“Some businesses have been left with the woefully inadequate situation of accepting cash payments only, losing essential revenue,” Bannister Law said in a statement. “In this difficult time, they require every cent to survive and pay their overheads.”
Tyro listed on the Australian Securities Exchange in December 2019 with former Telstra chief executive David Thodey as chair and Robbie Cooke as chief executive and was valued at $1.4 billion on debut.
The fintech’s share price has fallen from $3.34 on 5 January when outages first started being reported to $2.91 by midday on Wednesday.
“Specifically an issue existed in some versions of the terminal platform software installed on Tyro’s Worldline terminals,” Tyro said in a statement. “This issue caused a subset of those terminals to lose connectivity with Tyro’s network meaning they could neither transact nor be updated remotely.”
Tyro said it was collecting, repairing and returning impacted terminals to businesses “as rapidly as possible” using a team of 250 people from partner Amtek and claimed 2,000 terminals a day were being collected.
“Tyro expects to have the majority of impacted merchants back to normal operations by the end of this week with the balance operational in the course of the following week,” the payment technology provider said. “For the avoidance of doubt the issue is contained and at no time was the security of the terminals nor merchant data compromised.”
A spokesperson for Tyro declined to comment on the potential legal proceedings.