What are the fees and ongoing costs?
Mint’s EFTPOS reader is free and there is no setup fee – nor is there a charge for using the Mint mPOS app. There’s no monthly fee when you transact for over $2,000 a month, making this a good deal for those with consistent sales volumes.
However, Mint mPOS comes with a year-long contract with Fiserv, and there’s a monthly fee of $11 incl. GST for the months you make less than $2,000 in card transactions. You only pay a 1.86% transaction fee for Visa and Mastercard payments and $0.33 per eftpos transaction (all fees include GST).
If you accept less than $22 per month through Mint mPOS, you will be charged a $22 monthly minimum fee. Chargebacks cost $25 each, and refunds cost the transaction fee originally charged for the payment.
Merchants who make over $20k monthly can negotiate custom rates that are lower than the above. In general, Mint likes to chat to prospective merchants for personalised solutions, as Mint mPOS is just one of several payment solutions on offer.
You need to contact Amex directly to set up a contract with them, since Mint does not provide Amex acceptance directly. Once an agreement is in place with American Express, the transaction fees and ongoing costs for that are paid directly to Amex, but it will be added as an accepted card brand through Mint mPOS.