Zeller vs. Tyro

In-person payments

Both Zeller and Tyro offer two different EFTPOS hardware solutions, but overall, Zeller’s devices (Zeller Terminal 1 and Terminal 2) deliver significantly more functionality, including a built-in point-of-sale, tipping, split payments, multiple forms of connectivity (SIM card, Wi-Fi, hotspot or Ethernet), and custom screensavers. While Tyro’s portable card reader, the Tyro Go EFTPOS, is the cheapest option at $59 outright, it doesn’t offer any features beyond what’s available with either provider’s Tap to Pay solutions, which are compatible with iPhone (and also Android with Zeller).

On the other hand, the Tyro Pro EFTPOS offers more advanced functionality than the Tyro Go, but is available only for rent at $29 per month (or $348 annually), along with a 1.4% transaction fee, whereas Zeller's EFTPOS terminals can be purchased outright for either $99 or $199, depending on the model you choose — meaning you will save $149 purchasing Zeller Terminal 2, or $249 purchasing Zeller Terminal 1. Both Zeller and Tyro integrate seamlessly with third-party point-of-sale systems, but Zeller supports a larger network of POS partners — 600, compared to Tyro’s 330.

Online payments

Both Zeller and Tyro offer online invoicing and virtual terminal solutions for processing card-not-present payments, however Zeller allows you to get started in minutes, whereas Tyro’s sign up process requires requesting a quote over the phone. While both providers offer features like customisable templates, digital receipts, contact management, payment tracking, and transaction notes, Zeller goes further with the ability to send payment links — a feature only currently available to select Tyro customers. In addition, Zeller supports scheduled invoices and automated payment reminders, options not available with Tyro.

Where Zeller really sets itself apart is in its transparent pricing and flexibility. With Zeller, both virtual terminal and invoices are available to use instantly upon creating a Zeller Account, with a clear fee of 1.7% + $0.25 per invoice paid, or 1.75% + $0.30 per virtual terminal payment, and businesses will only ever pay for what they use. By contrast, Tyro requires businesses to call their sales team in order to discuss getting access to these features (taking up valuable time), and the fee you pay will depend on your card turnover and mix, making it harder to predict business expenses upfront.

Business accounts

Zeller and Tyro both offer an alternative to traditional business banking solutions, but with different levels of flexibility. The Tyro Bank Account earns up to 1.45% p.a. when funds are held for 90 days, but doesn’t allow for purchases or tracking outgoing cash flow. In contrast, the Zeller Transaction Account doesn’t accrue interest, but provides businesses with debit cards and corporate cards to manage employee expenses and monitor both incoming and outgoing funds in real time. Both Zeller and Tyro offer interest-earning accounts — Zeller Savings Account and Tyro Business Term Deposits. However, Tyro’s term deposits have strict limitations: funds cannot be withdrawn early, and interest is paid only at maturity. Zeller’s Savings Account, on the other hand, allows for anytime withdrawals, with interest calculated daily and paid monthly.

Other services

Customer support:

As an Australian company, Zeller offers local support to merchants 24 hours a day, 7 days a week, via phone and email. Dedicated Account Managers, who offer specialised, in-person support, are also located in Melbourne, Sydney, Brisbane, Adelaide, and Perth. Tyro also offers phone support, however only between the hours of 9AM and 7PM, Monday to Sunday.

Settlement: 

Both Tyro and Zeller offer daily fund settlement. When you accept payments through either platform and settle into the respective account, your funds will be available every night, 365 days a year, including public holidays.