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Tyro (ASX:TYR) - CEO, Robbie Cooke - The Market Herald
CEO, Robbie Cooke
Source: Startup Daily
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  • Tyro Payments (TYR) has revealed the root cause of its recent connectivity issues, blaming it on a software malfunction
  • The problem caused terminals to lose connectivity within Tyro’s network, meaning they could not process transactions
  • To resolve the situation, Tyro has to physically collect, repair, and return impacted terminals to merchants
  • Tyro says it expects to have the majority of impacted merchants back to normal operations by the end of this week
  • Tyro is up 0.69 per cent, trading at $2.91

Tyro Payments (TYR) has revealed the root cause of its connectivity issues since last Thursday, blaming it on a software malfunction.

The company says an issue existed in some versions of the terminal platform software installed on Tyro’s Worldline terminals. The problem caused a number of those terminals to lose connectivity with Tyro’s network, meaning they could neither transact nor be updated remotely.

Tyro estimates around 30 per cent of merchants are affected by the incident. Of that, around a third have multiple terminals with at least one functioning unit allowing them to continue to process payments. The remaining two-thirds of merchants are fully impacted by the incident.

To resolve the situation, Tyro has to physically collect, repair, and return impacted terminals to merchants.

Approximately 2000 terminals a day are now being collected and the company says "everything possible is being done to accelerate the process to minimise the impact of this incident."

The turnaround time, from terminal collection to return is between two and four days depending on location. Tyro has engaged technical service provider Amtek to assist, with a team of approximately 250 personnel involved in the collection/repair/return activities.

Based on the quantity of terminals being collected daily and the time to return fixed units to merchants, Tyro says it expects to have the majority of impacted merchants back to normal operations by the end of this week, with the balance operational next week.

Tyro is Australia’s fifth largest merchant provider by number of terminals, behind the four major banks, with a workforce of more than 475 people.

Tyro is up 0.69 per cent, trading at $2.91 at 12:08 pm AEDT.

TYR by the numbers
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