myPOS EU Review: Merchant Payments Solution

myPOS is a payment solution that allows merchants to receive payments in-store, online and via smartphone or other mobile devices. In addition, it accepts SWIFT and SEPA transfers and each account is issued multiple myPOS IBAN.

myPOS Industries

Industries that are suitable for using myPOS payment solution include the following.

• Taxi and Transportation
• Food and Beverage
• Retail and Stores
• Hotel and Accommodation
• Leisure and Recreation
• Professional Services
• eCommerce

How to Open myPOS Account

You can open myPOS account if you have a businesses registered in Europe and operating in supported countries (EU, EEA and Iceland, Liechtenstein and Norway). You will see the full list of countries in the sign-up page. The business can be owned or directed by nationals from other countries as well. Supported businesses are sole traders, individuals who are self-employed, freelancers, private limited liability companies, public companies, and partnerships.

Opening myPOS account is done online. Information needed for your account to be created include your personal details, business details such as registration number, director’s details, main source of income, the annual turnover that you forsee, the average transaction amount you expect, etc. A 4-digit code will be sent to the provided mobile phone number via a text message in order to verify the phone number.

Once you complete the signup form, you will receive a confirmation email with a link in the email to confirm your address. Then, you will have to conduct a short online identification in order to verify your identity. For verification, you will need your official government-issued national ID card or passport with your picture on it. After you are confirmed, you need to go to myPOS login to access myPOS dashboard.

myPOS Products and Services

Once you have set up your account successfully, you can go ahead and select products or services that meet your business needs. myPOS offers the following:

• myPOS merchant account. Free merchant account for in-store payments, online and mobile payments.
• myPOS online. A solution to create your free online shop and start selling.
• myPOS virtual terminal. Turn your smartphone, computer or tablet into an online card payment machine.
• myPOS payment request. An online payment feature which enables you to remotely accept payments from your customers without the need of a website or card machine.
• myPOS terminal. Point of Sale devices for processing contactless and magnetic strip cards.
• myPOS business cards. myPOS Visa business cards that have 10+ currencies to choose from
• Unattended payment solutions. Тerminals for vending, parking and ticketing hotspots
• Free myPOS invoicing. Invoice your clients straight from your myPOS account and let them pay instantly online by card or by bank transfer.
• myPOS AppMarket. A platform for distribution of apps compatible with myPOS devices. You can install and uninstall apps via myPOS AppMarket similar to Android device installations.
• myPOS private label gift cards. Create gift cards in beautiful packages and encourage your clients to buy them as a present for their loved ones.

myPOS Point of Sale Solutions

myPOS card reader provides successful processing of the varying CHIP and PIN cards during transactions using GPRS, Bluetooth or Wi-Fi for the internet connection. Contactless and magnetic strip cards also work well with the POS machines. myPOS provides the following POS terminals:

• myPOS Glass. It allows you to turn your Android phone into a payment terminal.
• myPOS Combo. Mobile card machine for you to accept payments from smartphones with Google Pay and Apple Pay accounts, other electronic wallet devices and NFC cards.
• myPOS Carbon. A sturdy device you can use in hazardous workplaces such as gas stations, the chemical and petrochemical industries, construction yards, home and repair services, as well as taxi, courier and transportation industries.
• myPOS Go. A debit and credit card reader for an industry which requires you to be mobile such as travelling merchants, agents and sales representatives.

What is myPOS Activation Process?

After logging into your myPOS dashboard, click on devices and you will find the activate option. Once you follow the simple instructions on the device, it will be ready for activation by generating an activation code. Afterwards, enter the activation code on the terminal which will later be connected to the internet. Once you activate, you will see a confirmation screen on display as the terminal checks for software updates that undergo automatic installation. Finally, the device is ready for use after the software updates.

Benefits of myPOS Devices

• With myPOS devices, you cashiers can increase their efficiency since it helps with the transaction.
• The devices are easy to use.
• The fact that payments are made in various modes increases the device’s capabilities.
• With a myPOS gadget, you will have accurate results, and thus, you will save time when doing your calculations.
• The technology efficiently assists in inventory management.
• myPOS systems have reporting features whereby you can track your record of sales, expenses and profits.
• With the myPOS system, you can import data and print reports, unlike the former cash registers, which can be a hassle to handle and manage at the end of the day.
• myPOS provides merchant accounts with IBAN, prepaid cards, and private label gift.

myPOS Supported Countries / myPOS Supported Languages

myPOS operates in all European Economic Area (EEA) countries and Iceland, Liechtenstein and Norway. It is available in 19 languages and myPOS customer support is available in English, French, Italian, Spanish, Romanian, Greek, German, Hungarian and Bulgarian.

myPOS Fees

The fees are transparent with no lock-in contract. The company does not charge monthly or annual fees. myPOS transaction fees are paid pay only when you get paid. Moreover, opening an account with myPOS is free of charge.

myPOS Service	myPOS Pricing
Merchant account with IBAN	Free of charge
Monthly fee	Free of charge
Annual fee	Free of charge
Inactivity Fee (f you have not made any valid transactions for 10 consecutive months)	10.00 EUR
Incoming and Outgoing Internal transfers	Free of charge
Transfer money between own accounts	Free of charge
Funding via Bank transfer	Free of charge
Payment via myPOS Online / iDEAL	0.30 EUR
SEPA Direct Debit Processing	0.50 EUR
Additional myPOS card (first card is free)	5.00 EUR
SEPA transfer	3.00 EUR
Transfer in CHF currency	4.00 EUR
Transfer in GBP currency	4.00 EUR
Transfer in BGN currency	3.00 EUR
Transfers in other currencies within EEA, UK and Switzerland1	4.00 EUR
International Transfer in All currencies – SHA (Charges are shared)	0.250%, Min. 9.00 EUR
International Transfer in All currencies – OUR (Charges are not shared)	1.000%, Min. 14.90 EUR

Portable card machines prices start at 19 EUR to 159 EUR. Find out the full list of myPOS fees.

Is myPOS Safe?

myPOS Europe Ltd is authorised and regulated by the Financial Conduct Authority (FCA)in the UK as an electronic money institution. It strictly adheres to the European Banking Authority’s Guidelines on the security of Internet payments.

myPOS Alternatives

There are many myPOS competitors. You need to take time to compare their offerings. Some of myPOS alternatives include the following:

• PaySera
• Axerve (UK and Italy)
• BrainTree
• PaymentCloud (UK)

Final Thoughts on myPOS Review

When you need a quick and efficient means to process payments, myPOS devices and other products are the best options. It is important to note that myPOS allows you to accept payments without even having a website or card machine. Moreover, you will have a free invoicing solution, business Visa cards as well as multiple IBANs.

More Information

• myPOS website
• myPOS contact