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Mynt Review

  • May 31, 2022
  • By Payments Industry Analyst, Phillip Parker
  • Leave a User Review
see which processors will offer you the lowest pricing and best service
see who will offer you the lowest pricing and best service

Rating

 4.0/5
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Website
see who will offer you the lowest pricing and best service
(202) 810-2000

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Rating:
 4.0/5

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(202) 810-2000

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Mynt Point of Sale

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 Location and 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.

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 complaints number fewer than 10 on public complaints forums.
  • 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.

Should You Trust Mynt?

Lawsuits, Reviews & Complaints

Complaint Summary

Total Online Complaints <10
Live Customer Support Yes
Most Common Complaint Software Issue

Low Complaint Total

We are currently only able to find few Mynt complaints. One Mynt complaint does not accuse the company of being a scam or make any accusations of fraud but relates to an issue with the company’s programming department installing software onto the merchant’s POS system. If you have your own Mynt complaint 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 merchants 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 Service 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.

We have located a single Mynt customer service phone number:

(202) 810-2000 – General Customer Support

Is the BBB Rating for Mynt Accurate?

Better Business Bureau Profile

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see who will offer you the lowest pricing and best service

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

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.

How Expensive is Mynt?

Rates, Fees, and Contract Terms

This processor offers the lowest rates and best service we've seen

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.

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 merchants 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 merchants to check out our list of the providers of the best merchant services.

Does Mynt Use Deceptive Marketing?

Advertising & Sales Strategy

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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.

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 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.

Does Mynt Deserve Your Business?

Review Summary & Our Thoughts

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 weigh 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 multi-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.

5-Star Rated Mynt Competitors

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About The Author

Phillip Parker is a Payments Industry Analyst and creator of this blog, CardPaymentOptions.com. Phillip is passionate about researching merchant service providers and payment industry trends. He is often quoted as an expert source in national publications such as INC Magazine, The Los Angeles Times, Entrepreneur, and many others.

“I started this blog because I was disgusted by the business practices of the merchant services industry. I wanted to empower business owners by providing insight on how to avoid shady merchant account providers and costly credit card processing mistakes.” 

Phillip’s Processor Comparisons

Picking a credit card processor can be a headache, but we’ve made it easy. Phillip recommends comparing the best merchant services providers we’ve researched.

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