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Mynt Credit Card Processing 2023: Reviews & Complaints
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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.
Mynt Point of Sale Systems
Mynt specializes in providing robust and feature-rich POS systems to businesses. Their POS systems are designed to facilitate smooth credit card processing at physical locations, allowing merchants to accept payments from customers in-store. These systems typically consist of hardware, such as card readers and terminals, and software for transaction management.
Mynt offers touchscreen terminals as part of their POS services. These terminals provide a user-friendly interface for both merchants and customers, making transaction processing quick and efficient. The intuitive touchscreen design enhances the overall checkout experience and minimizes errors during payment processing.
Integration with Inventory Management
One of the advantages of Mynt’s POS services is their integration with inventory management systems. This feature enables businesses to streamline their operations by synchronizing sales data with inventory levels in real-time. By automatically updating stock quantities, merchants can maintain accurate inventory records and avoid stockouts or overselling.
Contactless Payment Support
Mynt’s POS services include support for contactless payments, such as near-field communication (NFC) and mobile wallet transactions. This capability allows customers to make secure and convenient payments by simply tapping their contactless-enabled cards or mobile devices on the POS terminal.
Reporting and Analytics
To help businesses gain valuable insights into their sales performance, Mynt’s POS services provide reporting and analytics features. Merchants can access detailed reports on sales data, transaction volumes, popular products, and more. These analytics empower businesses to make informed decisions and optimize their operations for increased profitability.
Mynt’s POS services offer flexibility through customizable features. Merchants can tailor the POS system according to their specific business needs. Customization options may include receipt formatting, loyalty program integration, employee management, and other personalized settings.
Location & Ownership
Mynt’s terms and conditions convey it is a dba of POS-X, LLC, which is headquartered at 1975 Midway Lane Suite O Bellingham, WA 98226. Karl Schoessler is the vice president of the company.
Table of Contents
- Costs & Contract: Offers a 1-year contract with additional pricing and contract terms that…
- Complaints & Service: Number fewer than 10 on…
- BBB Rating: Currently has an “A+” rating with the Better Business Bureau and has received…
- Sales & Marketing: Markets directly to merchants and also employs resellers though…
Mynt Customer Reviews
Here's What Their Clients Say
|Total Online Complaints||<10|
|Live Customer Support||Yes|
|Most Common Complaint||Software Issue|
Low Complaint Total
We are currently only able to find few negative Mynt reviews. One Mynt review does not accuse the company of being a scam or make any accusations of fraud but does relate to an issue with the company’s programming department installing software onto the merchant’s POS system. If you have your own Mynt review to make, please do so below.
Mynt Lawsuits and Fines
We have not found any outstanding class-action lawsuits or FTC complaints filed against Mynt. Dissatisfied clients who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
Mynt Customer Support Support Options
Mynt offers dedicated customer support between 6 am and 4 pm PST. Additionally, the company’s website provides an automated form for support responses, a dedicated email address, and live customer support. This comprehensive offering is in line with what the best merchant accounts for customer service offer.
Mynt Customer Support Service Number
- (202) 810-2000 – General Customer Support
Mynt Online Ratings
Here's How They Rate Online
Clean Complaint Record
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.
Mynt Fees, Rates & Costs
A Closer Look at The Contract
|Monthly & Annual Fees||Yes|
|Processing Rates||1.00% - 4.99%|
POS Plus Payment Processing Costs
In addition to entering into a contract with First Data, Global Payments, Heartland, TSYS, or Worldpay to facilitate payment processing. According to the company’s terms and conditions, clients must also enter into a one-year contract with Mynt for the use of its hardware and software. Mynt’s merchant agreement reflects that its contract term is not to exceed 36 months; however, it is unclear whether or not there is an automatic renewal following the initial one-year contract. Businesses reserve the right to purchase Mynt’s hardware outright for $995 or to make payments in monthly installments. Monthly installments cost $119 including the same $69 fee for software costs, customer support, and a warranty for the hardware. In the event a client purchases the equipment outright, they are still assessed a $69 monthly fee for software costs, customer support, and the warranty. Mynt assesses its own early termination fee if a business cancels service within 1 year. That fee is a calculation of 50% of the client’s remaining subscription costs.
Mynt rates and fees for payment processing will vary depending on the merchant account provider providing those services. This could result in the inclusion of additional early termination fees as well as PCI compliance fees. While many of those merchant account providers also assess equipment lease terms for credit card processing terminals, Mynt provides that equipment to businesses themselves for an additional cost, with the benefit of being stuck in a non-cancelable equipment lease.
Costly, Duplicative Fees
Evaluating Mynt’s pricing means delineating its fees from those of the merchant account provider contracted for payment processing services. In essence, the cost of entering into a merchant agreement with Mynt means taking on an additional early termination fee as well as equipment costs and support fees. While its software certainly provides many merchants with beneficial services, it could be a costly expense for businesses that are not in need of a comprehensive POS solution. For those that do, the contract term, additional fees, and multiple payment processors to choose from are enough to give Mynt an “A” in this category.
We also encourage business owners to check out our list of the providers of the best merchant services.
Mynt Employee Reviews & Sales Tacitcs
Should You Work For Them?
|Uses Independent Resellers||Yes|
|Discloses All Important Terms||No|
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.
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