Square vs Tyro: Fees, Rental and POS Compared (Oct 2026)

Tyro charges less per sale: 1.3% on domestic cards below $20,000 a month plus $19 to $29 a month to rent a terminal, against Square's 1.6% with no rental, as at 18 October 2026. Tyro's cheapest terminal becomes the cheaper option above about $6,330 a month in card sales. Square includes more software at no monthly cost, from a POS app and online store to offline payments and weekend payouts.

Standard published pricing, checked 18 October 2026. Tyro's website blocked automated access, so Tyro figures come from Bendigo Bank's Tyro page and Tyro's pages as shown in search results. Confirm with Tyro before signing.

The 30-second verdict by business type

These picks use four stated criteria: monthly cost at the turnover described, the software you need, payout timing and exit terms. ASBG did not test either product, and neither provider paid to be included.

Fees side by side

Two details older comparisons miss. Square's own comparison still shows Tyro at 1.4%, because its Tyro data was collected in October 2024; Bendigo Bank's Tyro page and Tyro's current pricing show 1.3%. And Square's 1.6% applies on Reader, Stand and Tap to Pay only for sellers who joined on or after 30 May 2024 or are on a paid plan; earlier sellers pay 1.9% on those devices.

Refunds cost more on Square. A $100 sale refunded in full still costs you $1.60, because Square keeps its fee. If you refund often, check the effect with our guide to processing fees after a refund.

Hardware and the pricing model

Prices include GST, checked 17 to 18 October 2026.

Buy versus rent. Square sells everything outright, or on interest-free instalments, so a quiet month costs nothing but fees. Tyro rents its Pro terminals: $228 a year for Pro Lite and $348 for Pro Touch or Pro Key, whether you trade or not, with the terminal replaced if it fails. Over three years that's $684 to $1,044 in rental, against $65 to $349 once for Square hardware.

Software included. This is the larger difference. Square's Free plan includes a POS app, online store, invoices, Virtual Terminal and basic inventory. Tyro supplies the terminal and banking, and you pay your POS provider separately if you need a till. If you'd buy a POS subscription anyway, add it to Tyro's column before comparing.

Flat or custom. Square charges a flat rate to everyone below $250,000 a year. Tyro's custom pricing above $20,000 a month can be interchange plus plus, according to Mobile Transaction, which passes the October 2026 interchange cuts straight through. See flat versus itemised pricing to test which suits your card mix.

Payouts, settlement and banking

What this means. If your main account is with a big bank and you trade on weekends, Square gets Saturday's takings to you on Sunday for free. Tyro gets them to you overnight only if you move your takings into its account. If you're willing to do that, Tyro's same-night settlement is free and the money sits with an APRA-regulated ADI. The old Tyro Bank Account has been renamed the Tyro Transaction Account, so older reviews may use either name.

For reconciling payouts that arrive net of fees, use the settlement bridge, and for money held back, see merchant reserves and payout holds.

POS software and integrations

From each provider's Australian pages, Tyro's FY26 results presentation and Tyro partner listings, checked 17 to 18 October 2026.

Square suits a business that wants one company to run its till, terminal, online store and payouts. Tyro suits a business that has chosen a specialist POS or practice system and wants the terminal to plug into it. Tyro's FY26 presentation shows how it's positioned: hospitality made up 41% of its $44.3 billion transaction value, and health 18%. Before choosing Tyro, confirm your exact POS version is integrated; Lightspeed users in particular should check, because Lightspeed's help centre (as shown in search results) describes Tyro as available only to accounts that already have it enabled. Run a POS trial with your awkward sales either way, and compare tills in our POS systems guide.

Offline payments. Square lets you keep taking cards when the internet drops, but you carry the risk if an offline payment is later declined. Read offline card payments before switching it on, and keep an outage procedure whichever provider you use.

Contracts and exit terms

We couldn't load Tyro's general terms to confirm the notice period or any charge for an unreturned terminal, so ask for both in writing before signing. Disputes either provider doesn't resolve can go to the Australian Financial Complaints Authority.

What each costs at three turnover levels

Assumptions (illustrative): all card turnover taken in person on Australian-issued Visa, Mastercard and eftpos cards; one device; no Amex, international cards, refunds or keyed payments; Square Free plan; standard rates as at 18 October 2026; no promotions. Tyro quotes custom pricing above $20,000 a month, so its $50,000 figures use the standard 1.3% for reference only.

The arithmetic at $20,000 a month: Square $20,000 × 1.6% = $320.00. Tyro Pro Lite $20,000 × 1.3% = $260.00 + $19 = $279.00. Tyro Pro Touch $260.00 + $29 = $289.00. At $5,000 the same steps give Square $80.00 and Tyro Pro Lite $65.00 + $19 = $84.00; at $50,000, Square $800.00 and Tyro Pro Lite $650.00 + $19 = $669.00.

Year one with hardware:

At $20,000: Square Terminal $320 × 12 + $329 = $4,169; Tyro Pro Lite $279 × 12 = $3,348, a difference of $821 in the first year.

Where the lines cross. Tyro Pro Lite's $19 rental is covered once the 0.3-point saving reaches it: $19 ÷ 0.003 = about $6,330 a month. For Pro Touch or Pro Key, $29 ÷ 0.003 = about $9,670. Tyro's BYO app (1.3%, no rental) is cheaper than Square's Tap to Pay (1.6%) at every turnover, but it takes contactless payments only.

If 10% comes in by invoice or payment link (four $500 invoices a month at $20,000): Square $18,000 × 1.6% + $2,000 × 2.2% = $332.00; Tyro Pro Lite $18,000 × 1.3% + $2,000 × 1.4% + $19 = $281.00 ($282.00 if Tyro adds 25c per link). At $5,000 the figures are $83.00 and $84.50; at $50,000, $830.00 and $674.00.

If you'd pay for software anyway. A restaurant on Square for Restaurants Plus adds $129 a month to Square's column; a retailer on Retail Plus adds $109. A Tyro venue pays its own POS provider instead, at a price we haven't modelled because it varies by system. Compare like with like: terminal, POS, kitchen screens and online ordering together.

Test these figures against your own statement with the merchant statement worksheet. For the full field, see our EFTPOS machine comparison.

What changed with the 1 October 2026 surcharging reforms

From 1 October 2026 you can't surcharge eftpos, Visa, Mastercard, American Express or UnionPay cards, and PayPal followed on 5 October, according to the Reserve Bank's FAQs. Weekend and public holiday surcharges and booking fees aren't card surcharges and sit outside the change.

• Square's published rates were unchanged when we checked on 18 October 2026. Before the reforms, comparison sites listed surcharging options for Square sellers; those no longer apply to card surcharges.
• Tyro's developer documentation says its surcharging feature was retired by October 2026, with all surcharging set to zero. Its Dynamic Surcharging tool and the surcharge-funded No Cost EFTPOS plan, which comparison sites described as waiving rental for surcharging merchants over $10,000 a month, no longer work as they did. QwikPay notes No Cost EFTPOS is affected; we couldn't confirm Tyro's replacement pricing.
• Interchange caps fell on 1 October for domestic cards. Square's flat 1.6% and Tyro's standard 1.3% didn't change, so the saving reaches you only through a custom, cost-plus deal or a future rate cut.
• Fee disclosure starts. Large acquirers publish their fees from 30 October 2026 and show interchange pass-through from 30 January 2027; all acquirers provide detailed merchant statements from 1 April 2027.

Why it matters: on $20,000 a month of in-person sales, Square's 1.6% costs $320 and Tyro Pro Lite $279. That $41 a month ($492 a year) used to be recoverable through a surcharge and now comes out of your margin. Work through every channel with the surcharge change checklist, and reprice with pricing strategy for small business.

Who should pick which

Choose Square if:

• you take under about $6,300 a month in card sales, or your trade is seasonal;
• you sell online as well as in person, or want invoices, appointments and a POS in one place;
• you need a till and don't already pay for one;
• you must keep trading through internet outages, accepting the risk of later declines;
• you bank elsewhere and want free payouts on weekends;
• many customers pay with Amex, or you want Afterpay at the counter.

Choose Tyro if:

• you take more than about $6,300 to $9,700 a month in person and already have a POS;
• you run a hospitality venue that relies on bar tabs, split bills or pay at table through an integrated POS;
• you run a health practice and want claiming on the terminal;
• you want same-night settlement into an account with an ADI covered by the Financial Claims Scheme;
• you're above $20,000 a month and want a custom or cost-plus quote, or qualify for the 1% offer to 31 March 2027.

Before you sign: questions to ask

1. What is my rate on Amex, JCB, international cards and keyed payments? (Ask Tyro especially.)
2. Is there a charge for refunds or chargebacks? Prepare a chargeback evidence pack process either way.
3. When will Saturday's takings reach the account I actually use?
4. Is my POS version certified, and who fixes the integration when it breaks?
5. What happens to rented hardware when I leave, and what notice do I give?
6. If I'm over $20,000 a month, can I get a cost-plus quote so the new interchange caps reach me?

If you're changing providers, export your old POS data first. For the other head-to-heads, see Zeller vs Square and Zeller vs Tyro.

How we compared

We read Square's Australian pricing, product and help pages, Bendigo Bank's Tyro page, Tyro's FY26 results presentation, APRA's ADI list and the RBA's surcharging FAQs between 17 and 18 October 2026. Tyro's website showed a bot-check page, which we did not attempt, so other Tyro figures come from its pages as shown in search results and from dated comparisons by QwikPay (2 October 2026), Finder (16 September 2026) and Mobile Transaction (1 March 2026). Square's own Square-vs-Tyro page is marketing material with Tyro data from October 2024. We didn't test products, open accounts or request quotes, and costs use the assumptions stated.

Key takeaways

• Square charges 1.6% in person on all cards including Amex; Tyro charges 1.3% on domestic cards under $20,000 a month plus $19 to $29 a month rental.
• Tyro Pro Lite costs less than Square above about $6,330 a month in person ($9,670 with a $29 terminal). At $20,000 a month, Square costs $320 and Tyro Pro Lite $279.
• Square includes a free POS app, online store, invoices, offline payments and Afterpay. Tyro has no POS app of its own and integrates with 580+ POS, practice and software systems.
• Square pays out the next day to any bank, including weekends to NPP-enabled accounts. Tyro settles the same night only into its own transaction account.
• Tyro Payments Limited is an ADI covered by the Financial Claims Scheme. Square doesn't offer a bank account in Australia.
• Since 1 October 2026 neither provider can surcharge eftpos, Visa, Mastercard or Amex cards, so the 0.3-point rate gap is now yours to absorb.

Where to get help

• Reserve Bank of Australia: surcharging FAQs for the card rules since 1 October 2026.
• ACCC: card surcharges for price display obligations, including weekend surcharges.
• APRA: Financial Claims Scheme deposit checker to see whether money held with a provider is protected.
• Australian Financial Complaints Authority if a complaint to your payment provider isn't resolved.
• Australian Small Business and Family Enterprise Ombudsman for help with a dispute with a larger business.
• Square support (Monday to Friday, 9am to 5pm AEST on the Free plan; 24/7 on Plus plans) and Tyro support (7 days, according to Finder and Bendigo Bank) for account questions.

Related tasks

See the payments and POS hub for settlement, refund and outage guides.