Why the Tyro Payments (ASX:TYR) share price is on the move today

The Tyro Payments Ltd (ASX: TYR) share price is under pressure today after announcing an EFTPOS terminal outage to the market.
The post Why the Tyro Payments (ASX:TYR) share price is on the move today appeared first on The Motley Fool Australia. –

A hand moves a building block from green arrow to red, indicating negative interest rates

The Tyro Payments Ltd (ASX: TYR) share price jumped 3.4% higher in early trade but has since lost most of its early gains and is currently sitting 0.93% up at $3.26 per share.

What’s moving the Tyro Payments share price today?

The Aussie payments company provided an update on an outage affecting a number of its EFTPOS terminals.

Tyro said it is experiencing a “connectivity issue” related to a “limited number” of terminals. The issue has been presented since 7pm on Tuesday as Tyro works with its supplier, Worldline, to find a resolution.

Tyro is looking to mitigate the impact on its merchants arising from the outage affecting ~15% of active terminals. Tyro said the issue has caused a ~5% reduction in expected transaction value since Tuesday.

The total impact will only be able to be quantified by the company once the issue is resolved.

The Tyro Payments share price has retraced its gains following this morning’s surge and is trending lower this afternoon.

Shares in the Aussie payments group are down 1.8% in the last 12 months. Tyro recently accepted a 2-year court-enforceable undertaking to remedy breaches of the Spam Act 2003.

The Aussie fintech was found to have illegally sent more than 150,000 spam email and text messages in the last two years. The messages in questions failed to include an unsubscribe function as required under the Act.

The Tyro Payments share price plummeted in the March bear market to as low as 97 cents per share. The EFTPOS payment solutions provider currently has a market capitalisation of $1.7 billion at the time of writing.

Foolish takeaway

The Tyro Payments share price rocketed higher in early trade but is backtracking in early afternoon. The EFTPOS terminal outage the company announced is still being investigated, with Tyro to assess the full extent of the damage once the issue is resolved.

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 are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of June 30th

More reading

Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Tyro Payments. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Why the Tyro Payments (ASX:TYR) share price is on the move today 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!