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	<title>2014 | Tyro</title>
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	<title>2014 | Tyro</title>
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		<title>Murray Inquiry to save the poor $500m in bank fees</title>
		<link>https://www.tyro.com/about-tyro/media/low-income-australians-fund-the-lifestyle-of-the-rich/</link>
		
		<dc:creator><![CDATA[]]></dc:creator>
		<pubDate>Mon, 08 Dec 2014 08:18:43 +0000</pubDate>
				<guid isPermaLink="false">https://www.tyro.com/?post_type=press-releases&#038;p=497</guid>

					<description><![CDATA[<p>The post <a href="https://www.tyro.com/about-tyro/media/low-income-australians-fund-the-lifestyle-of-the-rich/">Murray Inquiry to save the poor $500m in bank fees</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p>
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<p class="wp-block-cgb-text gutenberg-examples-align-none">Up to 10 million lower income Australians will save up to $500 million a year in unnecessary credit and debit card fees, under changes recommended by the Murray Financial Services Inquiry.<br/> <br/>A key finding of the Murray Inquiry is that a hidden practice of the country’s largest banks be banned, where poorer Australians subsidise cheaper air travel, holidays and fine wine for the rich. Analysis of the annual $230 billion credit and debit card spend shows Australia’s 10 million standard card users pay about $50 each to support the five million premium and platinum cards<sup>[1]</sup>,<sup>[2]</sup> usually held by the rich.<br/> <br/>“Premium credit cards attract a range of benefits such as air travel, overseas holidays and other lifestyle advantages. “About 10 million Australians have a standard credit or debit card, and they pay about $500 million per year, or $50 each, in extra fees to subsidise the lifestyles of five million richer Aussies with a premium card,” Tyro Payments CEO Jost Stollmann said.<br/> <br/>“This is because retailers typically charge customers a standard 1% rate irrespective of what type of card is used. But banks charge retailers much higher fees for premium and platinum credit cards than standard cards used by lower income people. Effectively, this means the poor are subsiding the rich. This is unfair, unjustified and unAustralian. Credit cards are now the great divider in our society. Banks get away with it because most people don’t know it is happening. Their secret is out now.”<br/> <br/>“The Murray Inquiry recommends that hard caps be placed on what banks can charge in credit card fees.” According to a Reserve Bank of Australia (RBA) submission to the Financial System Inquiry, “individuals in the highest income quartile are six times more likely to have premium cards than low income individuals” <sup>[3]</sup>.</p>



<p class="wp-block-cgb-text gutenberg-examples-align-none"><strong>Table 1: Premium and entry level card charges and ‘subsidies’</strong><br/><br/><img fetchpriority="high" decoding="async" width="680" height="312" class="wp-image-499" src="https://www.tyro.com/wp-content/uploads/2019/06/premium-and-entry-level-card-charges.png" alt="" srcset="https://www.tyro.com/wp-content/uploads/2019/06/premium-and-entry-level-card-charges.png 680w, https://www.tyro.com/wp-content/uploads/2019/06/premium-and-entry-level-card-charges-676x310.png 676w" sizes="(max-width: 680px) 100vw, 680px" /></p>



<p class="wp-block-cgb-text gutenberg-examples-align-none">Stollmann said hidden bank fees<sup>[5]</sup> on credit and debit cards were up to 10 times higher for small businesses<sup>[6]</sup> than big retailers and 6.7 times <sup>[2]</sup><a href="https://www.tyro.com/press-releases/low-income-australians-fund-the-lifestyle-of-the-rich/#reference2"> </a>higher for low income consumers than high net worth individuals.<br> <br>“Tyro estimates that small businesses <sup>[7]</sup> have to pay $300 million more in hidden fees for Visa and MasterCard purchases than the big retailers,” he said. “This is a dramatic injustice and it is getting worse. Why should lower income Australians and small businesses fund the generous reward programs of platinum and super premium cards for the wealthy?”<br> <br>“Australia’s 390,000 small and medium sized businesses (SMEs) employ more than seven million Australians and are the engine of jobs growth in this country, yet they are having to compete with financial lead in their saddle bags, courtesy of our major banks. These charges are essentially invisible to the average customer. They are unfair. The best option is to ban these interchange fees altogether.”<br> <br>New Zealand and Canada have mandated that zero interchange fees should apply to their entire EFTPOS network for all debit cards. Likewise, the European Commission lowered cross-border interchange fees to 0.2 percent for debit transactions and to 0.3 percent of credit transactions.</p>



<p class="wp-block-cgb-text gutenberg-examples-align-none"><sup>[1]</sup> Reserve Bank of Australia figures show Australia has 15.6 million credit and charge accounts<br/><br/><sup>[2]</sup> Tyro Payments $6.5 billion in payments per year show 34% of payments are by premium cards and 66% are by standard cards<br/> <br/><sup>[3]</sup> <a href="http://www.rba.gov.au/publications/submissions/fin-sys-inquiry-201408/pdf/fin-sys-inquiry-201408.pdf">Supplementary Submission to the Financial System Inquiry August 2014</a><br/> <br/><sup>[4]</sup> Assumed surcharge or general price increase<br/> <br/><sup>[5]</sup> <a href="http://www.rba.gov.au/publications/annual-reports/psb/2013/pdf/2013-psb-ann-report.pdf">Interchange fee</a> is charged by the card holder’s bank to the business’ bank and then passed on to the business as part of the merchant service fee and then to consumers as surcharge or in general prices.<br/> <br/><sup>[6]</sup> Visa: Strategic Merchant Program rate 0.22% versus High Net Worth Qualified rate 2.20% and Standard rate 0.33% MasterCard: Strategic Merchants rate 0.25% versus Consumer Elite rate 2.20% and Consumer Standard rate 0.33%<br/> <br/><sup>[7]</sup> Comparing the lower and higher quartiles of the yearly $230 billion in Visa and MasterCard purchases.</p>
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<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>



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<p>The post <a href="https://www.tyro.com/about-tyro/media/low-income-australians-fund-the-lifestyle-of-the-rich/">Murray Inquiry to save the poor $500m in bank fees</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p>
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		<title>Competition Policy Review: Strong action needed to end the unfair punishment of Australia’s small and medium business community</title>
		<link>https://www.tyro.com/about-tyro/media/competition-policy-review-strong-action-needed-to-end-the-unfair-punishment-of-australias-small-and-medium-business-community/</link>
		
		<dc:creator><![CDATA[Mike Hagley]]></dc:creator>
		<pubDate>Wed, 19 Nov 2014 08:24:59 +0000</pubDate>
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					<description><![CDATA[<p>The post <a href="https://www.tyro.com/about-tyro/media/competition-policy-review-strong-action-needed-to-end-the-unfair-punishment-of-australias-small-and-medium-business-community/">Competition Policy Review: Strong action needed to end the unfair punishment of Australia’s small and medium business community</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p>
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<p class="wp-block-cgb-text gutenberg-examples-align-none">Fines should be tripled for breaches of Australia’s competition law, to prevent the country’s four major banks from crushing smaller competitors, Australia’s leading independent payments provider Tyro Payments said today. In a submission to the Federal Government’s Competition Policy Review, Tyro argues that Australia’s four major retail banks use their market power to stifle innovation among small and medium sized businesses (SMEs).<br /> <br />“Technology is driving and accelerating change, and generating new wealth, but Australia’s four major banks with their market dominance, will do what they can to stifle innovation,” Tyro’s CEO Jost Stollmann said. “Startup or fast growth companies don’t have the resources to sue the banks, and the banks have deep enough pockets to fight any reasonable legal challenge. The pattern of anti-competitive behaviour seems to be below the level of severity that allows the ACCC to intervene. SMEs employ with more than seven million Australians almost 70 percent of the workforce. They are the engine of jobs growth in this country, yet they are having to compete with financial lead in their saddle bags, courtesy of our major banks.”<br /> <br />Tyro has made four recommendations to the Competition Policy Review:</p>



<ol class="wp-block-cgb-ordered-list wp-block-list"><li>Triple penalties for ACCC breaches</li><li>Strengthen the Competition Law and an ACCC Inquiry into anti-competitive structures and behaviors in Australia’s $440 billion annual card payment space</li><li>Review Australian Government procurement policies and procedures to promote competition and innovation through open panel tendering</li><li>Encourage the regulator to open up access of the payment system to new technology players, while maintaining supervision and a level playing field.</li></ol>



<p class="wp-block-cgb-text gutenberg-examples-align-none">The Australian banking system has found it difficult to support the SME community with efficient transactional banking and funding solutions. Mr Stollmann said prosperity in the new digital century will come to a large extent from startups and fast growth companies building the technologies and business models of the future and that for the global markets.<br /> <br />“It is critical that Australia’s small-to-medium business people as well as its start-up and fast growth entrepreneurs believe in fairness and accessibility. The scorecard is not good,” he said.<br /> <br />When the Reserve Bank of Australia invited non-banks to compete with the dominant retail banks in the payment space in the late 1990s, only Tyro Payments picked-up the challenge. Today, Tyro Payments turns over $6.5 billion in payments per year and processes 14 million Medicare payments annually.<br /> <br />“Tyro battled the banks for market access and saw how they actively hindered new entrants, stifled investment in inter-bank infrastructure, and used discriminating settlement practices and cross-subsidising,” Mr Stollmann said. “Ultimately, this is bad for small businesses, jobs growth and consumers, as it keeps prices artificially high.”<br /> <br />The Review of Competition Policy is a great opportunity to reverse the community’s prevailing skepticism and cynicism in that regard. The task for such a Review is challenging, because the predominant voices raised in such inquiries are those of the establishment and their consultants and lobbyist.<br /> <br />“Australia has lagged behind other Western countries when it comes to encouraging innovation and exploring new technologies,” Mr Stollmann said. “The anti-competitive structure and behaviour of Australia’s oligopolistic banking sector stifles innovation, reduces productivity, eliminates choice, taxes the SME business community and ultimately increases costs to the consumer. It’s ultimately in the best interest of everyone, SMEs, the major retail banks, government bodies, card issuers and merchants to encourage, fund and support innovation and healthy market competition.”</p>
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<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>



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<p></p>
<p>The post <a href="https://www.tyro.com/about-tyro/media/competition-policy-review-strong-action-needed-to-end-the-unfair-punishment-of-australias-small-and-medium-business-community/">Competition Policy Review: Strong action needed to end the unfair punishment of Australia’s small and medium business community</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p>
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		<title>This weekend it becomes real – Signature Adieu</title>
		<link>https://www.tyro.com/about-tyro/media/this-weekend-it-becomes-real-signature-adieu/</link>
		
		<dc:creator><![CDATA[]]></dc:creator>
		<pubDate>Wed, 15 Oct 2014 08:34:15 +0000</pubDate>
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					<description><![CDATA[<p>The post <a href="https://www.tyro.com/about-tyro/media/this-weekend-it-becomes-real-signature-adieu/">This weekend it becomes real – Signature Adieu</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p>
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<p class="wp-block-cgb-text gutenberg-examples-align-none">The ‘phoney-war’ on credit and debit card transactions ends next week when Australia’s banks will decline Visa and MasterCard transactions with signatures. From 1 August, customers were told they had to use PINs rather than signatures for the $440 billion in annual credit and debit card transactions. However, retailers could still override that and accept signatures.<br /> <br />From next Monday, that option will be taken away from retailers with Australia’s banks enforcing the PIN only option, and ‘declining’ signature transactions.<br /> <br />The development comes as new research by Australia’s business-only bank and EFTPOS provider, Tyro Payments, shows consumers embracing PIN over signature transactions. Findings from 11,000 small-to-medium sized businesses, including restaurants, cafes and pubs, show that when given the choice between PIN and sign, consumers are now opting to use PINs 99.6% of the time, compared to only 59% late last year (Nov 2013). PIN usage has been widely accepted.</p>



<p class="wp-block-cgb-text gutenberg-examples-align-none"><img decoding="async" width="479" height="246" class="wp-image-517" src="https://www.tyro.com/wp-content/uploads/2019/06/Monthly-PIN-Usage.png" alt="" /></p>



<p class="wp-block-cgb-text gutenberg-examples-align-none">Australians have more than 50 million credit and debt cards, with use increasing by more than six per cent a year, as we move towards a ‘cashless’ society. “Tyro is no longer concerned about customers having to search for cash in a panic, because they don’t have a PIN number attached to their credit or debit card,” Tyro Payments co-founder Andrew Rothwell said today. “That’s because customers have taken on this more secure form of payment with gusto.”<br /> <br />The only exceptions for signature sales will be for: <br /></p>



<ol class="wp-block-cgb-ordered-list"><li>contactless transactions under $100 (Visa payWave, MasterCard® PayPass<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2122.png" alt="™" class="wp-smiley" style="height: 1em; max-height: 1em;" /> or American Express Contactless)</li><li>magnetic-stripe (mag-stripe) cards issued in Australia that have not yet been replaced with chip cards</li><li>cards issued outside of Australia</li><li>signature-preferred cards issued to Australians with a genuine need to sign.</li></ol>



<p class="wp-block-cgb-text gutenberg-examples-align-none">Mr Rothwell said Tyro finished upgrading all its 20,000 terminals last month, in antipation of next Monday’s changes. “However, we continue to be concerned with disruptions for Australia’s 37,700 restaurants, cafes and pubs , because the mandatory PIN entry forces patrons to pay either at the table or at the cashier,” he said.<br /><br />Mr Rothwell said some operators did not offer the option of providing a tip at the end of the meal when paying by PIN. While tipping is not as common practice as in the United States where gratuity of about 20 percent of the bill is standard for good service, modest tipping in Australia contributes to a wait staff’s home pay.<br /><br />As the first to introduce a tipping solution for the hospitality industry two years ago, Tyro has gained experience on what it takes to overcome the reluctance of the customer to tip using the EFTPOS terminal. At Tyro venues, the average tipping level was maintained at 8 percent of the table bill, where the patron is willing to tip.<br /><br />“With appropriate wait staff training, customers can be given enough privacy to pay a tip using Tyro’s easy to navigate workflow, which avoids the nightmare for lost tips among hard-working wait staff,” Mr Rothwell said. “The challenge is to increase the number of customers tipping.<br /><br />“We see continuous improvement as the staff learns how to become more sensitive around tipping at table and as customers become more accustomed to it.” Restaurants using the Tyro integrated pay, split and tip at table feature, were able to double the number of patrons tipping over the last two months following the rollout of the PIN mandate.<br /><br />“A simple, fast and secure payment process integrates the restaurant management software and the payment terminal, allowing patrons to use the EFTPOS terminal on the table at their own pace to split the bill, tip and pay using their PIN. ” adds Andrew Rothwell.<br /><br /><strong>BENEFITS OF USING TYRO’S INTERGRATED EFTPOS TERMINALS</strong><br /></p>



<ul class="wp-block-cgb-unordered-list"><li>Current users of the terminals have reported positive outcomes such as halving the number of trips a waiter makes to the table to close it off.</li><li>The end-of-day reconciliation and tip completion cease being problems for the restaurateurs.</li><li>Customers never lost sight of their credit cards as they did in the past, which means they have total security over them.</li><li>Diners have a broader choice of cards. They will no longer be limited to today’s signature based credit cards, but will be able to use Australia’s popular EFTPOS debit card at the table.</li><li>Restaurateurs using mobile terminals potentially save in merchant service fees when their patrons use the EFTPOS debit card instead of a credit card.</li></ul>
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<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>



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<p></p>
<p>The post <a href="https://www.tyro.com/about-tyro/media/this-weekend-it-becomes-real-signature-adieu/">This weekend it becomes real – Signature Adieu</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p>
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		<title>Ban the unfair fees on credit and debit cards to end the punishment of Australian consumers and SMEs</title>
		<link>https://www.tyro.com/about-tyro/media/ban-the-unfair-fees-on-credit-and-debit-cards-to-end-the-punishment-of-australian-consumers-and-smes/</link>
		
		<dc:creator><![CDATA[Mike Hagley]]></dc:creator>
		<pubDate>Tue, 26 Aug 2014 00:18:29 +0000</pubDate>
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					<description><![CDATA[<p>The post <a href="https://www.tyro.com/about-tyro/media/ban-the-unfair-fees-on-credit-and-debit-cards-to-end-the-punishment-of-australian-consumers-and-smes/">Ban the unfair fees on credit and debit cards to end the punishment of Australian consumers and SMEs</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p>
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<p class="wp-block-cgb-text gutenberg-examples-align-none">Bank interchange charges<sup>1</sup> on Australia’s $480 billion annual credit and debit card spending should be outlawed to provide the country’s 350,000 small businesses with a fair go, according to a submission to the Federal Government’s Financial System Inquiry.<br /> <br />Australia’s leading independent payments provider, Tyro Payments, said that small and medium businesses were being charged an estimated $400 million more in bank ‘interchange’ fees than they should every year, or up to 10 times more than big business. These interchange fees push up the cost of doing business, and explain why so many businesses have recently introduced surcharging, costing consumers more than $1 billion a year.<br /> <br />“Small and medium sized businesses (SMEs) employ more than seven million Australians<sup>2</sup> and are the engine of jobs growth in this country, yet they are having to compete with financial lead in their saddle bags, courtesy of our major banks,” Tyro CEO Jost Stollmann said today. “These charges are essentially invisible to the average customer, but in many cases they are passed on to them in the form of a billion dollar surcharging system.”<br /> <br />“On average an SME business processes about 250 Visa and MasterCard credit or debit card transactions monthly. The interchange fee1 on each transaction costs them 53 cents, adding up to $1,600 per year.<sup>3</sup> In comparison, big retailers bring in much larger profits and only pay about 16 cents for the same transaction.<sup>4</sup> The best option is to ban the interchange fee all together.”<br /> <br />New Zealand and Canada have mandated that zero interchange fees should apply to their entire EFTPOS network for all debit cards. Likewise, the European Commission lowered cross-border interchange fees to 0.2 percent for debit transactions and to 0.3 percent for credit transactions.<br /> <br />The practice of banning interchange fees was identified as a policy option in the Federal Government’s recent Interim Report of the Financial System Inquiry, the most far reaching inquiry of its kind in more than 15 years. In its submission to be lodged today, Tyro Payments agreed with that option, given Australia is quickly moving towards a cashless society.<br /> <br />“As it stands the cost of moving to a cashless society is pushed to small and medium businesses, which have to absorb it to compete,” Mr Stollmann said. “In comparison, the Australian Securities and Investment Commission (ASIC) recently slapped supermarket giant ALDI on the wrist for inadequate disclosure of imposing surcharges on card transactions.”<br /> <br />Tyro’s original submission to the Financial System Inquiry included four key recommendations;</p>



<ul class="wp-block-cgb-unordered-list"><li>An ACCC Inquiry into the anti-competitive structure and behaviours in the Australian payment space dominated by the four major retail banks</li><li>A review of the Australian Government procurement policies and procedures to promote competition and innovation through open panel tendering of payment services in its multi-billion dollar budgets</li><li>An engaged regulator to open up access of the payment system to new technology players, while maintaining supervision and a level playing field</li><li>A review of the overcharging and cross-subsidies that currently disadvantage the small to medium business community</li></ul>



<p class="wp-block-cgb-text gutenberg-examples-align-none">In more general terms, Mr Stollmann said the Financial System Inquiry was a one-off opportunity to bring Australia up to a competitive international level when it came to innovation, productivity and healthy market competition. “Australia has lagged behind other Western countries when it comes to encouraging innovation and exploring new technologies,” Mr Stollmann said.<br /> <br />“The finance and banking sector has not faced an inquiry of this kind in 16 years, since the Wallis Report. Business and markets have changed significantly since then. It would be great if this Financial System Inquiry were an encouragement for entrepreneurs and investors to bring innovative, less expensive financial and banking services to Australian consumers and small business markets.”</p>



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<p>[1] Interchange fee is charged by the card holder’s bank to the business’ bank and then passed on to the business as part of the merchant service fee. <a href="http://www.rba.gov.au/publications/annual-reports/psb/2013/pdf/2013-psb-ann-report.pdf">http://www.rba.gov.au/publications/annual-reports/psb/2013/pdf/2013-psb-ann-report.pdf</a><br>[2] Australian Government, Department of Innovation Industry , Science and Research, Key Statistics Australian Small Business, page 7<br>[3] On the basis of the Tyro merchant portfolio<br>[4] Based on Visa and MasterCard Strategic Merchant interchange rates</p>
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<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>



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<p>The post <a href="https://www.tyro.com/about-tyro/media/ban-the-unfair-fees-on-credit-and-debit-cards-to-end-the-punishment-of-australian-consumers-and-smes/">Ban the unfair fees on credit and debit cards to end the punishment of Australian consumers and SMEs</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p>
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		<title>Tipping chaos looming for Australia’s hospitality industry</title>
		<link>https://www.tyro.com/about-tyro/media/tipping-chaos-looming-for-australias-hospitality-industry/</link>
		
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		<pubDate>Mon, 28 Jul 2014 01:07:52 +0000</pubDate>
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<p class="wp-block-cgb-text gutenberg-examples-align-none">Chaos may be looming for Australia’s 37,700 restaurants, cafes and pubs<sup>1</sup>, when signatures are officially abolished on all credit and debit card payments this week.</p>



<p class="wp-block-cgb-text gutenberg-examples-align-none"><img decoding="async" width="300" height="173" class="wp-image-536" src="https://www.tyro.com/wp-content/uploads/2019/06/PIN-Usage-2014-07-02-300x173.png" alt="" /></p>



<p class="wp-block-cgb-text gutenberg-examples-align-none">From this Friday, customers will be forced to use a PIN to process credit and debit card transactions, which could spell the death of tips from grateful customers.<br /> <br />Tyro Payments co-founder Andrew Rothwell said “while PIN usage has increased in the past six months, 10% of all Australians will have to use their PIN for the first time. Imagine cardholders searching in panic for cash to offer a tip, because they can no longer offer this as part of the signature process,” Mr Rothwell said. Tipping is likely to be the casualty of PIN transactions with tips expected to fall by double digits, similar to the UK experience.”<br /> <br />According to new research by Tyro Payments, PIN usage increased from 59% to 78% between November 2013 and June 2014 for 10,000 small-to-medium businesses, including many restaurants, cafes and pubs. However, eating places and restaurants are laggards with 66% PIN usage. That reflects the lack lustre acceptance of mobile terminals and the waiter staffs’ fear for their tips.<br /> <br />“Currently customers can insert a tip at the bottom of the credit card transaction when they sign for the bill at their table, but with typical PIN transactions the amount is locked in at the front desk when staff key in the details,” Mr Rothwell said. “That means the only way customers can offer a tip is to dig into their own pockets and provide a cash tip on top. It could see the end of tipping as we know it, which is a key source of income for restaurants and their staff.”<br /> <br />The solution to this problem however is available today. “A simple, fast and secure payment process integrates the restaurant management software and the payment terminal, allowing patrons to use the EFTPOS terminal at the table at their own pace to nominate the amount they want to pay, split the bill, tip and pay using their PIN,”<sup>2</sup> Mr Rothwell said. “It also makes restaurateurs’ lives easier when reconciling payments at the end of the shift.”<br /> <br />Tyro launched its mobile EFTPOS technology two years ago working with the hospitality community developing and testing its solution. “We beat the big banks,” Mr Rothwell said. “With appropriate wait staff training, to give customers privacy when paying with the terminal, and Tyro’s easy to navigate workflow on the terminal, loss of tips need not be the nightmare restaurateurs imagine. We knew that customers and restaurateurs would be impacted by the change and have worked on a solution that would ensure that nobody would be unnecessarily inconvenienced.<br /> <br />“Tyro’s 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. The PIN requirement puts the customer back in control. It’s virtually impossible for a fraudster to ascertain a PIN, while forging a signature is easy. Our wireless integrated pay at table EFTPOS system is a perfect complement to eliminating credit card signatures.<br /> <br />“Tyro’s mobile terminals revolutionise the customer paying experience and makes restaurant staff and owners lives much easier.”<br /> <br /><strong>BENEFITS OF USING TYRO’S INTEGRATED EFTPOS TERMINALS</strong></p>



<ul class="wp-block-cgb-unordered-list"><li>Current users of the terminals have reported positive outcomes such as halving the number of trips a waiter makes to the table to close it off.</li><li>The end-of-day reconciliation and tip completion cease being problems for the restaurateurs.</li><li>Customers never lost sight of their credit cards as they did in the past, which means they have total security over them.</li><li>Diners have a broader choice of cards. They will no longer be limited to today’s signature based credit cards, but will be able to use Australia’s popular EFTPOS debit card at the table.</li><li>Restaurateurs using mobile terminals potentially save in merchant service fees when their patrons use the EFTPOS debit card instead of a credit card.</li></ul>



<p class="wp-block-cgb-text gutenberg-examples-align-none"><sup>1</sup> <a href="http://www.restaurantcater.asn.au/magazine/tipped-off/">http://www.restaurantcater.asn.au/magazine/tipped-off/</a><br /><sup>2</sup> <a href="https://www.tyro.com/solutions/payments/eftpos/industry/hospitality">https://www.tyro.com/solutions/payments/eftpos/industry/hospitality</a></p>
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<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>



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<p>The post <a href="https://www.tyro.com/about-tyro/media/tipping-chaos-looming-for-australias-hospitality-industry/">Tipping chaos looming for Australia’s hospitality industry</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p>
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		<title>The $29 billion Big Bank Rip Off</title>
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		<pubDate>Tue, 15 Jul 2014 01:32:03 +0000</pubDate>
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<p class="wp-block-cgb-text gutenberg-examples-align-none">Today’s much anticipated government inquiry into Australia’s banking system has failed to reveal the extent to which consumers are not getting a fair go on their $480 billion worth of annual credit and debit card transactions. Australia’s leading independent payments provider, Tyro, said the findings should have shed light on how much of the $29 billion in annual banks profits should be returned to customers.<br /> <br />Former Commonwealth Chairman, David Murray, handed down his interim findings at the National Press Club today.<br /> <br />“Greater transparency in charges for credit and debit cards are needed for all customers, particularly the 550,000 small business operators who pay significantly higher fees than larger retailers,” Tyro Payments CEO Jost Stollmann said today. “Australia’s small-to-medium enterprises employ 7 million Australians and are the engine room of innovation and growth in the Australian economy. They deserve a fairer go than they currently get from the big banks, which have enjoyed a cosy little club for more than 100 years, free from real competition.”<br /> <br />“Today’s government report on Australia’s banking system is a lost opportunity to reveal the extent of unfair pricing on customers, that feeds directly into the $29 billion worth of record bank profits. It is the poor customer who is the victim.”<br /> <br />Currently Australians have their payments processed by a combination of the major banks’ ageing payments platforms, and a small but growing group of cutting edge alternatives. A key trade-off between payment system stability and fostering an environment where innovation and technology can better meet user needs is the gambit of Murray’s inquiry.<br /> <br />Mr Stollmann said that while hundreds of hopeful startups innovate at the periphery, providing consumers with a better user experience on flashy mobile devices, the four major retail banks and VISA and Mastercard had solidified their dominance in recent years. “The barriers to entry to take on Australia’s banks, and to scaling up, are persisting and remain enormous,”<sup>1</sup> Mr Stollmann said. “Where are the real success stories in banking and in payments, that benefit consumers? Only PayPal has been a significant new player.”<br /> <br />When Tyro Payments started in 2003, three extremely talented and naïve engineers felt they could take on the banking establishment. The Reserve Bank of Australia had invited new entrants. They were the only ones that came. Today, Tyro is the one and only independent EFTPOS provider in Australia. It just closed the 12th year of operations, processing $5.3 billion in credit and debit card transactions for 10,000 small-to-medium businesses.<br /> <br />”Tyro’s experience proves that one can compete successfully with the banking oligopoly, but it is hardly disruptive,” Mr Stollmann said. “There is a big difference between competing for core processes in the heartland of banking or for new user experiences on cool mobile devices. The former faces the anti-competitive structures and culture of the banking industry, the latter build new worlds outside of the banking system.”</p>



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<p class="wp-block-cgb-text gutenberg-examples-align-none"><sup>1</sup> <a href="http://fsi.gov.au/files/2014/04/Tyro_Payments_Ltd.pdf">http://fsi.gov.au/files/2014/04/Tyro_Payments_Ltd.pdf</a></p>
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<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>



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<p></p>
<p>The post <a href="https://www.tyro.com/about-tyro/media/the-29-billion-big-bank-rip-off/">The $29 billion Big Bank Rip Off</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p>
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		<title>Chaos looming for Australia’s hospitality industry</title>
		<link>https://www.tyro.com/about-tyro/media/chaos-looming-for-australias-hospitality-industry/</link>
		
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		<pubDate>Thu, 03 Jul 2014 02:04:29 +0000</pubDate>
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<p class="wp-block-cgb-text gutenberg-examples-align-none">Chaos may be looming for Australia’s 37,700 restaurants, cafes and pubs<sup>1</sup>, when in one month signatures are to be officially abolished on all credit and debit card payments.</p>



<p class="wp-block-cgb-text gutenberg-examples-align-none"><img loading="lazy" decoding="async" width="300" height="173" class="wp-image-536" src="https://www.tyro.com/wp-content/uploads/2019/06/PIN-Usage-2014-07-02-300x173.png" alt="" /></p>



<p class="wp-block-cgb-text gutenberg-examples-align-none">According to new research by Tyro Payments, PIN usage regarding transactions that offer a choice between PIN and signature increased from 59% in November 2013 to 78% in June 2014 for 10,000 small-to-medium businesses, including many restaurants, cafes and pubs. Specifically, eating places and restaurants are laggards with 66% PIN usage. That reflects the lack lustre acceptance of mobile terminals and the waiter staff’s fear for their tips.<br /> <br />Tyro Payments co-founder Andrew Rothwell said, “While PIN usage has increased in the past six months, the fact is on 1 August 10% of customers will have to use their PIN for the first time. Imagine cardholders searching in panic for cash, when they can no longer sign. The simple act of paying for a meal could ruin the entire dining experience,” Mr Rothwell said.<br /> <br />Tipping is also likely to be a casualty with tips expected to fall by double digits, similar to the UK experience. The solution to this problem however is available today.<br /> <br />“A simple, fast and secure payment process integrates the restaurant management software and the payment terminal allowing patrons to use the EFTPOS terminal at the table at their own pace to split the bill, tip and pay using their PIN<sup>2</sup>. It also make restaurateurs life easier when reconciling payments at the end of the shift,” Mr Rothwell said.<br /> <br />Tyro launched its mobile EFTPOS technology two years ago working with the hospitality community developing and testing its solution. “We beat the big banks,” Mr Rothwell said. “With appropriate wait staff training, to give customers privacy when paying with the terminal, and Tyro’s easy to navigate workflow on the terminal, loss of tips need not be the nightmare restaurateurs imagine.”<br /> <br />“We knew that customers and restaurateurs would be impacted by the change and have worked on a solution that would ensure that nobody would be unnecessarily inconvenienced. Tyro’s 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.”<br /> <br />“The PIN requirement puts the customer back in control. It’s virtually impossible for a fraudster to ascertain a PIN, while forging a signature is easy. 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,” said Mr Rothwell.<br /><br /><strong>BENEFITS OF USING TYRO’S INTERGRATED EFTPOS TERMINALS</strong></p>



<ul class="wp-block-cgb-unordered-list"><li>Current users of the terminals have reported positive outcomes such as halving the number of trips a waiter makes to the table to close it off.</li><li>The end-of-day reconciliation and tip completion cease being problems for the restaurateurs.</li><li>Customers never lost sight of their credit cards as they did in the past, which means they have total security over them.</li><li>Diners have a broader choice of cards. They will no longer be limited to today’s signature based credit cards, but will be able to use Australia’s popular EFTPOS debit card at the table.</li><li>Restaurateurs using mobile terminals potentially save in merchant service fees when their patrons use the EFTPOS debit card instead of a credit card.</li></ul>



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<p class="wp-block-cgb-text gutenberg-examples-align-none"><sup>1</sup> <a href="http://www.restaurantcater.asn.au/magazine/tipped-off/">http://www.restaurantcater.asn.au/magazine/tipped-off/</a><br /><sup>2</sup>  <a href="https://www.tyro.com/solutions/payments/eftpos/industry/hospitality">https://www.tyro.com/solutions/payments/eftpos/industry/hospitality</a> <br /></p>
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<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>



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<p>The post <a href="https://www.tyro.com/about-tyro/media/chaos-looming-for-australias-hospitality-industry/">Chaos looming for Australia’s hospitality industry</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p>
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		<title>Strong action needed to end punishment of SMEs</title>
		<link>https://www.tyro.com/about-tyro/media/strong-action-needed-to-end-punishment-of-smes/</link>
		
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		<pubDate>Tue, 08 Apr 2014 02:21:29 +0000</pubDate>
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<p class="wp-block-cgb-text gutenberg-examples-align-none">An ACCC inquiry is needed to establish why Australia’s 350,000 small and medium businesses are being charged an estimated $400 million more in fees than they should every year, or up to 10 times<sup>1</sup>more than big business, Australia’s leading independent EFTPOS provider said today.<br/> <br/>Tyro Payments made the recommendation as part of its <a href="http://fsi.gov.au/files/2014/04/Tyro_Payments_Ltd.pdf">submission to Australia’s Financial System Inquiry</a>. “Small and medium sized businesses (SMEs) employ more than seven million Australians<sup>2</sup>, they are the engine of jobs growth in this country, yet they are having to compete with financial lead in their saddle bags, courtesy of our major banks,” Tyro CEO Jost Stollmann said today.<br/> <br/>“On average an SME business processes about 250 Visa and MasterCard credit or debit card transactions monthly. The interchange fee1 on each transaction costs them 53 cents, adding up to $1,600 per year.<sup>3</sup> In comparison, big retailers bring in much larger profits and only pay about 16 cents for the same transaction.<sup>4</sup> “<br/> <br/>The Australian Competition and Consumer Commission needs to investigate why Australia’s major banks can treat our small and medium sized businesses with such contempt.” Mr Stollmann said the Financial System Inquiry was a one off opportunity to bring Australia up to a competitive international level when it came to innovation, productivity and healthy market competition. Australians spend more than $480 billion a year on their credit and debit cards.<br/> <br/>“Australia has lagged behind other Western countries when it comes to encouraging innovation and exploring new technologies,” Mr Stollmann said. “The finance and banking sector has not faced an inquiry of this kind in 16 years, since the Wallis Report.<sup>5</sup> Business and markets have changed significantly since then.” Tyro’s submission to the Financial System Inquiry includes four key recommendations;</p>



<ol class="wp-block-cgb-ordered-list wp-block-list"><li>An ACCC Inquiry into the anti-competitive structure and behaviours in the Australian payment space dominated by the four major retail banks</li><li>A review of the Australian Government procurement policies and procedures to promote competition and innovation through open panel tendering of payment services in its multi-billion dollar budgets</li><li>An engaged regulator to open up access of the payment system to new technology players, while maintaining supervision and a level playing field</li><li>A review of the overcharging and cross-subsidies that currently disadvantage the small to medium business community</li></ol>



<p class="wp-block-cgb-text gutenberg-examples-align-none">“There are many obstacles that Tyro and other new entrants to the payments industry face in their effort to bring innovative, less expensive financial and banking services to Australian consumers and small business markets,” Mr Stollmann said. “The anti-competitive structure and behaviour of Australia’s oligopolistic banking sector stifles innovation, reduces productivity, eliminates choice, taxes the SME business community and ultimately increases costs for the consumer.<br/> <br/>Australia has seen strong consolidation of the banking industry without new entrants challenging the oligopolistic structures, this very much highlights the need to intensify reforms in the payments space. “It’s ultimately in the best interest of everyone, SMEs, the major retail banks, government bodies, card issuers and merchants to encourage, fund and support innovation and healthy market competition.”</p>



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<p class="wp-block-cgb-text gutenberg-examples-align-none">[1] Interchange fee is charged by the card holder’s bank to the business’ bank and then passed on to the business as part of the merchant service fee. <a href="http://www.rba.gov.au/publications/annual-reports/psb/2013/pdf/2013-psb-ann-report.pdf">http://www.rba.gov.au/publications/annual-reports/psb/2013/pdf/2013-psb-ann-report.pdf</a><br/>[2] Australian Government, Department of Innovation Industry , Science and Research, Key Statistics Australian Small Business, page 7<br/>[3] On the basis of the Tyro merchant portfolio<br/>[4] Based on Visa and MasterCard Strategic Merchant interchange rates<br/>[5] <a href="http://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Library/pubs/rp/RP9697/97rp16">http://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Library/pubs/rp/RP9697/97rp16</a></p>
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<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>



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<p>The post <a href="https://www.tyro.com/about-tyro/media/strong-action-needed-to-end-punishment-of-smes/">Strong action needed to end punishment of SMEs</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p>
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		<title>Rebecca Dee-Bradbury joins Tyro Payments Board</title>
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		<pubDate>Tue, 18 Feb 2014 02:51:33 +0000</pubDate>
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<p class="wp-block-cgb-text gutenberg-examples-align-none">Tyro Payments today announced the appointment of Australia’s most respected business figures, Rebecca Dee-Bradbury, to its Board of Directors.<br/> <br/>Ms Dee-Bradbury, 46 is a member of the Federal Government’s Asian Century Strategic Advisory Board and was recently named winner of the 2013 Board and Management Woman section of the AFR Women of Influence Awards.She is currently the President, Developed Markets APAC for Mondelēz (Kraft and Cadbury Foods), a position she will step down from on 7 March.<br/> <br/>Ms Dee-Bradbury led Mondelēz through a stage of transformational change and great opportunity. Prior to joining Kraft Foods at the start of 2010, she managed the Global Barbeques Galore Retail business, vastly growing the organisation.Previously, she held senior positions within a number of global entities including Maxxium, a global spirits and wine distributor, where she led and grew the business as Chief Executive Officer for the Asia Pacific region.<br/> <br/>Tyro Payments Chairman Kerry Roxburgh today welcomed Ms Dee-Bradbury’s appointment. “Tyro is very excited to have Rebecca Dee-Bradbury join our Board. Rebecca brings with her a wealth of experience. She is an outstanding businesswoman with an impressive corporate career ranging from consumer marketing through tough restructuring success to visionary innovation and growth experiences,” Mr Roxburgh said.<br/> <br/>“Rebecca shares Tyro’s passion for helping Australia’s small and medium business community (SMEs) compete in the marketplace.Tyro will greatly benefit from her wealth of knowledge and corporate experience. I believe she’s a perfect match with Tyro’s DNA,” said Mr Roxburgh.<br/> <br/>Tyro is one of Australia’s fastest growing businesses, processing more than $5 billion in credit and debit card transaction per year for more than 9,000 small and medium businesses. It processes more than half of Medicare Australia’s rebates through the Australian debit card system.<br/> <br/>Ms Dee-Bradbury said her appointment was a great opportunity to join an inspired company like Tyro and to bring innovative financial services and banking solutions to Australia’s SMEs.“I’m an advocate for innovation and am passionate about creating pathways for SMEs to prosper,” Ms Rebecca Dee-Bradbury said. “This was a key consideration in my decision to join Tyro and I very much look forward to my new role.”<br/> <br/>The Tyro Payments Board includes Non-Executive Directors Kerry Roxburgh, Mike Cannon-Brookes, Rob Ferguson, Paul Rickard and Jost Stollmann as Managing Director and CEO.“Rebecca will be a terrific role model for the female professionals in Tyro”, Mr Stollmann said. “The Tyro culture is particularly strong in empowerment, flexibility and work-life balance, making it attractive to talented women, unlike many start-up fast growth companies.<br/> <br/>Unusually for a high tech company, a quarter of the Tyro team are already females.“I love being a woman at Tyro. It’s an environment where I can speak up and am free to express my emotions. I am respected and valued for who I am, and they truly care about work-life balance,” comments Michelle Moffatt, Internal Auditor of Tyro Payments.<br/> <br/>Mr Stollmann said the company was helping to positively change the face of credit and debit card purchases in Australia for consumers and retailers, by providing quicker and more reliable electronic transactions.“We are the David of the financial services market, and the big banks represent Goliath. Australians deserve better and we are giving them what they want. We have introduced innovative systems and thinking, and the response has been overwhelming. We have built a state of the art payments system from scratch, like a Ferrari motorcar, while the big banks operate antiquated systems like the Leyland P76.”</p>
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<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>



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<p>The post <a href="https://www.tyro.com/about-tyro/media/rebecca-dee-bradbury-joins-tyro-payments-board/">Rebecca Dee-Bradbury joins Tyro Payments Board</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p>
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		<title>Tyro ahead of the game for ‘PIN@POS’</title>
		<link>https://www.tyro.com/about-tyro/media/tyro-ahead-of-the-game-for-pinpos/</link>
		
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		<pubDate>Wed, 22 Jan 2014 02:58:52 +0000</pubDate>
				<guid isPermaLink="false">https://www.tyro.com/?post_type=press-releases&#038;p=558</guid>

					<description><![CDATA[<p>The post <a href="https://www.tyro.com/about-tyro/media/tyro-ahead-of-the-game-for-pinpos/">Tyro ahead of the game for ‘PIN@POS’</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p>
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<p class="wp-block-cgb-text gutenberg-examples-align-none">Signatures are to be officially abolished on credit and debit card purchases of more than $100 from 1 August 2014, and replaced with pin codes.</p>



<p class="wp-block-cgb-text gutenberg-examples-align-none">The move is expected to see a significant reduction in payment fraud in Australia as 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">Australians made around five billion card payments during the financial year 2012/2013, with a total value of $434 billion, according to the Reserve Bank’s Payment Systems Board data. The use of debit cards continues to grow strongly in Australia with 14.4 per cent year over year. Using chip card technology and PIN entry is an effective method to stamp out card theft and skimming in face-to-face transactions.</p>



<p class="wp-block-cgb-text gutenberg-examples-align-none">Australia’s leading independent EFTPOS provider, Tyro Payments, welcomed the move to mandatory PIN transactions. “With Australians spending more than $400 billion a year on credit and debit card transactions, it’s vital that fraud and criminal activity is minimised as much as possible to protect customers, retailers and banks alike,” Tyro CEO Jost Stollmann said today.</p>



<p class="wp-block-cgb-text gutenberg-examples-align-none">“Australia is moving closer and closer to a cashless society and PIN codes will protect against fraud in a way that signatures cannot. We knew that customers would be impacted by this change and have worked tirelessly on a solution that would ensure that they wouldn’t be unnecessarily inconvenienced. With our Australian first mobile integrated EFTPOS solution we have long been ready for the move to abolish signatures,” said Mr Stollmann.</p>



<p class="wp-block-cgb-text gutenberg-examples-align-none">The announcement is expected to impact Australia’s 14,000 cafes and restaurants<sup>1</sup>, their staff and customers the most, with customers having to leave their seats to pay for bills at the cashier using their four digit PIN code.</p>



<p class="wp-block-cgb-text gutenberg-examples-align-none">“While mobile terminals are nothing new, their adoption in restaurants was lacklustre to say the least. Australians spend a huge $10 billion annually dining out at cafes and restaurants and struggling retailers can’t afford to alienate their customers. Tyro’s 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.”</p>



<p class="wp-block-cgb-text gutenberg-examples-align-none">In 2012 Tyro worked closely with key software providers to develop Australia’s first and only, all IP based, integrated “pay at table” solution. 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.</p>



<p class="wp-block-cgb-text gutenberg-examples-align-none">“VISA and MasterCard have spent 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. “The PIN requirement puts the customer back in control. It’s virtually impossible for a fraudster to ascertain a PIN, while forging a signature is easy. 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.”</p>



<p class="wp-block-cgb-text gutenberg-examples-align-none">Last year 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>



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<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&amp;tabname=Summary&amp;prodno=8655.0&amp;issue=2006-07&amp;num=&amp;view=">http://www.abs.gov.au/ausstats/abs@.nsf/Lookup/8655.0Main%20Features32006-07?opendocument&amp;tabname=Summary&amp;prodno=8655.0&amp;issue=2006-07&amp;num=&amp;view=</a><br />[2] <a href="http://registers.accc.gov.au/content/index.phtml/itemId/1120516/fromItemId/278039/display/acccDecision">http://registers.accc.gov.au/content/index.phtml/itemId/1120516/fromItemId/278039/display/acccDecision</a> </p>
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<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>



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<p></p>
<p>The post <a href="https://www.tyro.com/about-tyro/media/tyro-ahead-of-the-game-for-pinpos/">Tyro ahead of the game for ‘PIN@POS’</a> appeared first on <a href="https://www.tyro.com">Tyro</a>.</p>
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