Appreciate feedback from a current perspective, and will address...

Appreciate feedback from a current perspective, and will address a couple comments on this too.

Regarding the larger groups Tyro has; agree that Merivale is still their star attraction. During my time there, the commission fee on Merivale was 0.20% which was a great deal for Tyro. Unsure if this has been replaced. However, during my time, on-boarding marquee merchants was a struggle.Big banks would often run at loss of the eftpos terminal facilities as they have the opportunity to make this back on their wider array of business bankling products.

During my time, a "enterprise" customer was onboarded at a flat transaction rate across all card types. It was then determined that this account was operating at a loss for Tyro however they did not want to retract the pricing due to reputational risk. I am not in a place to speak on what Guzman y Gomez was offerd but I would guess it is very low.

To be clear, I am fine with Tyro operating at a break even to obtain larger enterprise customers to create case studies. But during my time, I can confidently say that enterprise customers that Tyro were attempting to onboarded were on <0.10% with their current providers and were wanting a further discount to move.

I'm not overly familiar with Medipass, however does this now allow for mobile medical health claims? A huge problem for the health sector at Tyro was the fact that private health care claims could only be made at the registered practice of the practitioner. This led to entry-level private health care providers (e.g. physios) taking out 5x fixed line terminals when they may be operating out of a singular location once per week. Considering they were onboarded during extended free rental offers, Tyro would never break even on these types of customers. Agree health care is sticky if you can break into a hospital and/or medical practice; for private health care, the majority of these are actually a lot smaller.

In terms of the functionalities you have listed. Pay@Table, Tipping etc. are these not just common place now? This was functionality offered in 2016, what additional innovation have they come up with that seperates from other payment providers.I would also be interested in what Tyro's updated expected earnings per customer on average are, especially those that you mentioned are being pryed away from Square. If you are pulling them away from a Square POS set-up, then sure, however that would require a new terminal + new POS for the customer. If you are simply pulling them away from a Dongle, how much are they really transacting, and what future value is expected?