5 Ways We’re Unique in the Payments Industry
Tips / 19.03.2019
When you run a business – any kind of business – you need to stand out by providing something unique, something your competitors don’t have which your customers would want. This could be something as simple as being the only shop for a specialized product in a small town, or perhaps offering a service that your direct competition doesn’t really provide.
Well, our own playfield isn’t a small town, and on the European market competitors are a dime a dozen. The only way to stand out is to offer a service that no one else among our direct competition offers, some kind of unique advantage that only our merchants can get. Close to our inception five years ago, we had a lot of heated arguments about what features that weren’t available to our competitors we can offer… And finally decided to just implement all of them! That’s right, myPOS offers numerous different unique features and services that you won’t find anywhere else!
In honour of our 5th anniversary, let’s take a look at the top 5 coolest myPOS-exclusive features!
5. No Hidden Fees or Extra Charges for Services
This is something that really grinds our gears – when a business isn’t transparent about its charges. “Yes, you can certainly purchase this item for X euro… But there’s also a processing fee of Y euro and a tax of Z euro, neither of which we’ll tell you about until you’re ready to hit checkout!” It’s unfair and disrespectful to clients. Many of our competitors would promote a very competitive package or product price, only to reveal that customers actually need to pay starting or subscription fees, which ultimately add up to a more substantial monthly or yearly investment.
Very early on we tried to specifically avoid that, which is why all of our fees are publicly available to merchants and non-merchants alike. It’s a long and somewhat boring read, sure, but we think it’s way better to allow merchants to look up any service and see how much it’ll cost beforehand instead of being surprised by a charge once it’s done. With that said, though, most of our fees are related to transfers and payments – the actual services we provide are free to use (though the aforementioned transaction fees still apply). Wanna implement pay buttons on your website, use the virtual terminal, load up gift cards or top up phones? Go right ahead, we won’t charge you a cent for access to those services! They’re all part of the myPOS package! And speaking of…
4. All in One Package
Our most popular services are, of course, our POS payment devices – the clue’s in our name, after all! Most merchants first contact us wishing to purchase a POS terminal for their business in order to start accepting card payments, but just by registering their merchant account they automatically receive a whole slew of other services, many of which they can use instantly! Yes, you read that right – just by registering a merchant account. You don’t even need a POS terminal to access some of the really cool payment acceptance options that myPOS offers, such as PayLinks, PayButtons, Payment Request, Virtual Terminal and more! Purchasing a POS terminal will, naturally, allow you to accept card payments, but also load up private label GiftCards, top up pre-paid phones and much more. All at no extra cost!
These days, it’s important to keep your business all in the same environment. It’s just not very productive using 5-6 different tools in order to achieve the various tasks you need for your business. myPOS can cover every single payment need you have, and many that you haven’t even realized you have – all without taking a single cent above what you’re using. Don’t like using TopUp? You will never pay a cent for it, but can access it instantly if someone actually does request it. Same goes for another very popular service we offer…
3. Payment Request
If you’ve ever used a service for online payments such as, say, PayPal, you probably know how you can use them to ask a client for payment. Imagine that you’re a young artist who has just been commissioned to create some fanart. You come to an arrangement with the buyer, and now all that’s left is to send them a receipt through PayPal (or whatever service you’re using) which they can pay out from their own PayPal account with a click. Easy, simple and convenient, right? And yet, as convenient as a service like that would be to your average merchant, it’s simply not made available by any POS solutions on the European market. Well, none… Except myPOS, of course.
We call that unique service Payment Request, and it allows any merchant to send any client a personalised payment link via phone or e-mail from the Merchant Account or directly through the POS device. The best part is that, unlike online-only payment services, the myPOS Payment Request can be accepted by anyone regardless of whether they have a myPOS account or not. All they need to do is input their payment information and submit it, then myPOS will process the payment regardless of whether this is the first or hundredth time that particular customer uses myPOS Checkout. No information is sent to the merchant beyond a notification about the status of the payment, and once it has been completed they’d be able to use them immediately thanks to another cool feature myPOS offers…
2. Instant Settlement
Yes, believe it or not, myPOS is currently the only POS provider in the EU market to offer instant payment settlement at no additional charge! It’s true that SEPA has supported instant transfers for a while now, meaning that if you send some money to, say, a friend or family member in another EU country, they will receive it into their account immediately without the usual 1-3 day delay that’s traditional for banks. But those transfers don’t apply to payments, and whether you use banks or a competitor’s POS solution, chances are you’re going to have to wait a couple of days before you can use any in-person payments a customer makes besides those in cold, hard cash. And if you quickly need to use your earnings for an emergency restock or something along those lines, well, you’re fresh out of luck!
myPOS knows how important it is to have instant access to your earnings… So we provide it! It takes an average of about three seconds for the amount to go from your client’s bank account into your own merchant account, even if that account is located in an entirely different country! Let’s presume that you’re located in Rennes, France, but you have a store in Varna, Bulgaria, about 2,900 kilometres away. If an X-15, the fastest jet in the world, flew at top speed between Varna and Rennes, it would still be almost 500 times slower than the speed of our settlement. Yep, we’ve made sure that even the most fast-paced businesses can still operate without any delays! Flexibility is the name of the game when it comes to myPOS, which is why we also implemented one of our biggest selling points…
1. Pay-as-you-use model
Nobody likes binding contracts and regular fees. We consider this a matter of fact, as we have yet to meet someone who enjoys paying for something they don’t use regularly. It’s like when you make going to the gym your New Year’s resolution, so you pay a fee every month even though you don’t visit trying to convince yourself that tomorrow will be the day, and then you just end up wasting a lot of money that just weren’t worth it at all. But while for those of us, who are always just a day away from starting to get in shape, these monthly fees are an inconvenience, for businesses that always struggle between being in the black and being in the red, they can be nothing short of a death sentence. Imagine having to pay a lofty fee just for having a POS terminal in the store even if you didn’t use it once because your business is off-season!
So we just… Did away with monthly fees. They don’t exist in the myPOS world. In the myPOS gym, you can go every day or not at all, and neither will be punished. The only fees we charge are a tiny percentage of payments and transfers. If you don’t accept any payments or do any transfers, chances are you won’t pay a cent, and you’ll always be in the black no matter how much or how little you end up using the myPOS services.
Furthermore, we’ve decided to not bind our customers with long-term contracts, allowing them to use – or not use – their POS terminals as much or as little as they’d like. We believe in modern-day solutions that give our merchants the flexibility they deserve in order to run their business the way they see fit. Because ultimately it’s you who knows what’s best for your business – we’re just here to give you the tools to make it grow. Whether it’s adding features like Payment Requests or removing hindrances like fees and binding contracts, myPOS is there to provide you with a flexible, multi-functional solution unlike anything else on the market.