Mypos Review
myPOS offers a variety of payment options for current businesses. With the development of globalization, modern business people are often on the move, requiring secure and reliable payment solutions for their different requirements. myPOS’s Point of Sale (POS) systems are able to process any type of card, whether it be CHIP & PIN, contactless or magnetic strip, from the main card vendors. The POS systems offered by myPOS are designed to make life easier for business owners.
- Pros
- No Monthly Fees/ No Contract
- Direct Acces to Your Cash
- Has its own IBAN
- Reliable Customer Support
- Cons
- Money Transfers Take a Few Days
- Additional Charge when Transfering Money
- Funds are Sometimes held Back
MyPos Terminals
myPOS offers a variety of Point of Sale (POS) terminals for businesses. These include the myPOS Mini Ice, myPOS Combo, myPOS Mini, and myPOS SmartMoney transfers.
A comparison of the various card readers offered by myPOS
There are four different types of myPOS card readers that can be used by a business to provide various payment options. Each reader has its own unique features.
How can I use the myPOS card reader?
To use a myPOS terminal, a merchant needs the following:
Option 1: A myPOS account, a mobile phone, and an internet connection (either GPRS, Wi-Fi, or Bluetooth).
Option 2: A myPOS account and an internet connection (either GPRS, Wi-Fi, or Bluetooth).
Option 3: A myPOS account and an internet connection (either GPRS, Wi-Fi, or Bluetooth) on an Android device.
To connect the credit card machine to the network, the merchant should select Wi-Fi as the connection type and choose the correct hotspot that is in range. Only WPA and WPA2 authentications for Wi-Fi networks are supported.
The activation process for the device takes about 5 minutes and requires the merchant to log in to their myPOS account, go to Devices, click on Activate your Device, and follow the instructions. This will generate an activation code, which the merchant will enter on the myPOS terminal that is connected to the internet. After the activation process is complete, the terminal will check for software updates and install them automatically, after which the device will be ready to use.
Pricing and Fees for Transactions
The myPOS payment terminal company offers four different terminal models for merchants to choose from, each with its own pricing and transaction fees.
The first terminal model is the myPOS Carbon, a sleek and compact terminal that is perfect for small businesses and pop-up shops. It has a one-time purchase price of €69 and a transaction fee of 1.95% + €0.19 per transaction.
The second terminal model is the myPOS Slim, a portable terminal that is ideal for merchants who need to accept payments on the go. It has a one-time purchase price of €89 and a transaction fee of 1.85% + €0.19 per transaction.
The third terminal model is the myPOS Go, a lightweight terminal that is perfect for merchants who are always on the move. It has a one-time purchase price of €49 and a transaction fee of 1.75% + €0.19 per transaction.
Finally, the fourth terminal model is the myPOS Combo, a versatile terminal that offers both a handheld and a countertop option. It has a one-time purchase price of €99 and a transaction fee of 1.70% + €0.19 per transaction.
Overall, myPOS offers a range of terminal options to suit different needs and budgets, with competitive transaction fees to help merchants save on costs.
How Payment Acceptance Works: An Overview
myPOS payment devices are able to accept a variety of payment methods, including traditional chip and pin cards, contactless cards, and magnetic stripe cards. In addition, they also support international payment methods such as Apple Pay, Android Pay, and LeuPay Wallet. This allows merchants to offer their customers a wide range of payment options and increase their chances of completing a sale.
Chip and Pin Payment Cards
To accept chip and pin payments using a myPOS terminal, the merchant should first insert the customer’s card into the designated slot on the card reader. If the card is not accepted by the device, the merchant should try removing the card and reinserting it. If the card still does not work, there may be a problem with the card itself and the merchant should ask the customer to use a different card.
During the chip and pin process, the card will typically prompt the user to enter their PIN. The myPOS terminal will then allow the user to input their PIN and confirm their payment. If the entered PIN is correct, the terminal will process the payment and display a confirmation message to indicate that the transaction was successful.
