Most people who want to be able to access their money without going through the process of signing a contract usually turn to myPOS credit card machines. These are machines that allow users to access payments through an online system that doesn’t require contractual agreement but still uses some transaction fees. The mobile solution is perfect for anyone who doesn’t want to be limited by locational boundaries and those who want to be able to access their funds instantly. Although the machines offer convenience, conducting bank transfers on them often costs a lot more than what it does on other money platforms. myPOS also works with multiple credit cards and debit cards. This makes them excellent credit card machines.
myPOS has different machines, but they all use a sim card to connect to WiFi or 3G network. They are also portable and perfect for business or personal travels. The machines are also great for smaller transactions because of their limited features. The most common myPOS devices are myPOS Combo and myPOS Smart, myPOS Mini, and myPOS Go. One of the differences is that some of the devices allow the download of third-party apps. Some of them are also smaller and lightweight than others.
How it works
myPOS credit card machines can be used in three steps. You start by signing up on the website by creating a myPOS account. You just sign up, fill up a form then confirm a four-digit account that will be sent to your phone. After this, you will receive an email to help you complete the first step of verification then a video call for the confirmation of your identity. You’ll then have to wait for a notification to confirm the identity of your company. Your business will determine if your application is accepted. After that, you can buy the machine.
Disadvantages
Any other myPOS review can show you that the credit card machines have some demerits as well. For instance, they are mostly loved because of the low transaction fees, but that isn’t always the case. They usually advertise themselves as having no hidden fees or monthly fees, but that doesn’t seem to be true. There are chargebacks of £15, premium card fees and withdrawal fees from myPOS business cards. Transaction fees are also advertised as 1.75%, but that is just an average. You may end up paying more depending on the type of business you have and where you are transacting from.
myPOS machines also don’t seem to be the best solution for those who want a permanent type of banking solution. If you tend to travel a lot and want to use it, then you’ll be forced to work with a merchant account like the e-money account. Without that account, you won’t be able to store your money or have a place where your money will go in case you accept card payments.
Since myPOS makes it easier to access cash, it is mostly suitable for business start-ups or small businesses that will need money frequently. The machines have been designed to make it easier for those who want instant access to cash without drawing up a contract. As such, street vendors, cab drivers, and small food vendors are the ones who will benefit the most from it. It’s advisable To go through all the features of the machines to ensure that they can solve your problems. The most important factors to consider when making such consideration include:
- whether you want to be able to access your funds instantly
- whether you don’t want a commitment when it comes to managing your finances
- whether you travel a lot and will wish to access to your money during the trips.
Conclusion
myPOS is an excellent solution, but only if you fit the criteria above. If not, then you’ll have to go through the process of finding other apps that you can integrate with it to access some features. The machines are easy to use, which means that once you figure out what you want, you’ll be able to pick the most suitable one. Go through the features of each machine individually when making your choice to avoid ending up with the wrong one.