According to Stacey Price, founder of Healthy Business Finances, business owners that have Tyro as their only payment option should not sit around waiting for a solution to this outage.
“If customers can’t pay, you lose them,” she tells SmartCompany.
“Not just once, but potentially long term even though the payment issue is not your direct fault.”
Tyro’s fees are competitive, particularly when compared to big-bank solutions, she notes, but she strongly recommends having a backup plan, as well.
In fact, that goes for whichever provider you’re using. If one system goes down, you want to have another way for them to pay by card available immediately, she says.
“Some of these options take 24/48 hours to activate, so be proactive,” she advises.
As it stands, Price wouldn’t necessarily advise small business owners to switch from Tyro.
But she does think they should take heed, and use this opportunity to take a look at the fees, reliability and ease of use of their payments systems.
“I think it is a perfect reason for business owners to do a thorough analysis of their systems, their fees and if they are getting the best deal,” she says.