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Mynt Review

Mynt Overview

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4/5
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A POS Solution With Multiple Processing Options

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 transaction 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.

Location and Ownership

Mynt’s terms and conditions convey it is a dba of POS-X, LLC, which is headquartered at 2125 Humboldt St, Bellingham, WA. Karl Schoessler is the vice president of the company.

Mynt Review Table of Contents

  • Costs & Contract: Mynt offers a 1-year contract with additional pricing and contract terms that will vary depending on the payment processor a merchant utilizes.
  • Complaints & Service: Mynt has received fewer than 10 public complaints.
  • BBB Rating: Mynt (as POS-X) currently has an “A+” rating with the Better Business Bureau and has received 0 complaints in the past 3 years.
  • Sales & Marketing: Mynt markets directly to merchants and also employs resellers though it has not received any complaints about its sales practices.
  • Rates & Fees: How Merchants Got The Best Rates With Mynt
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Mynt Rates, Fees, and Costs

Mynt Rates, Fees, and Costs

Cost Summary

Swipe Rate 1.00% - 4.99%
Keyed-in Rate 1.00% - 4.99%
POS Software Fee $69 Per Month
Early Termination Fee 50% of Remaining POS Subscription
PCI Compliance Fee Undisclosed
Equipment Cost $995 Outright or $119 Per Month

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, merchants 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. Merchants 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 merchant 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 merchant cancels service within 1 year. That fee is a calculation of 50% of the merchant’s remaining subscription costs.

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 merchants itself 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.

 

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Mynt BBB Rating Summary

BBB Summary

Product & Service Complaints 0
Billing & Collection Complaints 0
Advertising & Sales Complaints 0
Guarantee & Warranty Complaints 0
Delivery Complaints 0

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

In keeping with our policy that “A” ratings should typically be reserved for companies with 0 complaints, we agree with the BBB’s rating at this time given Mynt’s clean complaint record. Merchants should be aware, however, that there are reasons to be skeptical of the BBB’s reviews.

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Truth In Marketing & Advertising

Key Points

Employs Independent Resellers Yes
Advertises Deceptive Rates No
Discloses All Important Terms No

Mynt Sales Tactics

Unlike some competitors, Mynt sells its hardware directly to merchants. 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 merchants, Mynt’s website also conveys that it employs independent resellers. However, the company does not have any public complaints regarding its reseller program.

No Misleading Pricing

To its credit, Mynt does not appear to list deceptive prices. However, while the company’s website conveys that merchants must enter into a 1-year contract to utilize the POS services, it does not disclose the monthly cost charged to merchants. 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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Sales & Marketing Example

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Our Opinion Of Mynt

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A Flexible POS Provider

Mynt has the benefit of selling directly to merchants, unlike other POS providers who strictly operate through resellers. That, in addition to its offering of multiple merchant account providers to choose from, provides merchants with options to weight different rates and fees. The company also allows merchants to choose between paying for equipment upfront or over the course of a year. Mynt itself offers short-term, 1-year contracts. Though they do include an early termination fee, merchants are not locked into multiple year contracts. In addition to that early termination fee, merchants are charged a $69 monthly subscription fee to cover software costs, technical support, and a warranty.

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About Phillip Parker

Why I'm Qualified to Write About Credit Card Processing

I’m a small business owner who previously worked in the credit card processing industry. I started this blog in 2009 to help other business owners by exposing credit card processors that engage in unethical marketing, rate and fee trickery, and fine-print-contract schemes. Over the last decade, I’ve reviewed hundreds of merchant services providers which has helped to educate over 5 million businesses on the nuances of credit and debit card acceptance. I’ve appeared in the New York Times, Los Angeles Times, Inc. Magazine and a host of other publications to offer insight on the subject of card acceptance. 

I offer merchant account and credit card processing consultation for the following needs:

  • Selecting the right credit card processing services for your business.
  • Reducing credit card processing fees with your current merchant account provider.
  • Negotiating credit card processing fees when changing merchant accounts.
  • Strategies for reducing and recovering funding holds and chargebacks.

 

Schedule a call with me today!

 

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