Law firm pushes ahead with Tyro class action on behalf of SMEs
February 11, 2021
The Sydney-based law firm investigating a potential class against Tyro is moving ahead with its claim on behalf of small businesses affected by a system outage which caused card payment terminals to be down for up to three weeks.
Bannister Law sent a legal notice to the financial technology company after the firm was approached by a large number of businesses at the height of the outage which began on January 5,
The firm is also considering any potential shareholder claims against the publicly listed company, following a share price fall after some terminals became ‘bricked’ from a configuration issue.
It s awful : Tyro scrambles to fix outages, hits back at short seller claims
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ASX-listed payments technology company Tyro has hit back at false short seller claims about its technical problems as it continues to scramble to fix outages that have been ongoing for two weeks.
Tyro resumed trading on Tuesday after entering a trading halt on Friday following the publication of a report by short seller Viceroy Research claiming outages with its payment terminals affected up to 50 per cent of its customers.
Retailers gobsmacked by Tyro s eftpos outage
Jan 11, 2021 – 7.30pm
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Small businesses relying on holiday trading to top up their coffers after a challenging year are hopping mad after an issue with payment devices provided by Tyro has seen as many as 10,000 eftpos terminals locked for the past six days.
With a forecast top of 36 degrees on Monday, the failure of the machines could not come at a worse time for the Point Lonsdale Newsagency, which is on Victoria s Bellarine Peninsula and sells everything from the daily papers to buckets and spades.
Karen Barker, of the Point Lonsdale Newsagency, says her business is losing thousands every day.
Tyro customers were left without a payment platform after an outage.
But Viceroy says its research suggested about 50 per cent of Tyro s terminals had problems that will require a recall and a capital-intensive repair and replacement process.
Medical facilities and shopping mall operator Westfield were affected. Westfield s gift cards, which are loaded on Tyro machines, were not working, Viceroy alleged. It has no disaster recovery plan and has left businesses, including medical facilities, without any means to collect payment from customers.
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Outage severely underestimated
Tyro said the information provided to the market earlier in the week – that 15 per cent of its terminal fleet was affected, which would reduce transaction values by about 5 per cent – remained correct.
They spent more than 30 years flogging luxury cars. Now Brisbane business partners Martin Roller and Marvin Burke are branching out into a related area that appears to have huge growth potential. The pair have just announced plans to get into the high-end caravan market as the Aussie love affair with hitting the open road reaches new heights of popularity thanks in part to our inability to travel overseas. They have snared the exclusive Queensland franchise for Roadstar, a Melbourne-based outfit which has been in the manufacturing game for 30 years. To kick things off, Roller and Burke have signed a two-year lease on a former Ford dealership at the busy corner of Anzac and Oxley avenues in Redcliffe, with plans to throw open the doors on February 1. It will trade under the banner of Caravana Queensland.