Tyro CEO Robbie Cooke is facing outrage from small business customers.Credit:Peter Braig
When Tyro first reported the outages to the ASX on Thursday last week it claimed the"terminal connectivity"issues affected less than 5 per cent of customers.
"Some businesses have been left with the woefully inadequate situation of accepting cash payments only,losing essential revenue,"Bannister Law said in a statement."In this difficult time,they require every cent to survive and pay their overheads."
Tyro listed on the Australian Securities Exchange in December 2019 with former Telstra chief executive David Thodey as chair and Robbie Cooke as chief executive and was valued at $1.4 billion on debut.
The fintech's share price has fallen from $3.34 on 5 January when outages first started being reported to $2.91 by midday on Wednesday.
"Specifically an issue existed in some versions of the terminal platform software installed on Tyro's Worldline terminals,"Tyro said in a statement."This issue caused a subset of those terminals to lose connectivity with Tyro's network meaning they could neither transact nor be updated remotely."