Ann: COVID-19 Trading Update 44 - Week Ended 15 January 2021, page-15

Tyro is extremely top-heavy. The big transaction volumes come from their major players (Merivales etc.). All of these merchants have multiple back-up terminals, so if they were impacted by the outage, it would have been negligible. I think that's why we are seeing transaction volume really hasn't been impacted (as one would expect).

The major impact of this outage is on Tyro's SME's. Your single terminal stores were already hurting from the impacts of COVID, and amplified by the outage. Tyro makes minimal margin/profit on these accounts regardless. The major impact is going to be churn of these customers to Square which eliminates Tyro's ability to target these customers through the business banking account / small business loans. Adoption of the business banking account and small business loans is still the long-term breadwinner for Tyro who are already impacted by high customer churn at the best of times.

Source: I'm a past employee