Getting started takes some work
Getting started with myPOS is done in three steps (if all goes well). Step one is going to the website, clicking “sign up” and completing required details including company and director information, ownership structure, projected turnover and more. You then receive a 4-digit code as a text message to your phone, to 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 these submissions have been accepted do we recommend purchasing a card machine, since some businesses will be rejected if they do not fit in with the accepted business models. It’s straightforward to buy a myPOS terminal on the website or by visiting their London store.