Business-banking initiatives providing flexible settlements for retailers

BY Australian Retailers Association
17 October 2018

Australia’s business-only bank Tyro announced two major advancements in the EFTPOS and Bank Account contributions: Flexible Same-Day Settlement payroll integration through Xero accounting software, targeted towards small to medium enterprises (SMEs). Tyro developed these innovations to assist Australian businesses, allowing merchants to receive settled funds between 8:00pm and 5:00am, seven days a week.

Accessing funds can be time consuming and is particularly difficult for late night and weekend trade retailers. Flexible Same-Day settlement enables merchants to effectively manage reconciliations, cashflow and operations, providing consistency in end of day operations. In addition to Flexible Same-Day settlement, Tyro has also introduced integrated payroll solution- Xero. The accounting software provides users with accounting and bank reconciliations and enables delegation of user authorities for approvals.

Robbie Cooke, CEO at Tyro says, “We understand that for SMEs cashflow is always crucial and getting access to funds is essential for everyday business, whether it is paying staff and invoices, using cash to run the business or investing back into the business.”

Tyro’s initiatives are leading the charge for the future of retail banking, encouraging SMEs to proper in the retail industry and supporting the longevity of Australian retail.

Tyro is an Australian Bank and operates under the supervision of the Australian Prudential Regulation Authority (APRA). Tyro provides credit, debit and eftpos card acquiring, Medicare and private health fund claiming and rebating services as well as much more. For more information, visit tyro.com.

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ABOUT THE AUTHOR

Australian Retailers Association

Founded in 1903, the Australian Retailers Association (ARA) is Australia’s largest retail association representing Australia’s $310 billion sector, which employs more than 1.2 million people. As the retail industry’s peak representative body, the ARA works to ensure retail success by informing, protecting, advocating, educating and saving money for its 7,500 independent and national retail members throughout Australia. For more information, visit www.retail.org.au or call 1300 368 041.

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