Key facts
- •Tyro charges 1.4% per transaction plus terminal rental from $29/month
- •Square charges 1.6% with no monthly fee, hardware from $65
- •Tyro is cheaper above approximately $14,500/month in card volume
- •Neither offers instant settlement - both settle next business day
- •From October 2026, neither can pass transaction fees to customers
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 | 1.4% | $29/mo (waived above $10K/mo) | Terminal rental | Next business day |
| Square | 1.6% | None | From $65 | Next business day |
Rates are indicative. Verify current rates directly with each provider.
When Tyro costs less than Square
At $25,000/month in card payments: Tyro at 1.4% = $350 in fees. Square at 1.6% = $400 in fees. Tyro saves $50/month before terminal rental. At $29/month rental the net saving is $21/month in Tyro's favour. For medium to high-volume merchants, Tyro's 800+ POS integrations and Tap & Save least-cost routing add operational value.
When Square costs less than Tyro
For merchants processing under $14,500/month, Square's flat 1.6% with no ongoing hardware cost works out cheaper than Tyro's 1.4% plus terminal rental. Square suits lower-volume merchants, market stall operators, and pop-up businesses.
October 2026 surcharge ban
From 1 October 2026, neither Tyro nor Square merchants can add a surcharge to Visa, Mastercard, or EFTPOS transactions. Both providers' transaction fees continue and come out of your margin. The RBA's interchange reductions will lower wholesale costs, but whether either provider passes those reductions to Australian merchants is not yet confirmed.
The only option with $0 transaction fees and instant settlement
Tyro, Square, and Zeller all charge a percentage of every card transaction and settle funds the next business day. QwikPay charges merchants nothing per transaction. Payments are processed through the QwikPay wallet via QR code, not through a card network. 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.
Apply free - 12 months free if you sign up before 30 August 2026Frequently asked questions
Is Tyro or Square better for a small business?
It depends on your transaction volume. Tyro's 1.4% rate is cheaper than Square's 1.6% at higher volumes, but Tyro's terminal rental adds a fixed cost. The break-even point is approximately $14,500/month in card volume.
What is the transaction fee difference between Tyro and Square?
Tyro charges 1.4% per in-person card transaction. Square charges 1.6% for accounts opened from 30 May 2024. The 0.2% difference equals $50 per month on $25,000 in card volume.
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?
Both Tyro and Square settle funds the next business day. 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 can no longer add a surcharge to Visa, Mastercard, or EFTPOS 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 rather than through a card network. QwikPay sits alongside your existing terminal.