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> Card Machines > Reviews > myPOS review: pay-as-you-go card machines with online merchant account

myPOS review: pay-as-you-go card machines with online merchant account

By Emily Sorensen|2019-01-20T21:23:11+00:00November 2nd, 2018|
Our rating(4/5)
The myPOS mobile card machines are a no-contract alternative for merchants wanting instant access to funds.
myPOS’s card machines allow you to “access payments instantly” through an E-money Account. There’s no long-term contract, but the customer service, transfer fees and unreliable payments can be pain points for some users.
  • Highs: Instant funds. No lock-in. No monthly fees. You get an IBAN.
  • Lows: Transfers to bank account cost extra. No automatic settlement. Account holds.
  • Buy if: You want a cross-country, mobile solution working through a dedicated myPOS merchant account.
myPOS CombomyPOS Mini
black myPOS Comboblack myPOS Mini
Price£199£129 £89
To site
To site
Transaction fees1.75% (estimate)1.75% (estimate)
ConnectionWiFi, 3G/4G network (via inbuilt SIM)WiFi, 3G/4G network (via inbuilt SIM)
Size162.5 mm x 80 mm x 56 mm121 mm x 72 mm x 22.5 mm
Weight360 g with battery165 g with battery
Inbuilt receipt printer?YesNo
Accepted cards
Contactless options
myPOS
Combo
myPOS
Mini
black myPOS Comboblack myPOS Mini
£199£129 £89
To site
To site
1.75% card fee (estimate)1.75% card fee (estimate)
WiFi, 3G/4G network (via inbuilt SIM)WiFi, 3G/4G network (via inbuilt SIM)
162.5 mm x 80 mm x 56 mm121 mm x 72 mm x 22.5 mm
360 g with battery165 g with battery
Inbuilt receipt printerReceipts via text

The lowdown

The compact, standalone card machines by myPOS are equipped to take a wide range of credit and debit cards anywhere with a network connection. There is no contract to commit to and no monthly or annual fees. It is a pay-as-you-go solution where you pay a one-off price for the myPOS device and just for usage like transaction fees and other costs charged for applicable account activities.

A major selling point is the “instant access to funds” after transactions, which you have through the complimentary myPOS Business Cards (Visa-branded) for the online myPOS account you receive your transactions in. There is no automatic settlement to your own bank account, but you can use the myPOS Business Card to spend in any store – online or physical – carrying the Visa sign. The business account also has additional features applicable to regular business accounts, so you can use it as your main hub for your business’ transactions.

Mobile machines for simple needs, with a few extras

The five different card machines sold by myPOS have somewhat different strengths – but similarities too. They all connect with 3G or WiFi via a built-in SIM card that comes with unlimited free data you can use anywhere across the EU. So yes, the devices are great if you travel a lot and frequently need to take payments in other countries.

myPOS Combo with included data card

All myPOS devices come with their own SIM card with unlimited free data for use anywhere within the EEA. Photo: myPOS

If you’re looking to accept just simple payments, i.e. manually entering the total, then processing the card, the myPOS devices would do. They accept tipping, multiple staff accounts and customised receipts, but their inbuilt POS features beyond this are limited. To get more complex features, you can integrate with other POS systems through certain APIs and SDKs (their website gives you technical information on setting it up). With the myPOS Smart and Smart N5 devices, on the other hand, you can download feature-specific apps developed for myPOS users.

The popular myPOS Combo and myPOS Smart devices have an inbuilt receipt printer, while myPOS Mini and Mini Ice can only send receipts via text or email. Mini’s and Mini Ice’s lack of receipt printing enables them to be smaller and roughly half the weight as the Combo and Smart models. What makes the Smart and Smart N5 stand out is their ability to download compatible third party apps via the App Market on the device.

Through any of the machines, you can sell mobile top-ups, request remote payments and issue gift cards to your business.

Getting started takes some work

Getting started with myPOS is done in three steps (if all goes well). Step one is going to myPOS’s website, clicking “sign up” and filling in required details including company and director information, ownership structure, projected turnover and more. You should then receive a 4-digit code as a text message to your phone, which you enter on the sign-up form.

After submitting all this, you get an email about the next step: identity verification. A 5-minute video call with a myPOS team member is required, along with proof of ID and documents to verify your identify. This, myPOS says, is a requirement from the EU Fourth Money Laundering Directive, which – maybe because the devices by default work across Europe – they need to comply with. By contrast, SumUp and other card reader providers haven’t typically got this requirement – perhaps because their card readers by default only work within the country of registration.

After the video identification, you will receive confirmation within 8 business hours of whether you can proceed with the application. Then you are required to provide legal documents to verify your company’s identity. The type of documents will depend on your company.

Only after all these submissions have been accepted by myPOS do we recommend you purchase the card machine, since some businesses will be rejected if they do not fit in with the accepted business models. This is done easily via the website or by visiting their London store.

Overtly simple fees, but with some catches

In some regards, myPOS have simple fees, but only if you’re using the service the way it’s optimised for. They have no monthly costs and seemingly “no hidden fees”, but if you buy into the service expecting to receive transactions into your bank account, you’ve got another think coming.

Their advertised transaction fee is 1.75%, but this is in fact just an indication based on average fees a business might pay. The fees will “vary depending on your business activity, geographical location and other factors”, so you will need to get in touch with them to get precise quotes.

Generally speaking, the 1.75% fee is for Visa and Mastercard (debit and credit cards) issued within the EEA. You can expect higher fees with premium cards like Amex, commercial credit cards, UnionPay, JCB and cards issued outside the EEA, which is the norm for most payment companies.

Setup feeNone
Fixed monthly feesNone
Within-EEA Visa and Mastercard fees1.75%*
Premium and/or international card feesVaries**
Payment with myPOS Business Card at shop terminal or onlineFree
≤£200 withdrawal from myPOS Business Card£2
>£200 withdrawal from myPOS Business Card£4
Transfer to UK bank account£1.50
Chargebacks£15

*Typical fee estimate. Fees may vary according to your business type, location, exact card type and other factors.
**Fees are negotiated with myPOS during the application process and based on your business type, estimated turnover, location, card type and other factors.

Setup feeNone
Fixed monthly feesNone
Within-EEA Visa and Mastercard fees1.75%*
Premium and/or international card feesVaries**
Payment with myPOS Business Card at shop terminal or onlineFree
≤£200 withdrawal from myPOS Business Card£2
>£200 withdrawal from myPOS Business Card£4
Transfer to UK bank account£1.50
Chargebacks£15

*Typical fee estimate. Fees may vary according to your business type, location, exact card type and other factors.
**Fees are negotiated with myPOS during the application process and based on your business type, estimated turnover, location, card type and other factors.

In contrast to other mobile card machines in the UK, you have to pay a transfer fee to pay out money from the myPOS E-money Account to a bank account. Settlement is not automatic, but it is instant (or up to 2 hours in the slower cases) when you submit the transfer to a UK bank account.

Apart from the above-mentioned fees, there are several other fees specific to international money transfers, myPOS Business Card use, and more.

Your own myPOS merchant account with no lock-in

Would your business benefit from using a dedicated merchant account separate from a local business bank account? If so, myPOS could work for you.

Merchants operating internationally will like that myPOS works through your own “merchant account” – or myPOS E-money Account – with its own IBAN. This is different from a traditional merchant account that’s just an interrelated piece during card processing and settlement to your own bank account. The e-money account is where your money goes immediately after you accept a card payment on a myPOS terminal, and where the money stays and can be spent in stores with the complimentary myPOS Business (Visa) card.

Every merchant gets up to 10 free myPOS Business cards to use in any store accepting Visa (additional cards cost £10 each) or for taking out cash at an ATM.

myPOS Mini box content

With the myPOS Business Card, you can spend your takings in stores or withdraw cash (fees apply). Photo: myPOS

This is great if you’re happy using the e-money account as your main business account and the myPOS Business Card for spending the money in stores. But if you need to transfer money to a bank account, it costs £1.50 per transfer to a UK bank account, and by default, you do these transfers manually. There is, however, an option to schedule automatic transfers or mass transfers.

The e-money account makes myPOS ideal for multichannel businesses. Several payment channels are possible such as pay-by-link and a payment request feature (electronic invoicing, basically). This is all integrated with the POS terminal payments, enabling a complete overview in your online account of all your business takings through myPOS.

In contrast to other merchant accounts, there’s no contract or lock-in with myPOS. PayPal – who similarly offers instant access in their online account and a PayPal Mastercard on request – doesn’t require commitment either, but they operate as an aggregator so you don’t have your own IBAN.

Who is it best for?

Rocky start-ups and low-volume merchants prioritising instant access to money – whether through card or cash – would like myPOS. Their business model is centred around their e-money account making things easy for multichannel businesses. If you’re happy either using this as your main business account for money processing, or paying fees for transferring card takings to your bank account, myPOS could be an effective, contract-free solution for you.

Another thing to point out is that the terminals meet the need of those who just need to get paid in person, simply and anywhere. This makes it suitable for street vendors, small food-and-drink outlets, and particularly cab drivers who can integrate the myPOS Mini with dispatch software for taxis. If you need more features, the myPOS Smart devices can utilise third-party apps, provided they are developed for myPOS and made for Android.

card machine selection in myPOS London store

In myPOS’s London store, you can view all their devices and get your questions answered. Photo: myPOS

Customer service and user feedback

Judging by customer reviews, it’s hit-and-miss how good your experience of myPOS’s customer service will be. Some countries have no phone number to call, but in the UK, there is a 24/7 customer support line on hand when you need it. Generally speaking, you can expect the UK service to be better than in their other countries, since this is their most developed market at the moment.

The fact that the company operates internationally means they have more compliance rules to follow. In line with that, we have seen more user reviews online mentioning myPOS’s requests for additional documentation to verify certain payments than we have for other providers, so it appears you can expect them to take more anti-fraud precautions than other payment companies.

You can expect the UK service to be better than in their other countries, since this is their most developed market at the moment.

According to myPOS, they are following the same UK and European laws as any other payment provider, but at least during the sign-up process, they are asking for more proof and documentation than other UK-based payment providers.

An example of more paperwork is account holds. Some users have entered into ongoing communications loops with myPOS who requested documentation and proof for verify certain payments, and sometimes it appears the merchant ends up not getting the money (though hard to tell sometimes if the user really did provide the correct details). There have also been reports of merchants whose accounts were shut down due to myPOS not accepting their business type, even though it was accepted during the application.

If you’re London-based, you can visit their London store to see the card machines in person and speak to a team member to get all your queries answered.

Our verdict

The myPOS system is great for instant access to funds, their commitment-free merchant account and mobile card processing out in the field. The system gives you control to transfer money internationally, give out Business Visa cards to several staff members and process through a multichannel solution.

The card machines are purely for straightforward card payments, with the added benefit of working in all EEA countries.

Bottom line: Ideal for those who need a mobile card machine connected to a commitment-free merchant account with instant access to funds.

myPOS Combo

Bestseller, longest battery life, prints receipts

black myPOS Combo
View myPOS Combo

myPOS Mini

Popular with price-sensitive merchants, smallest device

black myPOS Mini
View myPOS Mini
Name of Reviewed Item: myPOS UK Rating Value: 4 Image: https://www.mobiletransaction.org/wp-content/uploads/2018/10/mypos-mini-box-content.jpg Review Author:Review Date: