Although there’s no contract lock-in, you have to pay an inactivity fee of £10 per month after 10 months of no transactions. This fee stops being being charged as soon as you accept the next card payment through the system. You should actively close the myPOS account to avoid this altogether, but it does cost £15 to redeem any money left in the online account upon closure.
Every new user gets a free myPOS Business Card (Prepaid Visa card), and you can request extra cards for colleagues for £5 each.
All transactions through the card terminal go straight to your online (‘e-money’) myPOS account within two hours, not your bank account. Transferring money to your UK bank account costs £3 per transfer and takes 1-3 working days to clear.
Transaction fees are determined by the brand of credit or debit card accepted, country of issue and whether it is a consumer, business or premium card.