myPOS that enables retailers to instantly access their funds, launches today in the UK.
The myPOS system has been designed to help democratise retail, by removing the barriers to retailers accepting card payments. It is the first card payment technology to offer retailers instant access to their funds, regardless of whether they have received payments in-store or online.
Combining a mobile point of sale (POS) terminal with a free online account and prepaid business card, myPOS enables businesses and sole traders to accept card payments as readily as cash. As a result, the solution addresses the cash flow concerns that cause many SMEs to choose not to accept card payments – which traditionally take days to appear in their accounts.
Uniquely, the myPOS solution is not built on the banking system, but instead stores payments in a free myPOS e-money account, enabling retailers to either spend received funds immediately via their myPOS Visa card, or to make an online transfer to another account if they choose. The sleek, attractive all-in-one solution means users do not need to hold or input payment information into a separate unit, such as a mobile phone.
There are also no monthly payments or subscription fees making myPOS the perfect solution for seasonal businesses, or sole traders working in the gig economy. myPOS is a 100% mobile solution with a built-in internet connection and a data sim card provided free of charge with the unit. Customers will be able to choose from four different solutions: myPOS Mini Ice, myPOS Combo, myPOS Mini and myPOS Smart.
To support entering the UK market, myPOS is launching a physical store in Knightsbridge, London, on 8th February, where it will sell its payment technology. Entry level myPOS payment solutions will be available for just £89 and will also be available online at www.mypos.eu.
myPOS was founded in 2014 by payments entrepreneur Christo Georgiev and his long-term business partner Javor Petrov. The company has since experienced significant growth, becoming a preferred product to more than 40,000 businesses across Europe, saving them more than €5m in fees. Its ambitious growth trajectory means it plans to reach 100,000 businesses by the end of 2018.
myPOS has offices in eight locations across Europe and received its FCA license in the UK at the end of December 2017.
“myPOS is a next generation payment system that will enable budding entrepreneurs to position themselves as credible businesses offering convenience to their customers,” says Georgiev.
“We hope to play an important role in helping those in the gig economy or running seasonal businesses to succeed, while avoiding prohibitive monthly fees, bank charges or cash flow concerns when accepting card payments.”
myPOS at a glance:
- Real-time transaction processing means instant access to funds
- Free online account and prepaid business Visa card
- Bank free retailing and use of transaction funds
- No monthly fees
- Free myPOS data card which connects to the strongest GPRS signals across every country in Europe
- iPhone-style design
- Simple mobile phone-free solution with built in sim and internet connection
- Integration into myPOS retail apps or third-party apps
- Highly competitive transaction fees