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.
Default transaction fee: 1.75%
Promotional transaction fee: 0.99%