mypos.com Competitors

Understanding these competitors is crucial for businesses evaluating myPOS, as it helps in making an informed decision based on specific needs, scale, and budget.

The market includes global giants, niche players, and generalist fintech companies, all vying for a share of merchant transactions.

MyPOS, with its emphasis on instant settlement and diverse hardware, carves out a specific niche, but it’s essential to compare its offerings against others to find the most suitable fit for one’s business model.

Direct Competitors in Portable POS and Instant Settlement

These competitors often offer similar portable card readers and prioritize quick access to funds, directly challenging myPOS in its core market.

• Square: A market leader known for its user-friendly mobile POS solutions, variety of hardware, and a comprehensive ecosystem that includes online stores, invoicing, and payroll. Square also offers instant deposits, usually for an additional fee.
• PayPal Zettle: Previously iZettle, now part of PayPal, offers compact card readers and a mobile app. It integrates seamlessly with PayPal accounts, providing quick access to funds. Its appeal lies in its simplicity and widespread brand recognition.
• SumUp: Similar to myPOS Go, SumUp offers affordable card readers with no monthly fees, charging a flat transaction rate. It’s popular among micro-businesses and mobile traders due to its ease of use and portability.
• Revolut Business: While primarily a business account, Revolut Business has expanded into payment processing, offering competitive rates and sometimes integrates with POS hardware. Its strength lies in multi-currency accounts and international transfers.
• Stripe Terminal: For businesses already using Stripe for online payments, Stripe Terminal offers hardware for in-person transactions, unifying their payment stack. It provides robust developer tools for custom integrations.

Online Payment Gateway and E-commerce Platform Competitors

For businesses focusing on online sales, myPOS’s website builder and online payment solutions face stiff competition from specialized gateway providers and e-commerce platforms.

• Stripe: Dominant in online payments, Stripe offers a highly flexible API for custom integrations, subscription management, and robust fraud prevention. It’s preferred by developers and large e-commerce businesses.
• PayPal: A ubiquitous name in online payments, PayPal offers various solutions including standard checkout, invoicing, and “Pay with PayPal” buttons, leveraging its massive user base.
• Shopify Payments: Exclusively for Shopify store owners, this integrated payment gateway offers competitive rates and seamless management within the Shopify ecosystem, supporting both online and in-person sales via Shopify POS.
• Adyen: A global payment platform used by large enterprises, offering a unified solution for online, mobile, and in-store payments across various channels and regions.
• Checkout.com: Another enterprise-focused payment gateway known for its flexible platform, global reach, and robust data analytics for optimizing payment flows.

Traditional Merchant Acquirers and Bank Services

Traditional banks and large merchant acquirers still hold a significant share of the market, especially for established businesses with high volumes or complex needs.

• Chase Payment Solutions: Offers a full suite of payment processing services, including card terminals, online payments, and tailored solutions for various industries, often leveraging existing banking relationships.
• Wells Fargo Merchant Services: Provides comprehensive payment acceptance options, including POS terminals, mobile processing, and e-commerce solutions, backed by a large banking network.
• First Data (now Fiserv): One of the largest merchant acquirers globally, offering a wide range of payment solutions, from credit card processing to gift card programs, serving businesses of all sizes.
• Elavon: A major global payment processor offering in-person, online, and mobile payment solutions with a focus on security and scalability for diverse industries.
• Local Banks and Credit Unions: Many regional banks and credit unions offer their own merchant services, often appealing to local businesses that prefer to keep all their financial services with one institution.

Specialized POS System Providers

Some competitors focus specifically on comprehensive Point-of-Sale (POS) systems, often tailored for specific industries like restaurants or retail, offering more than just payment processing. mypos.com Pricing: A Deep Dive

• Clover: Offers a range of smart POS hardware and software, with an extensive app marketplace for customization, popular in retail and restaurants.
• Toast POS: A leading cloud-based POS system designed specifically for restaurants, offering features like online ordering, kitchen display screens, and loyalty programs.
• Lightspeed: Provides POS systems tailored for retail, hospitality, and golf courses, offering robust inventory management, analytics, and omnichannel capabilities.
• Revel Systems: An iPad-based cloud POS system serving a variety of industries, known for its flexibility and comprehensive features.
• Vend by Lightspeed: A cloud-based retail POS software known for its inventory management, e-commerce integrations, and customer loyalty features.

Emerging Fintech and Niche Players

• Mobile-Only Solutions: Apps that turn smartphones into payment terminals without external hardware, focusing purely on software-based acceptance.
• Cryptocurrency Payment Gateways: Niche providers that enable businesses to accept cryptocurrencies, catering to a specific market segment.
• Alternative Lending Platforms: While myPOS offers “Revenue-based financing,” there are many dedicated alternative lending platforms that compete by providing working capital to businesses.
• Subscription Management Platforms: Companies specializing solely in recurring billing and subscription management, often with integrated payment processing.
• API-First Payment Infrastructure: Providers that offer highly customizable APIs for businesses to build their own payment flows from scratch, targeting tech-savvy enterprises.