Mint Payments mPOS Review: Cheap mobile payments solution but missing many features

Mint mPOS is a great mobile eftpos solution for merchants who are looking for low transaction fees. But without fast onboarding and digital wallet access to funds, it trails the Square Reader and PayPal Here on some features.

Mint mPOS
Eftpos
Visa
Mastercard
American Express
Apple Pay
Google Pay
Samsung Pay

Our take on Mint mPOS

Mint mPOS is a great mobile eftpos solution for merchants who are looking for low transaction fees. But without fast onboarding and digital wallet access to funds, it trails the Square Reader and PayPal Here on some features.

Pros

  • Cheapest quoted transaction fees in the market for true mPOS at 30c for eftpos and 1.69% for Visa/Mastercard
  • No monthly fee if transacting over $2,000 per month
  • Earn Velocity points for transacting through your Mint mPOS
  • Integrates with 8 point of sales systems, some of which are quite common

Cons

  • Transaction fees much higher than traditional countertop eftpos machines
  • No multicurrency support or least cost routing
  • Funds take 1-3 days to settle in bank account, no digital wallet to access funds

What is Mint mPOS?

The Mint mPOS is a card reader, similar to PayPal Here, that pairs with a smartphone or tablet. The merchant simply needs to download the Mint app, wait to be accepted, then can start taking payments on the go.

However, it’s worth noting that the onboarding experience doesn’t stack up to competitors like Square. With Square, merchants can purchase their card reader and start taking payments right away. But with Mint, merchants will need to apply and wait to be approved, which can take 5-7 days.

Mint Payments uses the same device as PayPal Here, known as the Miura M10. It is a perfect size to be used alongside a smart device, sizing up at 10.3×7.1×1.8cm and weighing only 118g. And it connects to a wide variety of Apple and Android devices via Bluetooth, although, it is not compatible with Android tablets.

Unfortunately, the small form factors means that trade-offs had to be made. The device does not come with a built-in receipt printer, so customers will have to accept digital receipts via email.

Unlike competitors, such as Stripe and PayPal Here, the Mint mPOS is not purchased outright.

Price and Payment Types

Merchants can accept eftpos, Visa, Mastercard, and American Express cards with their Mint card reader.

Mint charges 30c per eftpos transaction, and 1.69% for Visa and Mastercard transactions. Merchants will have to sign up with American Express directly, so transaction fees for AMEX will vary.

Although major banks can offer cheaper transaction fees for their bulky eftpos machines, Mint is slightly cheaper than similar mPOS solutions, such as the Square Reader and PayPal Here.

Moreover, as long as the merchant transacts over $2,000 per month through their Mint card reader, there will be no monthly fee. Otherwise, a $10 fee will apply.

Features

POS Integration

Although there is not much information online, it looks like the Mint terminal integrates with a small number of point of sales software.

This allows the merchant to instantiate a transaction on the point of sale and electronically send it to the Mint mPOS. This type of integration makes transactions faster, reduces mPOS keying/typing errors, and simplifies reconciliation at the end of the day.

According to the Mint mPOS partner page, they integrate with POSs such as:

  • Kounta
  • Abacus
  • ImPOS
  • Ordermate
  • Abacus
  • PosBoss
  • Tab Square
  • Hike

This is nothing close to PC-EFTPOS’s 500+ integrations or Tyro’s 300+ integrations, but a few of the point of sale solutions above are quite popular, so quite a few merchants will be able to use Mint mPOS in integrated mode.

However, the integration is limited to basic transactions, such as purchases, refunds, and tipping. It does not look like Mint integrates industry-specific functionality, such as pay@table or bar tab mode.

Velocity Points

Mint is one of the few eftpos providers that includes frequent flyer incentives into their offers.

Every merchant will earn 1 Velocity Frequent Flyer point for ever $20 transacted through the Mint mPOS device. All they need to do is sign up to Mint and link their Velocity account. Plus, merchants can receive bonus Velocity points for any eligible customer they refer to Mint.

To put it in perspective, Mint’s Velocity points offer is better than Live Eftpos’s standard plan, which offers 1 Qantas Frequent Flyer point per $25 transacted through their eftpos machine.

And although it doesn’t come close to Live Eftpos’s Black plan, which offers 1 Qantas Frequent Flyer point for every dollar transacted, Live Eftpos Black fees are most likely too high for this to be beneficial for most merchants.

Transaction Dashboard

Mint includes a Merchant Portal, which is accessible both online and through the app and allows customers to see a dashboard of their transactions in real time.

It also allows merchants to manage their business more effectively. The Merchant Portal allows merchants to:

  • Add reference numbers to transactions for better tracking and reconciliation
  • Send electronic receipts to customers via email or text message
  • Click on a transaction and electronically send refunds
Mint mPOS Merchant Portal

Mint includes a real-time transaction dashboard with their mPOS solution. Source: Mint

Bank Account & Settlement

Mint Payments is not a bank, so merchants will need a settlement account with another institution.

This also means that Mint cannot offer same-day settlement, as bank-to-bank transfers of eftpos funds generally take 1-3 business days to settle.

Mint’s competitors, such as Square and PayPal Here, work around this settlement issue by making funds immediately available in an online digital wallet. This allows merchants to use the funds for online purchases right away, instead of waiting days for funds to land in a ‘real’ bank account. Unfortunately, Mint does not offer this feature.

Multi-Currency

Mint Payments does not offer multi-currency support, which is also known as direct currency conversion.

To be clear, Mint does accept international cards. So merchants will have no issue taking payments from foreign visitors.

However, there is no way to present the purchase price in the customer’s home currency. This sometimes results in chargebacks, as customers see a surprisingly large transaction on their statement and dispute the transaction.

Least-Cost Routing

Least cost routing automatically processes transactions through the cheapest card network. For example, debit card transactions are automatically processed through the eftpos network, instead of the generally more expensive Visa or Mastercard debit networks.

Unlike other providers, Mint does not offer least cost routing. This is unfortunate, as Tyro reports that merchants can save up to 9.6% using least cost routing.