- Highs: Good transaction rates. No lock-in contract. 24/7 customer support. Works with most POS systems. Same-day settlement with free bank account.
- Lows: Monthly cost. Takes up to 2 weeks to receive the card machine. Mixed customer reviews. Chunky desktop terminal.
- Choose if: You’re thinking about switching to a terminal provider with better card rates.
What is More Payments?
More Payments is an Australia-based reseller of Tyro EFTPOS payment solutions for small and medium-sized businesses. Tyro is an EFTPOS provider also based in Australia.
Together with Tyro, More Payments can offer traditional EFTPOS machines at rates tailored to the merchant and a free bank account for same-day settlement. If you need more than in-person payments, the parent company More Services also offers solutions for online payments, telecoms, bookkeeping – even electricity.
Countertop card machine
Worldline Yomani is the stationary model.
Mobile card machine
Worldline Yoximo is the mobile terminal model.
The desktop model is a bit big, but the upside is that it feels more secure on a counter. The portable EFTPOS terminal is smaller, deliberately narrow to fit nicely in your hands. They both have a colour display and built-in receipt printer.
The card machines accept contactless and chip-and-PIN payments from these card brands:
- Visa
- Mastercard
- eftpos
- UnionPay
- Diners Club
- American Express
- JCB
The digital wallets Alipay, Apple Pay, Google Pay and Samsung Pay are also accepted.
For American Express and JCB, if eligible, you can choose Tyro to settle these schemes. If you have an existing agreement with these card schemes, Tyro can deposit your settlements into the bank accounts you have registered with them.
Pricing and payments
A More Payments/Tyro package sets itself apart from traditional EFTPOS solutions with the lack of any long-term commitment and charging only a monthly rental cost and transaction fees. There are no costs for setting up an account, card machine delivery or terminating the rolling contract.
If you want to cancel the contract, the cancellation request has to be submitted before the next payment is due, as the monthly cost is non-refundable.
| More Payments costs | |
|---|---|
| Setup fee | None |
| Contractual lock-in | None |
| Monthly fee | Desktop terminal: $29 + GSTMobile terminal: $39 + GST |
| Terminal delivery | Free |
| Transaction fees | 0.8% – 1.5%* |
| Refunds | Free |
| Chargebacks | Free |
| Monthly minimum charge | No minimum turnover required/no fee |
| Exit fee | None |
*Percentages cover all the transaction costs involved.
| MorePaymentscosts | |
|---|---|
| Setup fee | None |
| Contractual lock-in | None |
| Monthly fee | Desktop terminal: $29 + GSTMobile terminal: $39 + GST |
| Terminal delivery | Free |
| Transaction fees | 0.8% – 1.5%* |
| Refunds | Free |
| Chargebacks | Free |
| Monthly minimum charge | No minimum turnover required/no fee |
| Exit fee | None |
*Percentages cover all the transaction costs involved.
The terminal rental costs $29 + GST for the desktop terminal and $39 + GST for the mobile card machine per month. This can be cancelled any time without a termination fee.
The transaction fees are more complicated. Merchants can elect to have Cost Plus Pricing (interchange++ pricing structure). One part of this pricing is the cost of processing each transaction, which includes card scheme fees and fixed interchange rates charged by the card schemes Visa, Mastercard, eftpos and others. The other part is a merchant acquiring fee. In other words, you pay the actual cost of the transaction plus the margin of Tyro.
The card scheme fees vary by the type of card used. Merchants who already have an idea of what kind of cards they typically accept can usually get a better deal switching to a service like Tyro compared to a single flat rate of, say, 1.9%.
The total fees you actually pay, including the card scheme/interchange fees and the margin, are between 0.8% and 1.5%, possibly above that for business cards, foreign-issued cards, JCB and American Express.
The following table shows the interchange fee ranges for Australian credit or debit cards for the main card schemes.
| Scheme | Interchange fees* |
|---|---|
| Mastercard & Visa, AUD credit cards | 0.22%-0.88% |
| Mastercard & Visa, AUD prepaid/debit cards | $0.01-$0.17 or 0.11%-0.22% |
| eftpos cards | $0.01-$0.15 |
*Incl. GST.
| Scheme | Interchangefees* |
|---|---|
| Mastercard & Visa, AUD credit cards | 0.22%-0.88% |
| Mastercard & Visa, AUD prepaid/debit cards | $0.01-$0.17 or 0.11%-0.22% |
| eftpos cards | $0.01-$0.15 |
*Incl. GST.
As you see, the non-negotiable interchange rates can be quite low. Tyro’s service fees/margins are, however, added on top and set according to individual circumstances (request offer).
With More Payments, you also benefit from the Tap & Save system. This is Tyro’s version of least-cost routing, where eligible debit card payments automatically use the lowest-cost network to process the transaction, resulting in the lowest possible card fee for your business. On average Tyro Tap & Save customers save 8.5% on their merchant service fees through this feature.In general, transactions are settled into any Australian business bank account within 1-2 business days, but can be settled the same day, seven days a week, with a Tyro Bank Account. The Tyro bank account has no monthly fees or payout charges.
If you’re already stuck with another EFTPOS provider with a few months left on the contract and considering switching, it is good to bear in mind that Tyro (either directly or through More Payments) currently offers eligible merchants a rebate of up to $500 off merchant service fees after being with them for three months. The rebate includes all rental charges and all merchant service fees.
Sales overview and bank account
There are two ways to get a sales overview of your EFTPOS transactions: the Tyro Portal accessible in a web browser and the Tyro App. You can generate reconciliation reports, cost analysis reports or simply view a list of sales from anywhere you are logged in. Ecommerce transactions may also be included here if using the Tyro Portal.
If you have a Tyro Bank Account, this is also managed through the web portal and app, similar to other banking apps. This can be used as your primary business bank account where EFTPOS funds are settled, then managed through the app. You can transfer money from the Tyro account to other bank accounts or BPAY billers, even initiate payments over Siri on iPhone.
POS integration
The EFTPOS machines of Tyro work directly with pretty much any POS setup. The card terminals integrate with over 300 different point of sale (POS) and practice management software systems including Bepoz, Clinic to Cloud, Hike POS, Lightspeed and Vend.
An integrated POS system means you don’t have to manually enter the transaction total on the card terminal after adding products to the cart on the checkout screen. Instead, the card machine will be ready for the payment automatically when you’ve approved a transaction on the register. Sales reports will also be able to consolidate card payments with individual transactions, so there’s at least some basic information about what kind of card was used for each payment.
Image: More Payments
Tyro integrates with 300+ POS systems/practice management software platforms.
Customer service
Although More Payments is an authorised representative for Tyro, both the onboarding process and ongoing merchant support come from Tyro. On all plans, you get access to round-the-clock customer support via telephone.
What about the time it takes to get started? It’s not exactly fast. The estimated processing time for the application is 2-3 business days, after which it takes 5-7 business days to receive the EFTPOS terminal. This means it could take two weeks (10 business days) – that is, if you’ve submitted all the correct documentation with the application in the first place.
There are too few customer reviews online to confirm the quality of More Payments’ services, and Tyro reviews are a mixed bag. Several customers complain of Tyro’s poor – or very slow – customer service, while others are entirely happy with their experience.
Image: More Payments
If you are going for a Tyro solution, More Payments offers a good deal on that.
Verdict
More Payments offers some pretty attractive EFTPOS rates from Tyro without contractual lock-in – as long as you can stomach the monthly rental fee. Elsewhere, small businesses typically have to do with a fixed transaction rate that’s, on average, more expensive if you mostly accept domestic debit cards.
The 24/7 support, quality of a traditional card machine, POS integration, optional free Tyro Bank Account and nifty banking app are all advantages that could win SME businesses over. We have, however, seen mixed reviews about Tyro’s customer service, and two weeks may be too long a wait for some to use the terminal for the first time.
Best for: Small and medium businesses that want better rates than their current EFTPOS provider.
