Opening a myPOS account is free, there's no subscription, no contract, and no cost just for holding an account. You pay one flat rate per card payment you accept.
Will I be charged just for my account sitting idle or out of compliance?
Only in three specific cases, and all three are avoidable - using your account normally, keeping any requested paperwork up to date, and accepting at least one payment every 10 months keeps you clear of all of them. We’ll always give you two months’ notice before introducing any of these fees. Only one fee can apply at a time, and it will never take your balance below zero.
- No-cooperation Fee (75.00 EUR) - applies only if your account gets blocked because you haven't sent documents myPOS has asked for. Responding to the request during the two-month notice period avoids it.
- Inactivity Fee (15.00 EUR) - applies only if you go 10 months without a single valid transaction. To avoid it make a valid transaction using your myPOS services.
- No-acquiring Fee (30.00 EUR) - applies only if you go 10 months without accepting a single card payment. Accepting even one payment during the two-month notice period avoids it.
Does myPOS charge extra to cancel or reverse a payment?
Only if you ask myPOS to cancel, reverse, or correct a payment after it's been sent. Sending a payment or transfer correctly the first time never costs extra, and a standard refund from your balance is always free.
- Wrong IBAN or BIC (10.00 EUR) - charged only if you send money to the wrong account number. Double-checking the details before you hit send avoids it.
- Cancelling a transfer that hasn't gone through yet (25.00 EUR) - charged only if you ask myPOS to stop or return a transfer that's still pending, including when it bounces back because the details were wrong. Getting the beneficiary's details right the first time avoids this.
- Cancelling a transfer that's already gone through (75.00 EUR, plus any fee the receiving bank charges) - same idea, but for a transfer that's already landed. Checking details beforehand avoids it.
- Cancelling or returning a card or online payment (10.00 EUR) - charged only if you ask myPOS to cancel or return a payment that's already completed. A normal refund from your balance is free, so use that instead where you can.
- Disputing a charge on your myPOS card (15.00 EUR) - charged only if you formally dispute something charged to your own myPOS business card. Sorting it out directly with the merchant first avoids the fee.
What do I actually pay on a normal transaction?
Just one flat rate from 1.59% + €0.05 per transaction - with no monthly fee and no contract.
Will myPOS change my fees without warning?
No - you'll always get at least two months' notice before any new fee or increase takes effect.