- Highs: Compact reader. Bank grade security. Useful mobile app and online portal. Next day settlement.
- Lows: Monthly fee. Hefty 12 month cancellation charge.
- Go with Mint mPOS if: You want a state of the art payment system at a low cost.
Who are Mint Payments?
Mint Payments Limited is a publicly-listed Australian company that specialises in payment processing solutions. The company was founded in 2007. Mint Payments recently launched Mint mPOS, a mobile payment solution aimed at small businesses in Australia. The service fully supports contactless and chip and PIN-based debit and credit card transactions.
How it works
The Mint mPOS service essentially turns your smartphone or tablet into an EFTPOS machine. The M10 card reader connects to your device via Bluetooth, meaning that no special wires or cables are required. The card reader itself is very compact. So compact, in fact, that it will fit in your pocket. This is a fantastic feature for on-the-go merchants who need to stay mobile.
Payments processed by the Mint mPOS are settled into your Australian bank account the following day. Mint mPOS works with all of the major debit and credit cards in Australia, including EFTPOS, VISA and MasterCard. The device is enabled for contactless payments. On the ground you should be well-covered for the majority of your customers who wish to pay via their card.
What are the fees and costs?
There’s no initial setup fee for Mint. You are charged a monthly price of $29.95 for operating a merchant account that comes with one leased card reader included. Additional card readers can be ordered for $19.95 for each one. On top of this, there is a flat transaction fee of 1.75% for Visa and MasterCard or a flat 28c charge for EFTPOS.
A secure and convenient solution for card transactions
Some business owners may understandably be wary of security issues regarding mobile payment solutions in particular. With Mint mPOS, you should have little to worry about. It’s a secure service that is PCI compliant, even claiming to offer bank grade security.
One other significant benefit of using Mint mPOS is the convenience factor. This solution means less hassle regarding payments. Small businesses will also appreciate their improved cash-flow of having money in the bank the next day after taking a payment. This compares favourably to chasing customer invoices or waiting on cheques that might bounce.
mPOS Merchant Portal is a helping hand for small businesses
Mint mPOS offers a Merchant Portal that forms a core feature of its service. By utilising the mobile apps or online portal, merchants can receive real-time updates as payments from customers are being processed. When compared to cash or standard POS terminals, the time-saving element is significant.
In addition, you can use the mPOS Merchant Portal for a wide variety of useful operations that will help to improve the efficiency of your daily business operations. Relevant features include the ability to add reference numbers to transactions and send receipts to customers via email or text message.
What’s more, you can also search through transactions as well as issuing refunds with ease. Overall, it’s a pretty nifty tool that compares well to others in the mPOS industry. It should be simple enough for most business users to get the hang of the Merchant Portal in a short space of time.
Contactless card support is a major advantage
NFC contactless cards are also compatible with the Mint mPOS service. Considering the huge growth in this area of the market and the rising popularity of contactless payment among Australian consumers, this is a significant plus for merchants using the Mint service. In the near future, contactless support may be a minimum requirement rather than a “nice to have”.
Monthly fees and cancellation charge are major downsides
As stated above, Mint charges $29.95 per month for their mPOS service plus transaction fees – this is a possible negative to consider for small businesses. However, the worst part of the pricing structure, in our opinion, is the rather $199 service cancellation fee that is applied for the first 12 months of your contract. The trend for mPOS services is no contact lock-in, so even though there is a four weeks money back guarantee, the service cancellation fee is a stretch.
There is a 12 month warranty included with the reader which is reassuring, but business owners should note that this is subject to various terms and conditions outlined in the contract. Indeed, the Mint Payments website reminds potential merchants that the card reader is not waterproof and “probably shouldn’t be used as a replacement hammer.”
Is competition in Australian mPOS market set to intensify?
Unfortunately, competition in the mPOS scene is relatively sparse in Australia. As of August 2015, none of the major mPOS players were running operations in Australia. The lack of strong competition may be the reason for the slightly expensive pricing in Mint’s mPOS offering.
However, things are beginning to change. Last year PayPal launched its mPOS solution, Paypal Here, in Australia. The service has no monthly fees attached. There is just a simple charge of 1.95% for all transactions processed via the card reader. Merchants will need to buy the card reader for $99, but there is no penalty for cancelling your PayPal Here service contract. Australian small businesses may be well-advised to look into PayPal’s solution as a possible alternative to Mint mPOS.
eWay is another Australian operator offering its own mPOS solution that operates in direct competition with Mint. At 1.95%, its transaction fee is slightly higher than Mint’s, but the monthly fee is lower at $19. The startup has entered a partnership with US-based Square to increase the range of payment options for its service which now offers Visa, MasterCard, EFTPOS, Apple Pay, Contactless and other methods of payment. eWay looks like a strong contender, but it remains to be seen whether they will gain major traction or not.
Mint mPOS: A thumbs up from us
We give Mint mPOS a 4 star rating. The service is simple, convenient and secure. The pricing structure could be improved a little, but overall it’s a great solution that will make things a lot easier for Australian small business owners. A thumbs up from us!