Tyro (ASX:TYR) share price lower on terminal outage update

The Tyro Payments Ltd (ASX:TYR) share price is trading lower on Thursday after providing an update on its terminal outages…
The post Tyro (ASX:TYR) share price lower on terminal outage update appeared first on The Motley Fool Australia. –

The Tyro Payments Ltd (ASX: TYR) share price is edging lower on Thursday.

In morning trade, the payments company’s shares are down 1% to $3.80.

Why is the Tyro share price dropping?

The catalyst for the softness in the Tyro share price today appears to have been driven by an update on its terminal outages earlier this year.

Following the outages, Tyro’s focus was to return all impacted merchants to normal operation as rapidly as possible. After which, the company established a remediation framework to provide financially impacted merchants a fast and straightforward channel to claim for financial losses caused by the incident.

This included the company actively engaging with all impacted merchants (via its usual merchant communications portal, email, SMS, and direct mail) inviting them to register with Tyro if they claimed to have suffered financial loss.

Today’s update reveals that, to date, a total of 3,656 merchants have registered with Tyro.

What now?

The impacted merchants have been given two options:

Accelerated Path Assessment – which provides a simple remediation solution via a merchant service fee rebate over a designated period if loss is assessed. This rebate is designed to offset the financial loss suffered.

Case Managed Path Assessment – which provides a more tailored remediation solution under which an impacted merchant provides specified claim information about their particular circumstances and the loss they claim to have suffered.

Tyro advised that it has received 973 responses from merchants wishing to pursue the accelerated path option and 76 responses from merchants wishing to pursue the case managed option.

To date, of the 3,656 merchants who have registered as having claimed to have suffered a financial loss, 888 have had their claims settled.

However, no details have been provided in respect to the amount the company has remediated affected customers. As a result, this uncertainty could be weighing a little on the Tyro share price this morning.

Learn where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be thefive best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of May 24th 2021

More reading

Tyro (ASX:TYR) share price edges higher on solid trading update
Why Crown, Fortescue, Nearmap, & Tyro shares are charging higher

The Tyro (ASX: TYR) share price jumps 5% on 2 positive updates
Why is the Tyro Payments (ASX:TYR) share price dropping today?
Why Bubs, IDP Education, ResMed, & Tyro shares are dropping today

The post Tyro (ASX:TYR) share price lower on terminal outage update appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!