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Embattled payments provider Tyro defends outage response

“We understand the significance of this disruption and sincerely apologise to our impacted merchants,” he said. “We are committed to genuinely considering all options to help our customers who have been impacted by this issue and these discussions will be prioritised once the issue has been completely resolved.”

Mr Cooke said Tyro had been actively collecting, repairing and returning terminals and was working “24/7” with terminal provider Wordline and partner Amtek.

“We are working at pace and will be in a position to update customers and the market on this shortly, when we will also have a clearer idea of how long it will take to have most impacted customers back to normal operations,” he said.

Tyro listed on the Australian Securities Exchange in December 2019 and is chaired by former Telstra chief executive David Thodey.

The fintech was valued at $1.4 billion on debut and reported a $19 million loss in February last year.

Melbourne craft brewer Moon Dog was one of the businesses hit by the outage with nine of its 14 Tyro terminals bricking on Wednesday last week and chief executive Maurice McGrath said the terminals still have not been replaced.

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“It hasn’t affected us as much as other businesses as we have still been able to get by with the five still working,” he said.

However Mr McGrath said he would consider switching payment providers as a result of the outage.

“Our priority at the moment is to make sure they are operational again but the reality again is that when you have a significant technological issue you have to evaluate your options going forward.”

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