mypos.com Pricing: A Deep Dive

Understanding the pricing structure of any payment solution is paramount for businesses.

mypos.com presents a straightforward model, emphasizing low entry barriers and transaction-based fees.

They clearly state “£0 Monthly costs” and a transaction fee of “1.10% + £0.07” for typical transactions, which is quite appealing, especially for small and growing businesses.

However, the fine print “which varies across payment methods” and the option to “Get a custom quote” for higher volumes suggest a more nuanced reality that requires careful consideration.

Dissecting these details is crucial to accurately assess the overall cost of using myPOS services.

Businesses should not only look at the headline figures but also consider potential hidden costs, variations by card type, and any additional fees for advanced features or specific services.

Understanding the Core Transaction Fees

The stated transaction fees are a key element of myPOS’s pricing model, aiming for transparency with a competitive starting point.

• Base Rate: The standard fee often quoted is 1.10% + £0.07 per transaction, which is attractive for many small to medium-sized enterprises.
• Variable Rates: It’s explicitly mentioned that the percentage and fixed fee can “vary across payment methods.” This typically means different rates for debit cards, credit cards, international cards, and premium cards.
• Custom Quotes for Volume: Businesses processing more than £10,000 monthly are encouraged to seek a custom quote, suggesting that better rates might be available for higher transaction volumes.
• No Hidden Fees: myPOS promotes a “pay only when you accept payments” model, which implies no subscription fees, minimum transaction requirements, or cancellation charges for the basic account.
• Comparison Point: This model directly competes with other providers like SumUp or PayPal Zettle that offer flat-rate pricing, distinguishing itself with a lower percentage but a small fixed fee.

Hidden Costs and Variances

While myPOS emphasizes no monthly fees, it’s vital to investigate potential costs that might arise depending on usage patterns and specific services.

• Card Type Fees: As mentioned, credit cards, especially premium or corporate cards, often incur higher percentage fees. International cards can also carry additional charges.
• Chargeback Fees: Most payment processors, including myPOS, will levy a fee for each chargeback received, which is when a customer disputes a transaction with their bank.
• Currency Conversion Fees: If you accept payments in one currency and your myPOS account is in another, or you make withdrawals in a different currency, foreign exchange fees or unfavorable rates may apply.
• Hardware Costs: While the account is free, the card machines themselves are purchased outright. Prices range from £29 for the myPOS Go 2 to £229 for the myPOS Ultra. Accessories and bundles also add to the initial investment.
• Value-Added Services: Some advanced features or integrations (e.g., specific AppMarket apps, specialized reporting) might incur additional costs or subscription fees, although this is not explicitly detailed on the homepage.

Business Account and Debit Card Fees

The promise of a free business account and debit card is a significant draw, but it’s important to understand the scope of “free.”

• Account Maintenance: The core myPOS business account comes with no monthly maintenance fees, setting it apart from traditional bank accounts.
• Debit Card Usage: The free business debit card can be used online or with Google Pay and Apple Pay, often without monthly fees. However, ATM withdrawal fees or fees for certain types of transactions (e.g., international withdrawals) might apply, which would typically be detailed in the full terms and conditions.
• Instant Settlement: The instant settlement feature is also provided at “no extra charge,” further enhancing the value proposition.
• Account Closure Fees: While unlikely for a service promoting flexibility, some financial services might have fees associated with closing an account, though not typically advertised upfront.
• Inactive Account Fees: It’s worth checking the terms for any inactivity fees if the account remains unused for an extended period.

Hardware Investment: Initial Outlay

The cost of myPOS card machines represents the primary upfront investment for merchants looking to accept in-person payments.

• myPOS Go 2: Positioned as an “Affordable yet fully standalone card machine” at £29 excl. VAT, making it an accessible entry point.
• myPOS Go Combo: A step up at £169 excl. VAT, including a portable charging and printing dock.
• myPOS Ultra: The premium option at £229 excl. VAT, an “Ultra powerful Android payment terminal with high-speed printer,” suitable for busier establishments.
• Bundles and Accessories: myPOS also offers bundles that might combine devices with accessories, potentially offering a slight discount, and individual accessories like spare batteries or charging docks.
• No Lease Options: The website focuses on purchasing the devices, implying no lease or rental options, which means the hardware cost is a one-time capital expenditure.

Custom Quotes for High-Volume Businesses

The invitation to “Get a custom quote” for businesses processing over £10,000 monthly indicates a flexible pricing strategy designed to attract larger clients. My Experience with SafeStreets.com: A Digital Walkthrough

• Negotiated Rates: Custom quotes usually involve lower transaction percentages due to the higher volume of payments. This is beneficial for established businesses with consistent sales.
• Tailored Solutions: Beyond just rates, custom quotes might include tailored support, dedicated account managers, or specific integrations not available with standard plans.
• Cost-Benefit Analysis: Businesses reaching this threshold should always request a custom quote and perform a detailed cost-benefit analysis against their current processor or other alternatives to ensure the best possible deal.
• Long-Term Contracts: While myPOS generally promotes “no long-term contracts” for the basic account, custom quotes for high-volume businesses might involve negotiated terms that include specific commitments.