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Tyro faces legal action over EFTPOS outage

Steven Deare
·1-min read

Lawyers are touting shareholder legal action against payments provider Tyro, as many businesses have been unable to use EFTPOS terminals for more than a week.

A problem with software on the terminals, provided by Tyro, has caused many to lose connectivity and customers have been unable to collect payments.

Tyro on Thursday last week first told shareholders of the problem.

The company said on Wednesday about 70 per cent of customers were unaffected. Tyro has about 30,000 customers.

About 11 per cent of customers had multiple terminals and at least one working terminal, while 19 per cent of customers were without service.

Class action lawyers Bannister Law said its investigating claims from businesses that have been unable to accept payments.

The lawyers said they were also considering potential shareholder claims after Tyro's share price fell following the problem.

Shares have lost more than 13 per cent this week.

Last week Tyro said the problem occurred in about 15 per cent of of its terminals.

Terminal supplier Worldline provides the units to Tyro.

Shares were lower by 1.73 per cent to $2.84 at 1417 AEDT.