Tyro vs Square: differences in EFTPOS, payouts and software prevail

Card machines more comparable than previously

Historically, Tyro and Square have taken vastly different approaches to EFTPOS machines.

Square has only ever sold its own, uniquely designed EFTPOS terminals. In contrast, up until recently, Tyro still offered rentals of legacy machines that they called Countertop and Mobile. But after some serious EFTPOS outages, they’ve finally upgraded to very modern models.

Tyro Pro is the company’s most versatile EFTPOS terminal that’s suitable for nearly any environment. With its WiFi, Ethernet and mobile connectivity (SIM included), it works at the checkout with your chosen POS system, wirelessly on fixed premises or on the go wherever you do business.

The only other model, Tyro Go, is a square-shaped card reader that connects with a phone to take payments through a basic Tyro app. Clearly inspired by Square Reader (more on that below), it’s a cheaper and very portable way to accept contactless and chip card payments.

How does Square compare? Well, Square Reader was the first of its kind globally, a minimal card reader with a tiny footprint. It doesn’t have a screen and must be used with a phone or tablet app.

Square also sells Terminal – a standalone unit with a touchscreen and built-in POS software. It only works with WiFi or an internet cable, not mobile networks on the go, but it is wireless and essentially works as a self-sufficient checkout.

Then you have Square Register, a large touchscreen register that only uses Square POS software (general and specialised POS software like). It has a touchscreen card terminal that attaches to its front or detaches if you want to place it closer to the customer.

Square POS also accepts a variety of cards (Visa, Mastercard, eftpos, American Express, JCB), electronic gift cards, Afterpay, Apple Pay and Google Pay. Tyro accepts most of these payment options too, as well as UnionPay and Diners Club, but no Buy Now, Pay Later options like Afterpay.

It’s worth noting that to accept some of the major international credit cards with Tyro, you will require external contracts with those card providers.

Fees: Tyro gradually getting simpler like Square

There used to be quite a big difference in how these two businesses operate. Square has consistently offered no lock-in contracts and no monthly fees for its customers. Tyro, on the other hand, still charges rental fees for its main terminal, but now offers fewer additional fees and one card reader to purchase.

Here’s how they compare:

Tyro’s monthly fee for Pro EFTPOS is balanced out by the much lower transaction fee (1.4%) than Square’s (1.6%–1.9%).

If the monthly EFTPOS turnover exceeds $20k, merchants can get lower, custom rates from Tyro that depend on the type of card accepted. Square has a similar deal, where businesses accepting more than $250k annually can negotiate lower fees.

Square’s fixed EFTPOS rate depends on the EFTPOS machine: it’s 1.9% for transactions through Square Reader (that costs $65 incl. GST) and 1.6% through Square Terminal ($329 incl. GST) or Square Register ($1,099 with GST).

Tyro also charges less than Square per transaction where details need to be keyed in: a base transaction fee in line with the EFTPOS rates plus an additional 0.15% per transaction. That being said, Tyro adds a 0.4% fee for transactions with a foreign card plus a further 0.4% if currency conversion was applied.

In the long run, these small percentages could play a big role in determining which will save you more money.

Free bank account vs instant transfers

Tyro offers its own, free bank account where EFTPOS funds from the same day are deposited every evening, 7 days a week. Funds that stay in the account gather interest that rises according to how long it stays in the account – not bad, considering Square offers no such account.

But Square has a different attraction: instant transfers to your choice of bank account for an additional fee of 1.5%. Otherwise, the free settlement takes 1-2 days to process to your bank account following EFTPOS transactions through Square. This includes weekends too.

POS systems very adaptable

If you are looking for industry-specific integrations, both Tyro and Square excel.

As the more established brand in Australia’s EFTPOS industry, Tyro integrates with over 330 point of sale (POS) and practice management system (PMS) systems. From hospitality and retail to mobile taxi terminals, Tyro has a lot of choices when it comes to point of sale integrations – as long as you use the Pro terminal. The Tyro Go card reader only connects with the Tyro Go App on an iOS or Android device.

Tyro also offers the integrations hub Tyro Connect, which allows restaurants to use their favourite apps to manage food ordering, bookings and menu management.

Coming from a different angle, Square doesn’t require you to integrate with external software to access competent, industry-specific POS systems. Its user-friendly free app, Square Point of Sale, has an all-round selection of general POS features on an iPad, iPhone or Android device. There are also industry-specific POS systems (both free and paid) that help businesses zero in on the exact solution they need, including:

By combining Square’s card terminals and register with a Square account, merchants can keep track of all payments, items, inventory, analytics and ecommerce stats.

No shortage of ways to sell online

Both Tyro and Square allow customers to make transactions online, but as far as well-rounded ecommerce solutions go, Square leaves Tyro in the dust.

Square Online (formerly Square Online Store) is a dedicated website builder that acts as the hub for your online business. This is something that Tyro does not offer, but Tyro does have an online payment gateway which is basically a checkout to integrate in your existing online store.

Only Square has a pay-by-link solution, allowing you to define a product or service with a fixed price and generate a payment link for it. You can embed this as a button on a website, print a QR code and send the URL for a remote payment, or even create a donation link allowing customers to enter an amount to pay.

Square has the edge again when it comes to a smooth experience, because all the different payment methods are automatically integrated so you can monitor payments in the Dashboard (back-end Square account in a browser) at all times. Tyro also has an eCommerce Portal, but this is separate from the Tyro Portal for EFTPOS reporting.

To send an email invoice (eInvoice, as Tyro calls it), Tyro users will have to make a trip to the eCommerce Portal and access their eInvoices in PDF form. While in the portal, merchants can easily set up recurring payments with saved billing information from customers.

Square allows you to log into either Square Dashboard, Point of Sale app or Invoices app to send out your email invoice – quite a few options. It’s then up to you whether you send a single or recurring email invoice.

If you need to accept payments via phone, Tyro and Square can manage that too. Square’s Virtual Terminal comes as standard with your account, while Tyro accepts mail orders and telephone orders (MOTO) through their portal if you choose it.

Mixed reviews and service

Tyro has a 24/7 Australia-based support team. Their primary form of contact is via the website’s contact form, and they suggest that this be used for non-urgent matters. For those situations where things are a little more pressing, you can contact them via phone.

For those who would like to solve their problems on the resources page, customers will find the knowledge a little vague and slightly unhelpful. This is reflected in the company’s mixed Trustpilot reviews.

Many users have complained of not hearing back from form submissions for over a week, if at all. Couple this with extremely long wait times on the phone, and it seems as though Tyro may have some issues in the support department. Sometimes, their mobile apps also cause issues when updates are enforced.

Square’s support staff can be contacted via phone or email during the regular business hours of 9 AM – 5 PM, Monday to Friday. Unfortunately for customers, there is no weekend or evening support, meaning you’re all on your own if something goes awry during the busy weekend rush.

Like Tyro, Square has an online Help Centre with frequently asked questions. And as a large international company, customers have access to a worldwide network of people using the same technology all across the globe, so finding the right answers to help you out is a little simpler than with Tyro.

On Trustpilot, Square has mostly positive ratings with some complaints about frozen accounts, poor support and a few usability issues with the interface. Our own experience of the software has always been easy, but we see how finding certain functions can get lost in the overwhelm of features in the backend Dashboard.

Our verdict on Tyro or Square: lots to like

Tyro is a great choice for brick and mortar stores who much prefer an Australian company to an American fintech brand. With its latest EFTPOS terminals and banking features, it acts as a solid step in the right direction towards more modern payment options.

It is a portable and robust system that makes light work of tedious tasks such as reconciliation and reporting, meaning you won’t be spending as much time keeping track of settlements. And its POS integration is beyond extensive.

Unfortunately, with no real POS apps or website builders to speak of, there are definitely much better choices if you are running an online business.

Square offers incredible value for money when it comes to its hardware, apps and online checkout services. With no lock-in contracts or ongoing fees, it is a no-brainer for any budget-conscious retailer looking to add a dynamic touch to their POS processes.

With simple invoicing and payment link options, Square has really left its mark in the online payments landscape and has now stepped it up even further with its ever-growing line-up of card terminals and registers.

And if for any reason any of that goes wrong, the support offered by Square in Australia is generally satisfactory, certainly with their extensive help section. Support might not be offered during non-business hours, but when they help, they actually help.

With simple invoicing and payment link options, Square has really left its mark in the online payments landscape and has now stepped it up even further with its ever-growing line-up of card terminals and registers.

At the end of the day, if your business is looking for an all-inclusive POS system that is following advancing technological trends fast, and all with no contracts or lots of free extras included, then it’s hard to beat Square.

If you need your cash settled quickly, Square is also superior with its instant settlement option (for a fee). However, Tyro’s same-day transfers in their dedicated bank account may appeal to those who can’t pay extra for faster payouts.