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MyPos

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Tuesday, December 24th, 2019
Best Payment Providers

What We Like

myPOS offers mobile card machines with a no contract solution, providing instant access to funds, no lock-ins, no monthly or annual fees, and offers a free IBAN. You can open accounts in different currencies and accept every payment. Inexpensive SEPA and SWIFT transfers can be done directly from the myPOS account.

What We Didn't Like

The Sales and Support teams do not appear to be very responsive, the wait time to talk to someone is excessive. The sales representatives seem to do an okay job, but the answers provided from support are mostly unhelpful. There are reports that say that customer service providers are not friendly.


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Marketing

Sales

Support

Pricing

Overall

Overview

Founded in 2014 by payments entrepreneur Christo Georgiev and business partner, Javor Petrov, myPOS was the first platform that offered instant deposits into merchant accounts for transactions made both online and on a POS terminal.
By pairing a mobile point of sale (POS) terminal with a free online account and prepaid business card, myPOS equips businesses and sole proprietorships to accept card payments as easily as cash. As a result, the solution addresses the cash flow problems that keep many small to medium businesses from accepting card payments, which commonly took days to appear in their accounts.
The myPOS solution is not built on the banking system. But it does store payments in a free myPOS e-money account, allowing retailers to either spend received funds immediately using their myPOS Visa card, or to make an online transfer to another account if they choose.

The all-in-one solution means users do not need to hold or input payment information into a separate unit, such as a mobile phone.

There are also no monthly payments or subscription fees which makes myPOS the perfect solution for seasonal businesses, or sole proprietorships working in the gig economy. myPOS is a 100% mobile solution that includes a built-in internet connection and a data sim card provided free of charge with the unit. Customers are able to choose among four different solutions: myPOS Mini Ice, myPOS Combo, myPOS Mini and myPOS Smart.

According to Georgiev, myPOS’s goal is clear, “helping those in the gig economy or running seasonal businesses to succeed, while avoiding prohibitive monthly fees, bank charges or cash flow concerns when accepting card payments.”

On April 23, 2019, myPOS announced the launch of its latest payment terminal, myPOS Go. It is described as light-weight, portable and it features innovative functions such as accepting cards and mobile wallets, sending payment requests, “topping up prepaid phones”, and branded gift cards. For only 29.00 EUR, merchants can have this new payment device with a complimentary myPOS account and business debit card for immediate use of all acquired funds.
As opposed to many mobile card readers in this price range, which required a mobile phone or a tablet to be plugged into, myPOS Go is a completely mobile, stand-alone, point-of sale terminal. Out of the box, it comes with a pre-installed proprietary software and therefore does not need any external software.
On October 28, 2019, myPOS launched its first countertop device, aiming it at hotels, restaurants, and retail stores. The desktop model is called, myPOSHub+ and it operates as both a payment terminal and printer in one. It also provides access to services like inventory and cloud-based accounting. This device runs on the Android operating system, which is the world’s most popular mobile phone operating system (OS) at 70 per cent of the market share. It features two touch screen options, large for the merchant and smaller for the customer. This is ideal for displaying marketing messages.

Co-founder Georgiev has his sights set on expanding myPOS to the US market.

myPOS have a new promo transaction fee for UK.
The promotional transaction fee is applicable for Consumer Debit and Credit cards issued in the EEA
(VISA, Mastercard, VPay, Maestro) and will be applied if the client buy a new device and activate it before 31.03.2020.

Country: UK
Default transaction fee: 1.75%
Promotional transaction fee: 0.99%

Marketing

myPOS sells its offerings through its online shop and partner network.  They are clear on what they have to offer and even make promotions available. 

Honesty

Although myPOS is pretty straightforward and transparent with the pricing of their products and services on their website, there were many complaints about hidden fees or misleading tactics.

Sales

myPOS works with many distributors, offering them an attractive remuneration package. They have reached out to more than 80,000 businesses and it keeps growing. They also hire independent sales agents that are provided professional training and an agent support team. 

In addition, myPOS works with technology partners to make sure there is a seamless payment acceptance, along with great customer service. The benefits they provide their technology partners include integrated payments API, cloud payments API, and Smart SDK, just to name a few.

myPOS also utilizes a Referral Program. For every new client that the business refers to myPOS, if they buy a device and they have been live with myPOS for 30 days, the business earns 30.00 EUR in their business account.

Finally, myPOS also uses online affiliates to help sell their products. They offer a generous commission model, myPOS banners and text links, and personal support from the affiliate team.

Support

myPOS are available 24/7 by phone, email, and live chat through their website . It offers support in English, Italian, French, German, Dutch, Russian, Greek, and Bulgarian. 

It does offer how-to videos under its FAQ section of their website. Some of their useful tutorials cover: how to sign up for a myPOS business account, verifying your identity through video chat, setting up push notification authentication, making a bank transfer from myPOS account, updating the myPOS Smart to the latest software version, how to accept card payments with myPOS Checkout in PrestaShop, and much more.

Staff Responsiveness

It is worth noting that the UK seems to have a better, more established customer service than the rest of the countries. However, there are many complaints about the overall lack of responsiveness from both customer and technical support. 

Pricing

One of the many ways that myPOS sets out to differentiate itself among its competitors is to be completely transparent about their pricing. They are well aware of the common industry practice of promoting a competitive package or product price, only to surprise its customers with startup or subscription fees. Therefore, their goal is to be upfront on all costs by mentioning that they have no hidden fees or extra charges for their services. There is even a listing on their website which details all their fees.

The actual services they provide are completely free to use. However, transaction fees still apply. They only charge a “tiny percentage” of payments and transfers. If merchants do not accept payments or perform any transfers, it’s very likely they won’t pay anything.

If merchants want to add pay buttons on their website, use the virtual terminal, load up gift cards, or top up phones, there are no additional charges for these services. 

For outgoing transfer to bank accounts in GBP currency within the EU and EEA countries, it’s 3.00 EUR. A SEPA transfer is also 3.00 EUR. 

Hardware Costs

myPOS offers portable terminals in various price ranges and sizes based on the different needs of the business. Its newest offering, the myPOS Go sells for 29.00 EUR. Their best selling myPOS combo device goes for 249.00 EUR.

Early Termination Fees

mPOS has no long-term contracts, therefore no monthly or annual service fees. The merchant is only responsible to pay for the services used.

Complaints

There were quite a few complaints found about the lack of customer and technical support. On Trustpilot, although myPOS had a four and a half star rating, there was a total of 9% who rated the company as “bad”. 

The main complaints were that the customer service was poor. One merchant called myPOS a “scam” as he bought one of their machines and was still not set up, five months later. When merchants did call support with any questions or problems, not only were they not resolved, but the merchants were accused that the problem laid with them and not the company. Some submitted questions weeks ago without getting any response.

Another seller complained that his fees were changed for having an inactive account, something that was not revealed in their initial agreement. On a related issue, a merchant was being charged 65.00 USD for inactivity.

A merchant’s account was suddenly suspended without an explanation. Another claimed that the service “was worse and more expensive than any traditional bank. Ridiculous exchange rates, I would call this daylight robbery.” Others said the “help desk is useless.”

A disconcerting review was left by a merchant on Site Jabber, where he indicated that myPOS uses “untrustworthy corresponding banks”, and as a result, one of his transfers of over 2,000.00 EUR was lost in 2018. Apparently, they do not guarantee the transfers of clients. Even though myPOS chose the bank, they did not refund this merchant’s money.

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