Key facts
- •Tyro's published standard in-person rate is 1.3%, with terminal rental of $19/month (Pro Lite) or $29/month (Pro Touch, Pro Key), or $0 rental with the Tyro BYO smartphone app
- •Square charges 1.6% in person for accounts opened on or after 30 May 2024, and 2.2% for online and manually entered payments. The Free plan has no monthly subscription, but Square still charges transaction fees
- •With a rented Tyro terminal, Tyro costs less above approximately $6,333/month in card volume (Pro Lite) or $9,667/month (Pro Touch or Pro Key). These thresholds do not apply to Tyro BYO
- •Square advertises free next-day transfers (including weekends) and optional instant transfers for 1.95%. Tyro settlement depends on account and settlement conditions
- •From 1 October 2026, Visa, Mastercard and eftpos no-surcharge network rules apply following changes by the RBA, and American Express has indicated it will remove surcharging from the same date
Fee and feature comparison
| Provider | Transaction fee | Monthly fee | Hardware | Settlement |
|---|---|---|---|---|
| QwikPay | $0.00Zero fees | Subscription | None - QR code or in-App | On-Demand Settlement |
| Tyro standard (rented terminal) | 1.3% | $19/mo (Pro Lite); $29/mo (Pro Touch, Pro Key) | Terminal rental | Depends on account and settlement conditions |
| Tyro BYO smartphone app | 1.3% | $0 rental | Compatible smartphone | Depends on account and settlement conditions |
| Square | 1.6% (accounts opened on or after 30 May 2024) | $0 (Free plan) | Reader $65, or compatible smartphone with Tap to Pay | Free next-day transfers including weekends; instant transfers 1.95%, subject to eligibility |
- Square older accounts: according to Square's help article on fees, eligible accounts opened before 30 May 2024 may pay 1.9% on Reader, Stand or Tap to Pay. Older accounts using Terminal or Register, or on a paid software plan, have different applicable conditions. Optional paid Square software is separate from the Free plan.
- Online and manually entered payments:Square charges 2.2%. Tyro's separate online rates are not covered in this in-person comparison.
- GST: confirm GST treatment of rates, rental and hardware prices with each provider.
- Tyro figures:Tyro's pages could not be re-checked automatically on 1 October 2026, so confirm Tyro's current pricing with Tyro.
Square hardware pricing
Square hardware can be bought outright, and Tap to Pay lets you accept contactless payments on a compatible smartphone without buying a reader. The hardware and software prices on Square's pricing page do not specify GST treatment.
| Device | Price |
|---|---|
| Square Reader | $65 |
| Square Stand | $149 (compatible iPad required, sold separately) |
| Square Terminal | $329 |
| Square Handheld | $349 |
| Square Register | $1,099 |
When a rented Tyro terminal costs less than Square
This example assumes standard in-person payments, one rented Tyro terminal and Square's Free plan at the eligible 1.6% rate. It excludes Square hardware purchase, optional software, custom or promotional pricing and any additional charges. At $25,000/month in card payments:
- Tyro at 1.3% = $325 in processing fees
- Plus Pro Lite rental: $344/month total ($354 with Pro Touch or Pro Key)
- Square at 1.6% = $400 in processing fees, with no monthly subscription on the Free plan
The difference is $56/month with Pro Lite rental, or $46/month with Pro Touch or Pro Key at $29/month. Tyro's rate is 0.3 percentage points lower than Square's, not a 0.3% relative reduction.
The break-even point depends on which rented Tyro terminal you use:
- Pro Lite ($19/month): $19 / (0.016 - 0.013) = approximately $6,333/month in card volume
- Pro Touch or Pro Key ($29/month): $29 / (0.016 - 0.013) = approximately $9,667/month in card volume
These rental break-even thresholds do not apply to the Tyro BYO smartphone app. At the published standard rates, BYO has no terminal rental and a lower processing percentage than Square's eligible 1.6% rate. Published rates can change, so confirm current pricing with each provider.
When Square can cost less than a rented Tyro terminal
If you rent a Tyro terminal and process below the break-even volume for that terminal, Square's 1.6% with no monthly subscription on the Free plan can cost less. Square may suit lower-volume merchants, market stall operators, pop-up businesses and anyone who prefers to buy hardware outright or accept payments on a smartphone. Square still charges transaction fees, and the Tyro BYO smartphone app is not affected by the rental threshold.
POS integrations and features
Tyro integrates with a range of POS systems, so if your current point-of-sale software is supported by Tyro, a Tyro terminal may suit you better. Check Tyro's current integration list for your software. Tyro also offers Tap and Save least-cost routing for contactless debit transactions. Square has its own POS ecosystem and may suit businesses starting from scratch or preferring an all-in-one system.
Settlement and transfers
Square's pricing page advertises free next-day transfers, including weekends, and optional instant transfers for a 1.95% fee. Instant transfers have a $5 minimum and a $5,000 per day limit, and are subject to eligibility.
For Tyro, settlement depends on account and settlement conditions, including your linked bank account, eligibility and daily cutoff times. Confirm the conditions that apply to you with Tyro. When funds become available, the transfer or payout schedule and arrival in your bank account can be different steps, so compare the full timeline and any extra cost for each provider.
October 2026 card-surcharge changes
From 1 October 2026, Visa, Mastercard and eftpos no-surcharge network rules apply following changes by the RBA, and American Express has indicated it will remove surcharging from the same date. These rules operate through card networks, payment providers and merchant agreements and are set by the card networks. Merchant service fees continue, and merchants can no longer recover covered card costs through a separate card surcharge. The RBA's interchange changes may affect wholesale costs. Whether either provider passes those changes to merchants is a matter to confirm directly with each provider.
Accept payments with $0 transaction fees through QwikPay
Tyro and Square both charge a percentage of in-person card transactions, and settlement conditions differ by provider and account. QwikPay charges merchants nothing per transaction. Payments are processed through the QwikPay wallet via QR code using PayTo and PayID infrastructure. No interchange. No scheme fee. No merchant service fee. On-Demand Settlement is available. QwikPay sits alongside your existing terminal as an additional payment option, so your current setup stays where it is. QwikPay uses a business subscription model, so subscription charges may apply. Check current pricing and terms during onboarding.
Start accepting zero-fee paymentsFrequently asked questions
Is Tyro or Square better for a small business?
It depends on your volume, hardware and settlement needs. Tyro's published standard rate of 1.3% is 0.3 percentage points lower than Square's 1.6% for eligible accounts. If you rent a Tyro terminal, that saving has to cover the rental: about $6,333/month in card volume with a $19/month Pro Lite, or about $9,667/month with a $29/month Pro Touch or Pro Key. Those thresholds do not apply to the Tyro BYO smartphone app, which has no terminal rental. Square's Free plan has no monthly subscription, but Square still charges transaction fees.
What is the transaction fee difference between Tyro and Square?
Tyro's published standard in-person rate is 1.3% and Square's is 1.6% for accounts opened on or after 30 May 2024. The difference is 0.3 percentage points, which is $75 per month on $25,000 in card volume before any Tyro terminal rental. Square charges 2.2% for online and manually entered payments, and eligible older Square accounts may pay 1.9% on Reader, Stand or Tap to Pay.
Does Tyro or Square require a contract?
Check each provider's current merchant terms for the contract term, cancellation conditions and any fees before signing. This page does not confirm cancellation terms for either provider.
Which settles funds faster, Tyro or Square?
It depends on account and settlement conditions. Square's pricing page advertises free next-day transfers, including weekends, and optional instant transfers for a 1.95% fee, up to $5,000 per day, subject to eligibility. For Tyro, settlement timing depends on your account, eligibility and cutoff times, so confirm the conditions that apply to you with Tyro. Funds becoming available, the payout schedule and arrival in your bank account can be different steps.
What happens to Tyro and Square surcharges after October 2026?
From 1 October 2026, Visa, Mastercard and eftpos no-surcharge network rules apply following changes by the RBA, and American Express has indicated it will remove surcharging from the same date. These rules operate through card networks, payment providers and merchant agreements and are set by the card networks. Merchant service fees continue, so they come out of the merchant's margin unless they are recovered another way. Check your agreement with your provider.
Can I use QwikPay alongside Tyro or Square?
Yes. QwikPay is an additional payment option that sits alongside your existing terminal. QwikPay charges $0 per transaction on QwikPay payments, which are processed through the QwikPay wallet via QR code rather than a card network. QwikPay uses a business subscription model, so subscription costs and how many customers adopt it affect your total cost. Check current pricing and terms during onboarding.