The new solutions include flat-fee business loans (up to $50,000 for the first loan and $120,000 for loans thereafter), reportedly giving SMEs access to funds in 60 seconds (for eligible merchants).
The business bank, which is backed by Atlassian co-founder Mike Cannon-Brookes, is also offering SMEs deposit accounts, which include Xero integration to schedule batch payments, payroll and BPAY functionality. The account also earns daily interest and bonus interest (up to 1.75 per cent per annum) if funds are retained over 30, 60 and 90 days.
Customers with a transaction account are also able to access their daily settlements from their Tyro EFTPOS terminals, which can be used to pay bills and business costs immediately using Apple’s smartphone assistant.
Finally, the business banking fintech has launched an EFTPOS technology that integrates with more than 200 points of sale and practice management software providers.
The business bank outlined that the new solutions aim to help SMEs access finance, outlining that its research had found that banking red tape costs one million Australian businesses up to four weeks of work time a year. It estimates that this equates to $7 billion for the economy.
Tyro’s research also found that 44 per cent of Australian SMEs, or 880,000 businesses, spend more than three hours every week checking, entering, paying and reconciling data, costing each business an average of $7,800 a year.
Tyro executive director and acting CEO Rob Ferguson said that the innovative products are designed to reduce some of the frictions facing small business owners and to “challenge the convention that all banks are the same”.
According to the business bank, the solutions aim to “remove the frictions in banking and cash flow management to help Australian SMEs focus on achieving their version of business success”.
Mr Ferguson commented: “Our customers frequently refer to the ease, convenience and economic benefits Tyro offers. We recognise that everyday banking is a chore — all of our products and services work in the SME business environment and with existing systems, removing common SME pain points such as double entry.
“Tyro’s banking products are just now scratching the surface of the broader SME banking category and we are looking forward to evolving in this space.”