MyPOS review – A good choice for payment processing? Features, fees, pros and cons explained

In the ever-evolving landscape of financial technology, businesses are spoilt for choice with innovative payment processing options. One provider making waves in the sector is MyPOS. This review delves into the intricacies of MyPOS, exploring its offerings, weighing the pros and cons, reviewing their products and services, and breaking down their fees. We’ll also glance at potential alternatives to better inform UK businesses about their payment processing options.

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Overview of MyPOS – what’s on offer?

Founded in 2014, MyPOS is an integrated payment solution provider based in Europe, with a mission to transform how businesses manage transactions and capitalise on the digital payment revolution. The company caters to a wide range of businesses, including SMEs and larger corporations, across diverse sectors such as retail, hospitality, transportation, and e-commerce.

MyPOS provides businesses with a suite of payment tools, such as Point-of-Sale (POS) terminals, online payment gateways, mobile payment apps, and electronic vouchers. These features are designed to accept various payment methods, including credit/debit card transactions, NFC payments (like Apple Pay and Google Pay), and QR code payments.

A unique selling point is MyPOS’s instant settlement feature. Unlike traditional providers, who often impose waiting periods for funds to be cleared, MyPOS offers immediate access to funds following a transaction. This can greatly improve cash flow, especially for smaller businesses.

In addition, MyPOS has a multi-currency feature, making it ideal for businesses with a global customer base or those planning to expand internationally.

Pros and cons of MyPOS

As with any financial service, MyPOS has its strengths and weaknesses, which can vary depending on a company’s specific needs and context.

Pros:

• Instant Settlement: One of the biggest draws of MyPOS is its instant settlement feature. This service allows businesses to access funds immediately after a transaction is processed, improving cash flow.
• Versatility: MyPOS accepts a wide range of payment options, including credit/debit cards, NFC, and QR code payments, thus catering to a variety of customer preferences.
• Multi-Currency: The platform supports transactions in various currencies, an asset for businesses operating internationally.
• Range of Products: MyPOS offers an array of tools including POS terminals, mobile payment apps, an online payment gateway, and e-vouchers.
• No Monthly Fee: Unlike many competitors, MyPOS doesn’t charge a monthly fee, making it a cost-effective solution for small businesses.

Cons:

• Fees Per Transaction: While there’s no monthly fee, MyPOS charges per transaction, which could add up for businesses with high volumes of sales.
• Limited Advanced Features: Some users have reported that the software lacks advanced features available in other payment processors.
• Customer Service: Reviews suggest that customer service could be improved, with some users citing difficulties in getting timely responses.

MyPOS products and services guide

MyPOS offers an extensive range of products and services to meet diverse business needs.

POS Terminals

MyPOS provides a variety of card terminals, including countertop, portable, and mobile card machines, which can accept payments anywhere. They are all equipped to handle Chip & PIN, contactless, and mobile payments.

Online Payment Gateway

This service allows businesses to accept payments on their websites. The gateway supports a range of payment methods and integrates with popular e-commerce platforms.

Mobile Payment App

The MyPOS mobile app enables businesses to accept payments directly from a smartphone or tablet.

Electronic Vouchers

MyPOS’s gift card service allows businesses to sell digital or physical gift cards, creating an additional revenue stream.

Merchant Account

With each MyPOS account, businesses receive a free online merchant account, allowing immediate access to funds following a transaction.

MyPOS pricing, fees and charges explained

MyPOS operates on a pay-per-use model. It does not charge monthly or annual fees, making it an attractive option for smaller businesses. The company charges a fee per transaction, which varies based on the payment method used.

The cost of POS terminals ranges from £119 to £349, depending on the model. Online card payments are charged at 1.25%, while in-person payments are charged at 0.25% for debit cards and 1.75% for credit cards.

Alternatives to MyPOS

While MyPOS offers a comprehensive suite of services, other alternatives in the market might better suit some businesses.

• Square: Known for its user-friendly interface and transparent pricing, Square is a strong contender for small businesses and startups.
• PayPal Here: PayPal’s payment processing service offers the added benefit of seamless integration with other PayPal services.
• Zettle (now part of PayPal): Known for its fixed rate regardless of card type, Zettle is favoured by businesses with smaller transactions.
• SumUp: With its competitive flat-rate fee structure, SumUp is an appealing choice for small businesses with lower transaction volumes.

Conclusion – Is MyPOS a good choice?

In the vast landscape of payment processing, MyPOS carves out a unique niche. With its instant settlement feature, broad acceptance of payment methods, multi-currency functionality, and absence of monthly fees, MyPOS certainly presents an attractive option for many businesses.

However, businesses should consider the potential drawbacks. Transaction fees could accumulate for high-volume businesses, and the reported customer service issues may deter some.

Ultimately, the suitability of MyPOS depends on the individual needs and circumstances of your business. It’s essential to compare providers and thoroughly evaluate your business’s specific requirements before committing to a solution.

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