myPOS is a European fintech company that offers integrated payment solutions for small and medium-sized businesses. Their platform includes point of sale (POS) devices, e-commerce payment gateways, mobile payment solutions and a range of other business tools. This article delves into their services, pricing, comparisons, and reviews.
- Over 150,000 satisfied customers across Europe
- Serving in 30+ countries including the UK
- Operates in 20+ currencies
- Offers 24/7 customer support
myPOS data and fees
|Fee Category||myPOS Smart||myPOS Go||myPOS Mini Ice||myPOS Mobile Checkout|
|Card Reader Name||Smart||Go||Mini Ice||Mobile Checkout|
|Contract Length||No contract||No contract||No contract||No contract|
|Terminal Cost||£299 excl. VAT||£29 excl. VAT||£119 excl. VAT||No hardware cost|
|Consumer Card Fees||From 1.75%||From 1.75%||From 1.75%||From 1.25%|
|Business Card Fees||From 1.75%||From 1.75%||From 1.75%||From 1.25%|
|CNP Fees||From 2.25%||From 2.25%||From 2.25%||From 2.25%|
|Minimum Monthly Charge||No||No||No||No|
|Replacement Reader||£299 excl. VAT||£29 excl. VAT||£119 excl. VAT||N/A|
|Receipt Rolls||Extra cost||Extra cost||Extra cost||N/A|
|Paper Billing (optional)||Extra cost||Extra cost||Extra cost||Extra cost|
|Early Termination||No fees||No fees||No fees||No fees|
Please note, these prices are based on typical fees but the exact costs may vary. It is always a good idea to check the current rates on the myPOS website.
|Founded||2014, Sofia, Bulgaria|
|Phone number||0800 680 0681|
|FCA regulated||Yes, regulated under the Electronic Money Regulations 2011|
Pros and cons of myPOS
- myPOS offers a broad range of payment solutions tailored to businesses of varying sizes.
- One of its major strengths is its wide range of point of sale devices, including smart and compact models, suited to different types of businesses.
- These devices are quick to set up and offer real-time transaction processing, benefiting businesses with their cash flow management.
- Moreover, myPOS’s mobile app and online platform offer a high degree of convenience, enabling businesses to monitor transactions and account balances, and perform operations such as transfers and payments on the go.
- The company also offers a free merchant account and a prepaid business card with no monthly or annual service fees, which is a considerable advantage for smaller businesses.
- However, myPOS’s services are more expensive than those of many traditional banks, particularly in terms of transaction fees.
- Moreover, their customer service, while available 24/7, has received mixed reviews, with some customers citing slow response times and issues with communication.
myPOS products and services
This modern POS device operates with a fully-featured Android platform, accepts all payment methods and has apps for business management. It costs £299 excluding VAT, with transaction fees ranging from 1.75% for card present transactions.
A payment gateway for e-commerce businesses that accepts various payment methods, including cards and digital wallets. It has no setup or monthly fees, with transaction fees starting from 1.25%.
This compact, mobile card reader supports all types of card and mobile payments. Priced at £29 excluding VAT, this device offers a cost-effective solution for small businesses or those always on-the-go. Transaction fees start at 1.75% for card present transactions.
myPOS Mini Ice
An advanced portable device that supports a variety of payment methods. This device costs £119 excluding VAT and features a clear display, modern design and the ability to print or email receipts. The transaction fees are the same as the myPOS Go.
myPOS Mobile Checkout
This mobile payment solution allows businesses to accept payments directly on their smartphone, useful for businesses without a fixed location. There are no setup or monthly fees, with transaction fees starting from 1.25%.
myPOS Business Card
A prepaid Visa card linked to the myPOS account, offering immediate access to funds and allowing for easy management of business expenses. There are no monthly or annual fees for this card.
Alternatives to myPOS
Square stands out for its robust ecosystem and superior POS software, SumUp offers competitive pricing, particularly for smaller businesses, and PayPal Here offers the advantage of seamless integration with the PayPal ecosystem.
However, each of these alternatives comes with its own caveats, and businesses must carefully consider their specific needs before choosing a payment solution.
While the pricing of myPOS may seem steep at first glance, it’s essential to consider the value it offers through its wide range of services, multi-currency support, and real-time transaction processing.
Additionally, the lack of monthly or annual service fees makes it an attractive option for businesses of all sizes. It is, however, crucial for businesses to evaluate the level of customer support they might require and factor this into their decision.
myPOS company history
myPOS was established in 2014 in Sofia, Bulgaria, with a mission to transform the way businesses manage their payments and cash flow.
Recognising the need for an all-in-one payment solution that caters to the specific needs of small and medium-sized businesses, myPOS set out to create a suite of products and services that integrated POS devices, online payment gateways, mobile payment solutions and more.
Over the years, myPOS has expanded its operations to over 30 countries and gained the trust of over 150,000 customers.
No, as an e-money institution, myPOS is not covered by the FSCS. However, it is FCA regulated and maintains the security of funds by holding them in a separate account at a tier-one bank.
myPOS accepts a variety of payment types, including magnetic stripe, chip and pin, contactless, and mobile payments.
Transaction fees vary depending on the type of transaction, but they typically start from 1.25%.
Yes, myPOS offers 24/7 customer support.
Yes, myPOS offers a mobile app that allows you to accept payments, monitor transactions, and manage your account from your mobile device.
Yes, myPOS offers an online payment gateway for e-commerce businesses.
Yes, myPOS integrates with a range of business systems and offers APIs for custom integration.
The main alternatives to myPOS are Square, SumUp, and PayPal Here.