Getting started with myPOS only takes a few minutes and the process is completed online.
Opening a myPOS Account
The Sign-up button is visible on every page of the myPOS website. Click on the button and follow the instructions. The following information will be requested:
- Legal Form - as per local corporate law
- Login Details - the details that the merchant will utilize to sign into the myPOS account
- Company Details - general information about the industry, activity and address of the business as well as registered company number and tax ID.
- Director Details - if applicable
- Details of the Person opening the account- if different than Director Details
- Ownership Structure - if applicable. myPOS needs to be made aware of all stakeholders who own or have control over more than 25% of the company.
- Additional details - general information about the business location and seasonality, the source of income (required by law), expected annual turnover and average transaction amount.
When the checkbox at the bottom of the sign-up page is selected, a 4-digit code is generated and sent to the provided mobile number via text message. The code should be entered in the designated box. Generally, the code should be received within a minute of selecting the box. If a code is not received within this time, click on the ‘Receive a call’ button.
The Special Code (optional) box should only be filled in if the signup is being completed together with a myPOS official distributor or if a myPOS device was purchased from a myPOS official distributor.
Once the account is created, an email is generated and sent to the provided email address. The email contains information on Identity Verification.
The Identity Verification is a 5-minute video chat with one of the myPOS team members, it is required in order for myPOS to confirm the merchant’s identity. In accordance with the EU Fourth Money Laundering Directive, all institutions providing financial services are obliged to confirm the identity of a third party before entering into a business relationship. myPOS is legally required to verify every client’s identity.
To streamline the verification process and make it quick and easy for its clients, myPOS has simplified it to a 4-step process. Everything a merchant needs to complete the identity verification is a valid passport or an ID document with a picture. Do note that the myPOS representative will need to be presented with the actual passport or an ID document, not a copy of it.
- An email is sent to the email address provided when creating the account, open the email and click on the provided link to confirm the registration in myPOS
- Download the myPOS mobile app and start the video chat
- The myPOS operator will provide assistance through the video identity verification
- myPOS team will then review the identity document provided and confirm the completion of the identity verification within 8 business hours
Following the Identity Verification process, the merchant will be required to provide legal documents to verify the company’s identity. The documents required are dependent on the company’s legal form.