Mynt Review

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.