Tyro Pitches Battle on Multiple Fronts
(25 January 2021 – Australia) Tyro, the prominent Australian payments group faces an uphill battle to win back customer trust as it also fends off a short selling raid by Viceroy.
Tyro confirmed 15 percent of its retail merchant terminals were experiencing outages by mid-January due to a software issue, down from almost one in three suffering connectivity problems earlier in the month. The terminals required a software update to fix a coding problem that related to Worldline terminals.
The company was also forced to respond to a damaging short selling research report launched by Viceroy last week. Tyro asserted that the report contained ten false claims including the number of merchants affected by the outage, the cause of the outage, the cost of the repair and the company's handling of the issue.
“It just runs against the grain when we have an event like this. We’re so sorry about the impact we’ve had on people who’ve trusted us with their payments” stated Tyro CEO Robbie Cooke.
"All we can do is run the business as best we can. This was an event that could not have been foreseen by us and we had to deal with it as best we could” Mr Cooke added.
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