Mynt Review

A dba of POS-X, LLC, Mynt is a POS provider that offers credit card processing software and hardware for merchants. Non-EMV transactions are facilitated by Worldpay while EMV transactions are powered by First Data, Global Payments, Heartland, TSYS, and Worldpay as well. In addition to taking payments, the company’s POS software offers seating management, item creation, custom reports, back-office solutions, and printing. Mynt’s hardware includes an all-in-one terminal with integrated MSR, a receipt printer, and a cash drawer.

Point of Sale Systems

Mynt offers POS systems designed for efficient credit card processing at physical locations, enabling merchants to accept in-store payments. Their systems include both hardware, such as card readers and terminals, and software for transaction management.

Touchscreen Terminals

Mynt provides touchscreen terminals, which offer a user-friendly interface for both merchants and customers.

Integration with Inventory Management

Mynt’s POS systems integrate with inventory management systems, allowing businesses to synchronize sales data with inventory levels in real-time.

Contactless Payment Support

Mynt supports contactless payments, including NFC and mobile wallet transactions. Customers can make secure and convenient payments by tapping their contactless-enabled cards or mobile devices on the POS terminal.

Reporting and Analytics

Mynt’s POS systems offer reporting and analytics features to provide businesses with insights into their sales performance. Merchants can access detailed reports on sales data, transaction volumes, popular products, and more.

Customizable Features

Mynt’s POS systems are flexible and customizable to meet specific business needs. Merchants can tailor the system with options such as receipt formatting, loyalty program integration, employee management, and other personalized settings.

Overview of Mynt Customer Reviews

Our search reveals only a handful of negative Mynt reviews. A particular Mynt review raises concerns about the company’s programming department regarding software installation on a merchant’s POS system. This review, however, does not label Mynt as a fraudulent operation. We invite our readers to share their experiences and contribute their own Mynt review in the comment section below.

Legal and Regulatory Status of Mynt

To date, we have found no evidence of any class-action lawsuits or FTC complaints against Mynt. For clients who are dissatisfied but prefer a non-litigious resolution, we recommend considering reporting their concerns to the relevant supervisory bodies, an approach conducive to resolving issues amicably.

PaymentPop Rating for Mynt Credit Card Processing

Positive Feedback

There are no positive reviews published about Mynt Credit Card Processing on the PaymentPop website.

Mynt (POS-X) BBB Rating

Mynt, as POS-X, is not accredited with the Better Business Bureau. As of this review, the company has an “A+” rating with the BBB and has had 0 complaints filed against it in the last 36 months. The company does not have any informal reviews on its BBB profile either.

An “A” Performance Overall

We agree with the BBB’s rating at this time given Mynt’s clean complaint record. Business owners should be aware, however, that there are reasons to be skeptical of the BBB’s reviews.

POS Plus Payment Processing Costs

Engaging with Mynt necessitates a contract with one of the major payment processors like First Data, Global Payments, Heartland, TSYS, or Worldpay, in addition to a one-year agreement with Mynt for its hardware and software, as per the company’s terms and conditions. Mynt’s contract stipulates a maximum duration of 36 months, with ambiguity regarding automatic renewal post the initial year. Options include purchasing Mynt’s hardware for $995 or opting for monthly payments of $119, which encompasses a $69 software, customer support, and hardware warranty fee. Even with an outright hardware purchase, a monthly charge of $69 for software and support remains. An early termination fee applies if services are discontinued within the first year, calculated at 50% of the remaining subscription dues.

Payment processing rates through Mynt may fluctuate based on the chosen merchant account provider, possibly adding further early termination and PCI compliance fees. Unlike many merchant services that lease equipment, Mynt sells its hardware, avoiding the pitfalls of non-cancellable leases.

Costly, Duplicative Fees

Assessing Mynt’s overall costs involves separating Mynt-specific fees from those associated with the contracted payment processing service. The merchant agreement with Mynt introduces an additional layer of early termination, equipment, and support fees. While Mynt’s software offers valuable services to many merchants, the expenses might outweigh the benefits for businesses not requiring an all-encompassing POS solution. Considering the contract terms, potential additional fees, and a selection of payment processors, Mynt’s structure is designed to meet diverse merchant needs, meriting an “A” rating in this category.

Business owners are advised to explore our curated list of the top merchant services for potentially more favorable options.

Mynt Sales Tactics

Unlike some competitors, Mynt sells its hardware directly to businesses. Often, POS providers operate through merchant account providers to either lease or resell their hardware. Buying hardware directly from the POS system manufacturer protects merchants against the possibility of entering in an expensive long-term, non-cancellable equipment lease. Mynt does charge for add-ons to its basic hardware for items such as payment terminals, bar and kitchen printers, and laser barcode scanners.

In addition to selling directly to businesses, Mynt’s website also conveys that it employs independent resellers. However, the company does not have any public complaints regarding its reseller program.

This compares favorably to our list of best credit card processors.

No Misleading Pricing

To its credit, Mynt does not appear to list deceptive prices. However, while the company’s website conveys that clients must enter into a 1-year contract to utilize the POS services, it does not disclose the monthly cost charged to businesses. It should be noted that Mynt does not set pricing for payment processing rates and fees. Instead, those costs are determined by its supported payment processors, either First Data, Global Payments, Heartland, TSYS, or Worldpay.

Mynt’s policy of selling hardware directly to merchants is a definite plus. Though the company employs independent resellers, it does not have any complaints regarding its sales practices.  However, since the company does not disclose any information on its pricing through its website, we award Mynt a “B” in this category.

Mynt distinguishes itself in the credit card processing POS market by selling directly to businesses, bypassing the typical reseller route taken by many providers. This direct sales model, combined with the availability of multiple merchant account providers, empowers businesses to compare and select the most favorable rates and fees. This flexibility is a notable advantage for merchants seeking tailored financial solutions. Mynt offers businesses the option to either pay for equipment upfront or spread the cost over a year, catering to varying budgetary preferences.

Mynt’s contractual terms further enhance its appeal. The company offers short-term, 1-year contracts, a significant benefit for businesses wary of long-term commitments. While these contracts do include an early termination fee, the absence of multi-year obligations provides a degree of flexibility often missing in the industry. To support its services, Mynt charges a $69 monthly subscription fee, which covers software costs, technical support, and a warranty, ensuring that merchants receive ongoing support and protection. Despite the early termination fee, Mynt’s transparent and flexible approach to equipment payment and contract terms makes it a compelling choice for businesses seeking a straightforward and adaptable POS provider.