| Feature | Tyro | Square | Smartpay |
| Fees | ✅ $0 monthly on eligible plans | ⚠️ Flat 1.6% rate, transaction fee-free EFTPOS in Beta testing | ✅ $0 monthly on eligible plans |
| POS integration | ✅ Integrates with 450+ POS systems | ⚠️ Primarily integrates with Square POS | ✅ Integrates with major POS systems |
| Hardware | ✅ Mobile + countertop terminals, phone-based EFTPOS and small readers available | ✅ Wide hardware range | ✅ Single versatile machine |
| 24/7 phone support | ⚠️Special emergency support option available | ❌ | ✅ |
| No lock-in contracts | ✅ | ✅ | ✅ |
Smartpay offers a single EFTPOS terminal to its customers. This versatile machine works perfectly as a countertop terminal. It even integrates with POS software for faster EFTPOS transactions.
The Smartpay terminal also shines as a portable EFTPOS machine. With all-day battery life and 4G functionality, you can use it as a mobile EFTPOS terminal to accept payments virtually anywhere.
Other highlights of the Smartpay EFTPOS terminal include a charging dock and built-in receipt printer. It’s got everything you need to streamline payments in your business.
Smartpay offers two different pricing methods. With Smartpay Zero Cost™ EFTPOS, you don’t pay anything to cover merchant service fees. Instead, a small surcharge is passed onto your customers.
You can also pay $0 for your monthly EFTPOS terminal rental. To be eligible for Smartpay Zero Cost™ EFTPOS you must turnover minimum $10,000 in card transactions each month, T&Cs apply.
Smartpay’s other pricing plan is Simple Flat Rate. Under the Simple Flat Rate plan, there’s no surcharge applied. Instead, you pay the one flat fee on each transaction.
You also pay $34.95 + GST in terminal rental. With these two options, it’s easy to find the choice that works for your business.
Smartpay offers integrated EFTPOS with a number of major POS systems. By integrating, you can process transactions efficiently and with minimised human error.
Integrated EFTPOS means that as a transaction is processed in your POS system, it can automatically appear on your EFTPOS machine. That means you don’t need to worry about manually entering a transaction into the terminal.
Smartpay is designed to be simple to use for your entire team. The set-up process takes just minutes. All you need to do is power on your machine and you’re ready to start transacting.
You can then integrate your system with your POS software, or use it standalone. All of our EFTPOS features are simple to get up and running. For example, if you want to set up tipping on your machine, all you need to do is call up our friendly support team to get it enabled.
We pride ourselves on offering outstanding customer support. Our team of technical experts is available to you 24/7, 365 days a year.
You can also get online support here or check out our Help Centre. We also provide terminal replacements. For faulty or damaged terminals, we offer replacements, free of charge.
Our contract terms are simple to understand and follow, so you can focus on running your business. We have no lock-in contracts or hidden fees.
Our contracts are completely transparent. If you decide Smartpay isn’t right for you, it’s easy to make the switch.
Smartpay settles payments to your nominated bank for processing the next business day. This allows you to maintain healthy cash flow in your business.
Smartpay EFTPOS terminals can accept all major debit and credit cards, including Visa, MasterCard, EFTPOS and American Express. Plus, you can accept contactless card payments, as well as contactless payments from smartphones and wearable devices. This includes digital wallets like Apple Pay and Google Pay.
With a Smartpay machine, your customers can easily make payments with their preferred methods.
Smartpay focuses on providing high-quality EFTPOS terminals. It does not offer small ‘tile’ like systems used for low transaction volume, one-off events such as small market stalls.
Tyro offers a number of different EFTPOS solutions, including:
For the purposes of this direct comparison, we’ll mostly focus on the Tyro Pro standard EFTPOS terminal.
The Tyro Pro EFTPOS machine has the following options for covering pricing and fees:
Tyro integrates with over 450 pieces of point-of-sale (POS) systems.
Tyro’s general support is available from 7am-9pm (Australian Eastern Standard Time), 7 days a week. You can also use a Request Support form on Tyro’s website and get a response within 24 hours.
In addition, for “critical issues outside [Tyro’s] standard support hours”, you can select an emergency support option when ringing Tyro’s general support line.
Tyro also offers terminal replacements. Charges may apply to your account for damaged terminals.
Like Smartpay, Tyro offers a simple set-up process for its EFTPOS terminals. The Tyro Pro terminal includes a number of features designed to promote daily ease of use like portability, mobile connectivity and POS integrations.
Tyro has no lock-in contracts. Like Smartpay, it’s a simple process to switch from your Tyro machine to another provider.
The process for Tyro’s transaction settlements can vary depending on whether you have an external settlement account or a Tyro Bank Account. According to Tyro, it may take up to 3 business days to receive your funds.
For a full overview of transaction settlements with Tyro, click here.
Tyro accepts all major debit and credit cards. It also accepts contactless payments from cards, smartphones and wearable devices.
Tyro doesn’t emphasise customer support to quite the same extent as Smartpay, with defined hours for general support.
The Square Terminal is part of a larger ecosystem of Square products. This includes POS systems like the Square Register, Square Handheld and Square Stand. Square also offers a Reader which functions as a miniature EFTPOS terminal.
The Square Terminal includes a receipt printer and a battery that “lasts all day”. You can also run the Square POS software on the terminal itself.
This gives it some additional functionality compared to its competitors. However, in practical terms, it’s difficult to replace your full POS set-up with the terminal.
Unlike Smartpay and Tyro, the Square Terminal does not offer mobile connectivity. However, it is possible to accept offline payments with the machine. You can also connect it to a mobile device using a hotspot.
Like Tyro, we’ll mostly focus on the Square Terminal for a more direct comparison.
Unlike Tyro and Smartpay terminals which are available for rental, the Square Terminal is available for purchase. You can buy a Square Terminal for $329, or $28 a month paid over 12 months.
For in-person transactions, Square charges a 1.6% fee. It also offers custom rates if you process more than $250,000 a year.
Square’s Zero-Cost EFTPOS offering uses surcharging to cover your transaction fees. It is currently in a trial Beta format.
While Smartpay and Tyro integrate with external POS systems, the Square Terminal is designed to sit within a larger ecosystem of Square products. The Terminal runs Square POS software, and integrates with other products using the software.
Square does have a Terminal API that allows its terminals to be used alongside other POS systems.
Square also offers integrations with other products like restaurant order management systems.
The Square EFTPOS terminal is designed for easy usage. It offers a simple set-up and is user-friendly for daily usage. However, an area where Square doesn’t quite stack up with Smartpay and Tyro is the lack of built-in mobile connectivity.
While Square Terminals can accept offline payments, this doesn’t match the convenience of fully processing payments anywhere, anytime with built-in 4G connectivity.
Square Support can be contacted by phone, email or live chat from Monday to Friday, 9am to 5pm (AEST). This means that for emergencies occurring outside these hours, support can be a bit limited.
There are also a range of help resources available on the Square website and the Square app itself.
Since Square Terminals are purchased rather than rented, replacing your machine is quite different compared to Smartpay or Tyro. Find out more about Square warranty and returns here.
Square does not have lock-in contracts for payment processing. However, since you purchase your Square terminal rather than rent it, you are more committed to sticking with the system than you are with a terminal like Smartpay.
Square offers standard next day transfers for payouts. It also offers instant transfers to your linked bank account. However, instant transfers with Square have a 1.5% fee per transfer.
Square accepts any Australian-issued and most internationally-issued magstripe or chip cards. It also accepts contactless payments from cards, smartphones and wearable devices.
Here’s the low-down on how pricing and fees work on Smartpay, Tyro and Square terminals.
For both Smartpay and Tyro, businesses with over $10,000 in monthly transactions can wipe out their EFTPOS bills.
With Smartpay’s Zero Cost™ EFTPOS and Tyro’s No Cost EFTPOS, your monthly terminal rental fee is $0. Your transaction fees are passed onto your customers with a surcharge.
Square also offers a surcharging option, but it is currently in a Beta testing period. Since Square terminals are purchased outright, it also doesn’t affect the costs of your terminal in the same way.
If you don’t go for the zero cost option of your EFTPOS provider, here’s how much you’ll pay:
The “cheapest” option depends partially on your business circumstances, like processing volume. However, a fully fleshed-out option for fee-free EFTPOS is a cost-effective choice for many businesses.
Smartpay Zero Cost™ EFTPOS allows you to wipe out the cost of your terminal, and pass processing fees onto customers with a small surcharge.
With everything taken into consideration, Smartpay is the standout choice for your business. In addition to an excellent machine and competitive payment options, we set ourselves apart with our commitment to customer support.
Our local team of experts is available 24/7, 365 days a year. We know how important it is to keep payments flowing in your business, so we’re always on hand to get things back up and running.
Plus, with Smartpay Zero Cost™ EFTPOS, you can wipe out your monthly fees and keep more money in your pocket. Our lightweight, portable terminals include built-in receipt printing, a free 4G SIM card and more features to elevate your business.
Sign up for Smartpay today and find out how we can help smash your business goals.
If you’re looking for more comparison content, check out our guide on Zeller vs Square vs Smartpay.
The information presented in this article is based on publicly available sources and is accurate to the best of our knowledge at the time of writing. Readers should verify details directly with the companies mentioned before making decisions.
This article is for informational purposes only and does not constitute financial, business, or legal advice.
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