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Mynt POS Reviews

Mynt POS Reviews

Mynt POS is a business name (3) (4) used by POS-X (2) which is a registered company (1) that offers point-of-sale services (6) and hardware (5) enabling POS integration (7) for merchants and business owners of retail stores to accomplish sales tax through VAT (8) and legal recordkeeping requirements (9). Mynt POS offers merchants a monthly billing service (10), encompassing also payment processing for EMV (12), adapted as an industry standard (13) even before the deadline (11) and remaining non EMV transactions (13) through several eligible payment processors business partners (14) (15).

Mynt POS reviews indicate a score of 9.1 / 10. Reviewers emphasize the ability to set tax variants that apply to the same product, as this feature is key in liquor stores. Furthermore, Mynt POS reviews consider it important to have a monthly billing contract option and smooth integration with payment systems.

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 an integrated magnetic stripe reader (known as MSR,) a receipt printer, and a cash drawer.

Mynt is an all-in-one POS system that offers an integrated receipt printer, cash drawer, and card reader. The 14” touchscreen is high-definition to facilitate display and reading.

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.

The company offers 24/7 support (included in the monthly cost of the system) and offers initial remote installation and training with a Mynt expert.

The POS system includes features for multiple industries, including a variety of foodservice businesses (fine dining, quick service, cafes, bakeries, food trucks, ice cream shops, juice bars, and specialty food stores) as well as general and boutique retail.

Technical Architecture For Mynt POS

I would recommend a technical architecture for a retail business consisting in

  • Mynt POS with the standard hardware plus an additional Ethernet cable and an additional bar code reader as a critical spare part. If it breaks, you need to connect another one immediately.
  • For a merchant that also sells online, an e-commerce platform with a standard interface as Magento, WooCommerce, Shopify, or OpenCart.
  • A payment processor, such as Netcom Paysystem and WorldPay, where you can safely process EMV and non-EMV transactions.

Mynt POS Cost

While Mynt POS cost is approximately $107 for the monthly billing option, it also allows prospective customers to purchase the hardware for average pricing of $1003 along with a required standard fee of a US average of $73 for the customer support, software maintenance, and upgrades.

MYNT POS COST
Mynt POS Monthly billing$107 US average Mynt POS pricing on a month-to-month basis and a one-year contract binding including customer support and software upgrades.
One time purchase Mynt POS pricing$1003 US average for hardware + $ 73 for customer support, warranties, software maintenance, and upgrades.
Critical spare parts$100 approximately for a supplementary barcode reader and a set of Ethernet cables, so the retail processes are not disrupted..

To use Mynt, you’ll either purchase the equipment outright or choose a monthly payment option for the equipment.

These costs are separate from the costs to accept credit cards, which are also explained below and do not correspond to Mynt POS, but to your payment processors. Therefore, you would need to enter into a contract with a payment processor such as First Data, Global Payments, Heartland, TSYS, or Worldpay to facilitate payment processing for EMV and no EMV business transactions, which we explain below in more detail.

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. 

Business owners reserve the right to purchase Mynt’s hardware outright for $1003 or to make payments in monthly installments. 

Monthly installments cost $107 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 $73 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.

Credit Card Processing Costs In Mynt POS

Mynt POS does not set your pricing for credit card processing. The credit card processor who handles your transactions sets those costs. Netcom Paysystem and WorldPay are two available payment processors.

Hardware Costs

The Mynt POS station includes the terminal (with an integrated receipt printer), a cash drawer, card reader, and POS software. You can optionally add a remote printer (for example, for the kitchen), barcode scanner, employee swipe cards, or a locking cover for the cash till.

In my experience, it is mandatory to acquire two barcode scanners for Mynt POS with a USB interface. You will need at least one, and the second unit would be a critical spare part reserve in case it is needed.

Operating a POS system without one is a negative experience and the shipping may take several days until you receive a new unit. The price is about 87 dollars.

One year commitment is required in all cases with an early termination fee.

You can purchase the Mynt POS system outright for about 950 dollars, with an option to save 25% on each additional system terminal. If you choose to purchase the system outright, you will, however, still have a $69/month fee for software updates, customer support, and a lifetime warranty.

If you, instead, prefer the monthly payment option, it will cost an average of $112 per month, which includes the system, software updates, and the warranty.

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.

Unlike some competitors, Mynt sells most of its hardware directly to business owners. Often, POS providers operate through dealers or 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.

Mynt POS Features

  •  Mobile device management
  •  Tableside Ordering
  •  Tableside Payment Processing
  •  Patron Online Food Ordering
  •  Gift cards and customer loyalty tracking
  •  Marketing metrics
  •  Inventory management
  •  Sales reports
  •  Employee tracking & management
  •  Payroll metrics
  •  Quickbooks data export
  •  PayPal acceptance
  •  Integrated CRM (customer relationship management)
  •  Windows-based system

HARDWARE

  •  iPad-Based System
  •  Android-Based System
  •  Bar Code Scanners
  •  Card Readers
  •  Cash Drawers
  •  Receipt Printers
  •  Customer Displays
  •  Kitchen Printers & Monitors
  •  Checkout Scales
  •  Portable Receipt Printers

Mynt offers features in multiple ‘categories’ including payments, table layout and management, item creation and inventory management, printing and reporting, and management functions. We’ll go into detail on Mynt’s features below, 

Features are standard with the Mynt software. You’ll also have a choice of ten languages.

Payments

In the payments category, Mynt offers all of the modern options you’d expect or need at your business. You can split a bill to allow customers to use multiple payment types like cash and card, split a check between multiple customers, enable tips on credit card sales, automatically charge a gratuity for parties of a certain size, and apply discounts. You can also customize tax rates for standard percentage sales taxes, taxes per item, or by volume of the item purchased.

Tips are easily accepted on credit card payments, or you can opt for an automatic gratuity charge based on the number of guests at a table. An unlimited number of payment types can be created to cover all the bases (checks, vouchers or gift certificates, and so on).

Checks can easily be split among multiple customers. Charge accounts can be set up for regulars. Discounts can be set up as a percentage of a total sale or specific dollar amounts and configured on the fly. Checkouts can be done in a few as 4 taps of the screen, or in a matter of seconds using the custom Quick Tender button.

If you offer different pricing at different times of the day or days of the week (such as for happy hours or discount days) the easy price adjust features allow you to quickly go from regular pricing to special pricing.

Table Layout and Management

With Mynt’s table layout and management options, you can customize the layout in Mynt to match your actual table layout for effective hosting and seating. A table preview option lets you see what items each table has ordered, and easily move or merge tables. You can also open and close tabs, or move a tab to a table as needed.

Table layouts can be customized to match a restaurant’s physical seating areas. The table layout view shows available tables, occupied tables, and what has been ordered at occupied tables.

Specific seating areas can be set up with their own custom pricing if desired. Tabs can quickly be opened for each customer, and even shifted between tables when needed.

Item Creation and Inventory Management

It’s crucial to have an accurate, up-to-date menu and inventory. With Mynt, you can add or edit items from any of the POS stations and the changes will automatically flow to other connected stations. You can add images for easy recognition when staff enters orders and enable an item modifier option to customize items according to your customers’ preferences. Modified items let the kitchen staff see changes to the items so that orders are prepared correctly.  

Items can be created or modified from any Mynt POS station and the change automatically roll out to all stations of a given location. Include add-on items for any item in order to drive up-sales.

Use item modifiers to customize orders to suit customer requests and inform the kitchen staff how to prepare an order. Items can be color-coded or include custom images so staff can find items easily to speed up taking orders.

Tax rates can be customized for standard percentage sales tax, per item tax, or even based on the volume of the item. Grouped taxes functionality means multiple taxes can be grouped together, allowing it to handle complex taxes for items such as liquor or glass bottles with multiple taxes beyond standard sales tax.

Additionally, Mynt includes inventory tracking to keep tabs on stock levels and can generate purchase orders automatically based on numbers of items sold.

Printing and Reporting

Mynt has a built-in receipt printer, but can also work with remote printers and kitchen printers so that everyone who needs information has it. You can also add your name/logo to receipts, and optionally include a marketing message on the top or bottom of the receipt.

In addition to the standard receipt printer, the Mynt POS allows for using up to six more remote printers. You can specify what items will print where, and even have items print at multiple printers.

Add notes to order to make sure kitchen staff understand guest requests. You can specify which payment types get a printed receipt to save paper. Printed receipts can include your company logo as well as a customized message at the top or bottom of the receipt.

Reporting

With more than 20 built-in reports, you can quickly see how well your business is doing. Reports can be customized to show pre-set dates (like current day, week, or month) or set to any time period you’d like. You can also choose to run a report at the end of each day showing daily sales and items sold.

20+ standard Mynt POS reports can be run on any desired date range (daily, weekly, monthly, quarterly, yearly, or a custom date range). The end of day report includes daily sales and an optional list of items sold.

Receipts can be searched for reprinting purposes or for refunds. Any report can be exported as a PDF or an Excel spreadsheet. Built-in graphing helps you visualize key data. User accounts mean you can run individual employee performance reports.

Reports have graph capabilities to help see important info at a glance, and can be exported in PDF or Excel formats.

Backoffice And Authorizations

Employees designated as managers can access additional features not available to regular staff, such as options to void transactions. You can set the access level individually for each employee, ensuring they have access to the functions necessary for their job and not to additional functions that should be limited. You can also see reports for sales made by individual employees.

The Mynt POS back office functions are supported in ten different languages, as we have described before. A few taps allow for switching from standard pricing to special pricing (such as for happy hour). Managers can bring up any past transaction to void the sale and reverse charges, including completed sales.

Set user permissions to control how much any given employee can access the system. Inventory tracking can include automatic purchase order generation based on items sold.

Mynt POS For Liquor Stores

Ruby 2 and Mynt POS are the most suitable options for liquor stores because it is a simple process in the Configuration area to setup the different tax variants for sometimes the same products according to several factors.

For example, Liquorstore has a POS integration, so you can integrate Mynt POS with their e-commerce platform and process your payments with WorldPay.

Customer Service and Technical Support

Mynt POS has 24/7 technical support. However standard support is only available during office hours, while emergency support is 24 hours available. There is no toll-free number provided.

Mynt informs that all active accounts receive free 24/7 technical support (actually, it is not free but included in your monthly fee). However, when you visit the support page of the website, you’ll first see a variety of online resources for Getting Started, Support Articles, Software Configuration, and Common Questions.

If you click on “contact support,” you can get support via chat or telephone. It also says normal business hours support is M-F 6:00 am-4:00 pm PST and that “After hour support is available for emergency purposes.”

Credit Card Processors With Compatibility

Regarding credit card processing, Mynt POS will work with several payment processors with whom you can cover EMV and non EMV business transactions covering all standards ISO/IEC 7816 for contact cards, and standards that are based on ISO/IEC 14443.

Mynt POS initially worked mostly with one of the most well-known processors that is WorldPay (which we have reviewed here as well in the past) but permits other processors too, as usual in this industry. The company also has a partnership with Netcom Paysystem, a payment processor that we have recommended in the past too.

This means that you can utilize Mynt POS as your point of sales system with the payment processing from Netcom Paysystem and WorldPay.

Setup of Mynt POS

Mynt offers quick start guides and color-coding to help with the quick setup of your new system. The company has a visual guide, pictured below, and offers remote customer support.

Source MYNT POS: Here you can see the instructions and this is all you need for the setup. However, you have to use both hands to remove the back cover and not just one as in the instructions and video tutorials.

Mynt POS offers several video tutorials that walk you through how to use specific features of thid point of sale system.

Recommended Readings

We have compared Fattmerchant vs Square, thinking that they were very similar POS and payment processors, but we found many differences and we were surprised by these findings.

Complex industries that handle their own inventory and 3PL organizations have granular requirements about batch recalls, warehouse management and inventory reconciliation. They need handheld inventory scanners that connect in real time with their point of sales systems and ERPs. We review them here and test them connecting to a Zebra printer. Beautiful!

We have reviewed several POS providers. The most interesting according to their industry vertical are: OVVI POS, NCR Counterpoint, Alexandria POS Maid, Verifone Ruby 2 POS, Mynt POS, Indica Online, Reverse, Micros, 1st Pay, Simphony, and Appetize.

There is a type of POS that the majority of readers here do not seem to like. I refer to the POS Pin Pad type. I understand the readers that reject them, but we can recommend it for some type of businesses, as you will read.

Each industry vertical requires a different type of POS, so we cannot analyze them all together in one single group. Therefore, we have researched in different verticals to define which are the POS systems that we can recommend for each industry and why: Wholesale POS, POS for kiosks, fast foods, POS for restaurants and which of them work well in iPads because some work very bad in mobile systems in my opinion, gas stations, supermarkets, dispensaries, convenience stores, dry cleaning industries, furniture, liquor stores, and bike shops.

What about cash registers? We have reviewed some and we have found good and bad products: cash registers for gas stations, small businesses in general, and restaurants.

We reviewed some specific type of point of sale systems that determine the price according to the weight, called POS scales.

We have studied barcode and label printers, as label printing is a legal requirement in some industries

Restaurants, fast foods, delis and food trucks, require a separate kitchen printer integrated with the POS with a separate hardware unit. We have reviewed them here.

We do not usually review printers for POS, we simply dedicate ourselves to review a complete POS system with its hardware. However, we had so much criticism and discussions around printers for Square, that I have decided to investigate further here.

Sources And References

We stumbled upon several sources to explain the integration between Mynt POS and e-commerce platforms and to see if there were non EMV payment processors that worked with the Mynt point of sale system.

  1.  McDonald, Christina; Bélanger, Martine, eds. (19 October 2006), FCAC Launches Pre-paid Payment Card Guide (press release): Integratio with Mynt POS. Financial Consumer Agency of Canada, archived from the original on 12 June 2013, retrieved 17 March 2021
  2. “FAQs”. USA and UK Cards Association. Retrieved 19 September 2020.
  3. Federal Reserve Bank of Kansas City, The Economics of Payment Card Fee Structure: What Drives Payment Card Rewards?, March 2009
  4. “Credit Card protection, assistance, and savings”. MasterCard.
  5. “Card Benefits”. Visa. Archived from the original on 18 August 2020.
  6. “Retail, Entertainment and Travel Protection Benefit Guides”.
  7. “Exploring Credit Card Benefits”. Discoverer. Archived from the original on 13 February 2020.
  8.  “Return Protection | Personal | Visa USA”. Archived from the original on 26 August 2013. Retrieved 28 August 2020.
  9.  “What is Return Guarantee? | Discover”www.discover.com. Retrieved 17 January 2019.
  10.  “What is Extended Product Warranty? | Discover”www.discover.com. Retrieved 17 January 2019.

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