from what I understand, a lot of people grab square for the...

from what I understand, a lot of people grab square for the convenience and than stick with it due to the lazy tax. Their whole approach is to get you tightly coupled to their tools so swapping them out often means getting a lot of new stuff. Tyro operated on the principle that their stuff works with other tools. That gives people flexibility. A few local coffee places use square, they don’t rave about them and have been hit with outages and hardware failures. One had to buy new devices 3 times last year as the NFC reader kept breaking. Tyro devices are now in AusPost and Telstra shops. I will have a giggle if they appear sitting next to square devices in office works in coming years.

now, The bank account thing at Tyro was a bit of an interesting one. Same day settlement was a major piece of value for small merchants and something you can only get if you banking with your payments provider. The bank account solved that and reduced churn for Tyro and opened the door for them to do lending. But they’ve done little with it.

Frankly, Tyro hasn’t quite figured out the banking side of their business. I actually think this is because the whole “we’re a payments company” thing has prevented them from figuring out how to compete in banking. I hope that changes as being only a payments company is one of the structural issues people will raise about Tyro. Maybe with profitability they can focus a bit of diversifying their revenue streams more.