Tap & Save, Tyro’s answer to least cost routing is now available
Seams Systems retail banking partner TYRO, have announced their new ‘Tap & Save’ payment facility.
In response to industry-wide concerns over the increased cost to merchants from contactless transactions made on debit cards, Tyro is the first Australian bank to launch Tap & Save (i.e. least-cost routing).
What is Tap & Save?
Tap & Save, otherwise known as least-cost routing, is when debit card contactless payments are processed through the more economical EFTPOS network, providing, where eligible, a lower acquiring cost.
How much will your customers save with Tap & Save?
With Tyro’s Tap & Save, the majority of Tyro merchants can now save on contactless debit payments1. As an average, Tyro customers could save as much as 6% on their merchant service fees – the actual savings vary depending on a business’ card mix, transaction volume and amount, industry and pricing plan.
How do Seams Fashion ERP users turn on Tap & Save
Seams clients will need to contact Tyro directly to enable the Tap & Save feature. Existing eligible Tyro merchants will receive an email from Tyro and will be able to opt-in if they choose to. For new merchants, they’ll be able to opt-in via Tyro’s onboarding process.
For more information on Tap & Save please refer to Tyro FAQs and press release on the Tyro website.