><![CDATA[ <div class="wp-block-cgb-container-narrow container narrow-container container-block"><div class="row"><div class="col s12"> <p class="wp-block-cgb-text gutenberg-examples-align-none">Australia’s leading independent EFTPOS provider Tyro Payments has been named as one of the finalists of Telstra’s prestigious business awards.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">Despite being founded in 2003, Tyro Payments has already surpassed $4 billion in credit and debit card transactions per year. Tyro offers small businesses and consumers a better deal by ‘busting open’ Australia’s credit card and debit card payment structure, operated by the country’s major banks.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">Tyro was founded by three Australian engineers, Paul Wood, Peter Haig and Andrew Rothwell. It is now run by ‘bank buster’ Jost Stollmann, one of Europe’s successful entrepreneurs, who previously founded and grew German IT service company, CompuNet into a $1 billion business, before selling it to GE Capital in 1996.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">He sailed into Sydney Harbour with his five children and wife after a two year 40,000 nautical mile circumnavigation of the world, and decided to stay.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">Tyro seized on the Reserve Bank’s decision in 2003 to open up Australia’s payment system to innovation, technology and competition, and has not looked back.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">“The system run by the banks suffers from ageing and unreliable systems and infrastructure, while Tyro is the first new entrant into the EFTPOS business in more than 14 years. It has been a long and difficult process, but we prevailed and have reinvented EFTPOS,” Mr Stollmann said.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">The value of Tyro Payments transactions increased by 51 per cent in 2012 compared to 2011 and has risen 145 per cent year on year since 2007, as retailers and customers flock to their innovative payments system. Year on year Tyro’s Merchant Service Revenue (MSF) has grown by more than 40 per cent.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">Australians spent a staggering $440 billion on credit, debit and charge card transactions last year; including $208 billion on Visa and MasterCard credit cards, $130 billion on EFTPOS cards, $54 billion on AMEX and Diners Club charge cards and $49 billion on Visa and MasterCard debit cards.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">Under its banking licence, Tyro provides credit and debit card payment solutions to retailers, newsagents, pharmacies and restaurants and Medicare claiming and rebating services to medical practices.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">Primarily, Tyro focuses on the needs of the under-serviced 350,000-strong small business community.“Our payment solutions are industry firsts. We brought the industry into the 21st century by delivering 100% system availability and 0% data compromise.We introduced transparent pricing and advocate fairness for the small business community,” Mr Stollmann says.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">Tyro prides itself on an innovative, fair, transparent, flexible and caring working environment for talented team oriented individuals. “There is not one banker in the business. We think differently and invent solutions the major banks can’t imagine.”</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">On being named one of the finalists of Telstra Business Awards, Jost is humble. “It is a great reward for a bunch of hard working dedicated people. I am very proud,” he said.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">Tyro Payments is a finalist in the ‘Medium Business’ category.</p> </div></div></div> <div class="wp-block-cgb-container-narrow container narrow-container container-block"><div class="row"><div class="col s12"> <h2 class="wp-block-heading"><strong>Need to know more?</strong></h2> <p class="wp-block-cgb-text gutenberg-examples-align-none">For more about this news story please contact:<br/>Monica Appleby, Head of Corporate Communications on 0466 598 946 or <a rel="noreferrer noopener" href="mailto:mappleby@tyro.com?subject=Media enquiry" target="_blank" data-type="mailto">mappleby@tyro.com</a><br/>Sophie Cotterill, Corporate Communications Manager on 0414 960 292 or <a rel="noreferrer noopener" href="mailto:scotterill@tyro.com?subject=Media enquiry" target="_blank">scotterill@tyro.com </a></p> <p></p> </div></div></div> <p></p> <p>The post <a href="https://www.tyro.com/about-tyro/media/tyro-among-nsw-elite-as-telstra-finalist/">Tyro among NSW elite as Telstra finalist</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p> ]]></content:encoded> </item> <item> <title>SME’s continue to be gouged by Big Banks</title> <link>https://www.tyro.com/about-tyro/media/smes-continue-to-be-gouged-by-big-banks/</link> <dc:creator><![CDATA[]]></dc:creator> <pubDate>Fri, 21 Jun 2013 05:32:05 +0000</pubDate> <guid isPermaLink="false">https://www.tyro.com/?post_type=press-releases&p=624</guid> <description><![CDATA[<p>The post <a href="https://www.tyro.com/about-tyro/media/smes-continue-to-be-gouged-by-big-banks/">SME’s continue to be gouged by Big Banks</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p> ]]></description> <content:encoded><![CDATA[ <div class="wp-block-cgb-container-narrow container narrow-container container-block"><div class="row"><div class="col s12"> <p class="wp-block-cgb-text gutenberg-examples-align-none">Australia’s 350,000 SME business owners are among those being gouged by excessive service fees, according to data released yesterday by the Reserve Bank of Australia and the Australian Bankers Association.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">While Australia’s big banks are generating less income from fees from personal banking (savings, cheque and debit accounts), they are making up the shortfall by a significant increase in revenue from their business customers.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">Tyro Payments, CEO Jost Stollmann believes that while it is good news for households, Australia’s struggling SME community is being lumped with $7.3 billion worth of fees to ensuring the major banks continue to achieve record-breaking profits.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">The increase of fees for credit and debit cards has accelerated from 3.9% in the prior year to 8.2% in 2012. Tyro had warned in the past, that the small businesses would be hit hard by bank fee increases and that at a time when expenses are going up everywhere.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">“For too long Australia’s major banks have failed Australia’s SME’s. This is at a time when Australian retailers are already doing it tough, compounded by the growing reluctance of banks to finance debt of Australia’s small business, with 44 percent of applications being declined or not proceeding in the first quarter of 2013.[1]</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">“Almost 65 per cent of Australian business, or 200,000 companies, are absorbing all the service fees imposed on them and not passing them on to the consumer, as they need to remain competitive on price, especially with a record number of consumers purchasing online overseas, in the last twelve months,” Mr Stollmann said.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">The biggest slap in the face for Australia’s SME’s is not only are they being continually gauged by the big banks, but the level of service they receive has a lot to be desired, with consumers and business being barred from accessing their money when bank systems fail as they have in the past 24 months.</p> <hr class="wp-block-separator is-style-wide" /> <p class="wp-block-cgb-text gutenberg-examples-align-none">[1] East & Partners Business Banking Index (BBI) – January 2013 – National, structured sample of 538 SMEs interviewed – SME Segment : A$1-20m turnover enterprises </p> </div></div></div> <div class="wp-block-cgb-container-narrow container narrow-container container-block"><div class="row"><div class="col s12"> <h2 class="wp-block-heading"><strong>Need to know more?</strong></h2> <p class="wp-block-cgb-text gutenberg-examples-align-none">For more about this news story please contact:<br/>Monica Appleby, Head of Corporate Communications on 0466 598 946 or <a rel="noreferrer noopener" href="mailto:mappleby@tyro.com?subject=Media enquiry" target="_blank" data-type="mailto">mappleby@tyro.com</a><br/>Sophie Cotterill, Corporate Communications Manager on 0414 960 292 or <a rel="noreferrer noopener" href="mailto:scotterill@tyro.com?subject=Media enquiry" target="_blank">scotterill@tyro.com </a></p> <p></p> </div></div></div> <p></p> <p>The post <a href="https://www.tyro.com/about-tyro/media/smes-continue-to-be-gouged-by-big-banks/">SME’s continue to be gouged by Big Banks</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p> ]]></content:encoded> </item> <item> <title>One step closer to breaking taxi fare monopoly</title> <link>https://www.tyro.com/about-tyro/media/one-step-closer-to-breaking-taxi-fare-monopoly/</link> <dc:creator><![CDATA[]]></dc:creator> <pubDate>Tue, 28 May 2013 05:44:21 +0000</pubDate> <guid isPermaLink="false">https://www.tyro.com/?post_type=press-releases&p=636</guid> <description><![CDATA[<p>The post <a href="https://www.tyro.com/about-tyro/media/one-step-closer-to-breaking-taxi-fare-monopoly/">One step closer to breaking taxi fare monopoly</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p> ]]></description> <content:encoded><![CDATA[ <div class="wp-block-cgb-container-narrow container narrow-container container-block"><div class="row"><div class="col s12"> <p class="wp-block-cgb-text gutenberg-examples-align-none">Australians are one step closer to saving $45 million a year in taxi fees under wide ranging reforms announced by the Victorian Government today.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">The decision cuts the fee that customers pay using credit and debit cards from 10 per cent to five per cent, paving the way for a nationwide crackdown on excessive credit card charges in taxis.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">“The decision is good news for Victoria’s taxi customers who took 35 million trips last year as it means greater competition, lower fees and more services,” Tyro Payments CEO Jost Stollmann said today. Nationally the 10% taxi surcharge contributed $90 million of revenue to Cabcharge in the 2012 financial year, charged on $1.05 billion in taxi payment turnover.<sup>1</sup> </p> <p class="wp-block-cgb-text gutenberg-examples-align-none">The announcement paves the way for the Reserve Bank of Australia (RBA) to open up the Cabcharge system to competition for the first time in 37 years. Cabcharge is a monopoly that operates its payment terminals in 97 per cent of Australian cabs.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">Mr Stollmann said that by opening up the payment processing and metering systems to third parties, Australia’s 65,000 taxi drivers and their 371 million passengers each year would benefit from dramatically better service at lower costs.<sup>2</sup> </p> <p class="wp-block-cgb-text gutenberg-examples-align-none">“The Cabcharge system is unfair and unethical and needs to be cracked open. Why should taxi customers have to pay 10% when retail store customers only pay 2-3%?” Mr Stollmann said. “The payment system in cabs is more expensive than in a retail store, but there is no justification for the 10 per cent.”</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">Today’s announcement means the RBA can now act to enable other vendors to deliver lower fees and greater competition to Australia’s taxi users.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">A decision by the Reserve Bank of Australia (RBA) is still pending on whether to regulate the Cabcharge system and open it up to competition. As the newest independent entrant into Australia’s EFTPOS market Tyro Payments has developed with its Merchant partner CabFare an efficient real-time alternative to Cabcharge terminals that provides a competitive alternative.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">Tyro endorses other announcements made today including the adoption of innovative cloud based solution for ‘taxi only’ cards that will lower costs, improve security and remove fraud. It will also deliver real time accountability for services to disabled Victorians.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">“Single integrated EFTPOS terminals with real-time processing of all cards including Cabcharge will eliminate the industry’s rampant fraud problem perpetrated with paper vouchers and unauthorised transactions,” he said. “We encourage the RBA to intervene and designate the Cabcharge payment system to make payments and taxi travel safer, simpler and more secure for all Australians,” said Mr Stollmann.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">“Tyro encourages the RBA to continue to act swiftly and bring the unregulated $438 million taxi payment system to account.”</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">[1] <a href="http://www.cabcharge.com.au/pdfsubframe.htm?/pdf/2012CabchargeAnnualReport.pdf?sel=conditions">http://www.cabcharge.com.au/pdfsubframe.htm?/pdf/2012CabchargeAnnualReport.pdf?sel=conditions</a><br />[2] <a href="http://www.atia.com.au/taxi-statistics">http://www.atia.com.au/taxi-statistics </a></p> <hr class="wp-block-separator is-style-wide" /> </div></div></div> <div class="wp-block-cgb-container-narrow container narrow-container container-block"><div class="row"><div class="col s12"> <h2 class="wp-block-heading"><strong>Need to know more?</strong></h2> <p class="wp-block-cgb-text gutenberg-examples-align-none">For more about this news story please contact:<br/>Monica Appleby, Head of Corporate Communications on 0466 598 946 or <a rel="noreferrer noopener" href="mailto:mappleby@tyro.com?subject=Media enquiry" target="_blank" data-type="mailto">mappleby@tyro.com</a><br/>Sophie Cotterill, Corporate Communications Manager on 0414 960 292 or <a rel="noreferrer noopener" href="mailto:scotterill@tyro.com?subject=Media enquiry" target="_blank">scotterill@tyro.com </a></p> <p></p> </div></div></div> <p></p> <p>The post <a href="https://www.tyro.com/about-tyro/media/one-step-closer-to-breaking-taxi-fare-monopoly/">One step closer to breaking taxi fare monopoly</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p> ]]></content:encoded> </item> <item> <title>D-Day for excessive credit card charges</title> <link>https://www.tyro.com/about-tyro/media/d-day-for-excessive-credit-card-charges/</link> <dc:creator><![CDATA[]]></dc:creator> <pubDate>Mon, 18 Mar 2013 05:54:01 +0000</pubDate> <guid isPermaLink="false">https://www.tyro.com/?post_type=press-releases&p=641</guid> <description><![CDATA[<p>The post <a href="https://www.tyro.com/about-tyro/media/d-day-for-excessive-credit-card-charges/">D-Day for excessive credit card charges</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p> ]]></description> <content:encoded><![CDATA[ <div class="wp-block-cgb-container-narrow container narrow-container container-block"><div class="row"><div class="col s12"> <p class="wp-block-cgb-text gutenberg-examples-align-none">Consumers will no longer have to pay excessive fees every time they use their VISA cards, saving them an estimated $100 million per year.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">VISA has announced that from today all businesses that accept Visa cards in face-to-face transactions must restrict any surcharging to as little as 1%. More than 36% of Australian businesses, or 100,000 companies, impose some type of ‘surcharge’ on a customer’s bill.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">VISA’s move will now put pressure on MasterCard, AMEX and Diners Club to follow suit. AMEX and Diners Club card transactions attract surcharges of 3-4 per cent.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">“If all credit card companies follow VISA and outlaw excessive credit and debit card surcharging, it will save the Australian consumer an estimated $350 million a year,” Tyro Payments CEO Jost Stollmann said. “The changes would benefit consumers, but the overwhelming majority of Australian small businesses were already doing the right thing.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">“Almost 65 per cent of Australian businesses, or about 200,000 companies, impose no surcharge at all on credit card transactions, while absorbing the fees the large banks impose on them,” Mr Stollmann said. “The truth is many small businesses are being forced to fund the lucrative loyalty programs of the major banks, by absorbing these costs. The banks have an obligation to lower their credit card fees on small business. They are the ones out of step with community opinion.”</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">The ramifications are huge, with Australians spending a staggering $440 billion on credit, debit and charge card transactions last year. This included $208 billion on Visa and MasterCard credit cards, $130 billion on eftpos cards, $54 billion on AMEX and Diners Club charge cards and $49 billion on Visa and MasterCard debit cards.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">The average surcharge paid by consumers for Diners Club is 4%, for American Express 2.9%, for Visa 1.9% and for MasterCard 1.8%<sup>1</sup>. In taxis, customers are forced to pay 10% when paying for their trip with a credit card. In May 2012, the RBA announced that credit card companies had the right to restrict surcharging from 18 March 2013.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">VISA is the first credit card company to take up the right, but only informed Tyro Payments 11 days ago it was doing so.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">“Many retailers will be unaware of these changes,” Mr Stollmann said. “How are retailers going to prepare for the change, adjust their systems and train their staff in time to avoid breaking their obligations under their contracts? How will retailers deal with customer complaints about surcharging, when they have not been given time to prepare for the changes?”</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">Retailers who refuse to comply with the lower charges face warnings, unspecified fines and ultimately possible termination. Tyro is working furiously to provide its customers with the tools needed to calculate the correct surcharge and to launch a fully automated and compliant surcharging feature on the EFTPOS terminal.</p> <p class="wp-block-cgb-text gutenberg-examples-align-none">The use of surcharging has grown dramatically in recent years, and is most common among large retailers who wield strong market power. Forty-four per cent of large retailers charge customers to use credit cards, compared to only 23% of small businesses.</p> <hr class="wp-block-separator is-style-wide" /> <p class="wp-block-cgb-text gutenberg-examples-align-none">[1] <a href="https://www.rba.gov.au/publications/consultations/201106-review-card-surcharging/pdf/201106-review-card-surcharging.pdf">https://www.rba.gov.au/publications/consultations/201106-review-card-surcharging/pdf/201106-review-card-surcharging.pdf</a></p> </div></div></div> <div class="wp-block-cgb-container-narrow container narrow-container container-block"><div class="row"><div class="col s12"> <h2 class="wp-block-heading"><strong>Need to know more?</strong></h2> <p class="wp-block-cgb-text gutenberg-examples-align-none">For more about this news story please contact:<br/>Monica Appleby, Head of Corporate Communications on 0466 598 946 or <a rel="noreferrer noopener" href="mailto:mappleby@tyro.com?subject=Media enquiry" target="_blank" data-type="mailto">mappleby@tyro.com</a><br/>Sophie Cotterill, Corporate Communications Manager on 0414 960 292 or <a rel="noreferrer noopener" href="mailto:scotterill@tyro.com?subject=Media enquiry" target="_blank">scotterill@tyro.com </a></p> <p></p> </div></div></div> <p></p> <p>The post <a href="https://www.tyro.com/about-tyro/media/d-day-for-excessive-credit-card-charges/">D-Day for excessive credit card charges</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p> ]]></content:encoded> </item> </channel> </rss>