Key facts
- •Tyro charges 1.3% per transaction plus terminal rental from $19/month
- •Square charges 1.6% with no monthly fee, hardware from $65 purchased outright
- •Tyro is cheaper above approximately $6,333/month in card volume (with Pro Lite rental) or $9,667/month (with Pro Touch/Key rental)
- •Neither offers instant settlement, both settle next business day
- •From 1 October 2026, neither can pass transaction fees to customers via surcharge on Visa, Mastercard, eftpos, or Amex
Fee and feature comparison
| Provider | Transaction fee | Monthly fee | Hardware | Settlement |
|---|---|---|---|---|
| QwikPay | $0.00Zero fees | Free 12 months, then from $19.99/mo | None - QR code only | Instant, on-demand |
| Tyro | 1.3% | From $19/mo (Pro Lite) | Terminal rental | Next business day (same-day available) |
| Square | 1.6% | None | From $65 (purchased outright) | Next business day |
Square hardware pricing
Square sells hardware outright with no ongoing rental fee.
| Device | Price |
|---|---|
| Square Reader | $65 |
| Square Stand | $149 |
| Square Terminal | $329 |
| Square Handheld | $349 |
| Square Register | $1,099 |
When Tyro costs less than Square
At $25,000/month in card payments:
- Tyro at 1.3% = $325 in transaction fees
- Plus Pro Lite terminal rental: $344/month total
- Square at 1.6% = $400 in transaction fees, no monthly fee
Tyro saves $56/month at $25,000/month card volume with Pro Lite rental. With Pro Touch or Pro Key rental at $29/month, Tyro's total is $354, saving $46/month over Square.
The break-even point depends on which Tyro terminal tier you use:
- Pro Lite ($19/month): break-even at approximately $6,333/month in card volume
- Pro Touch or Pro Key ($29/month): break-even at approximately $9,667/month in card volume
When Square costs less than Tyro
For merchants processing below the break-even volume for their terminal tier, Square's flat 1.6% with no ongoing fee costs less. Square is well-suited to lower-volume merchants, market stall operators, pop-up businesses, and anyone who prefers outright hardware purchase and no ongoing commitment.
POS integrations and features
Tyro integrates with more than 800 POS systems, making it the stronger choice for merchants with established point-of-sale software. Tyro also offers Tap and Save least-cost routing for contactless debit transactions. Square has its own POS ecosystem and suits businesses starting from scratch or preferring an all-in-one system.
Same-day settlement
Tyro offers same-day settlement for merchants who apply before the processing cutoff. Square settles next business day only. This gives Tyro an advantage for cash-flow-sensitive businesses.
October 2026 card-surcharge changes
From 1 October 2026, neither Tyro nor Square merchants can add a surcharge to Visa, Mastercard, eftpos, or Amex transactions. Both providers' transaction fees continue. Merchants will no longer be able to recover those costs through a separate card surcharge. The RBA's interchange reductions will lower wholesale costs for both providers. Whether either passes those reductions to Australian merchants is a matter to confirm directly with each provider.
The only option with $0 transaction fees and instant settlement
Tyro and Square both charge a percentage of every card transaction and settle funds next business day. 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. Settlement is instant and on-demand, withdraw to your bank account whenever you choose, not when your provider decides. QwikPay sits alongside your existing terminal as an additional payment option. Your current setup stays exactly where it is.
Start accepting zero-fee paymentsFrequently asked questions
Is Tyro or Square better for a small business?
It depends on your transaction volume. Tyro's 1.3% rate is cheaper than Square's 1.6% above the break-even point. With Pro Lite rental ($19/month), that break-even is approximately $6,333/month. With Pro Touch or Pro Key ($29/month), it is approximately $9,667/month. Below those volumes, Square's no-fee structure costs less.
What is the transaction fee difference between Tyro and Square?
Tyro charges 1.3% per in-person card transaction. Square charges 1.6%. The 0.3% difference equals $75 per month on $25,000 in card volume before terminal rental.
Does Tyro or Square require a contract?
Neither Tyro nor Square requires a long-term contract. Both allow merchants to leave without cancellation penalties.
Which settles funds faster, Tyro or Square?
Tyro offers same-day settlement for eligible merchants who apply before the daily cutoff. Square is next business day only. QwikPay settles instantly and on-demand, merchants withdraw to their bank account at any time.
What happens to Tyro and Square surcharges after October 2026?
From 1 October 2026, merchants using Tyro or Square cannot add a surcharge to Visa, Mastercard, eftpos, or Amex transactions. The transaction fee stays and comes out of the merchant's margin.
Is there a payment option cheaper than both Tyro and Square?
Yes. QwikPay charges $0 per transaction. Payments are processed through the QwikPay wallet via QR code using PayTo and PayID infrastructure rather than through a card network. QwikPay sits alongside your existing terminal.