myPOS terminal - mobile credit card reader

FAQ

Administration fees

  • 1. What are the Administration fees?

    Administration fees are applied in limited circumstances of inactivity on behalf of the customer.

    The Administration fees (No-cooperation fee, Inactivity and No-acquiring fee) are fees that may be collected from myPOS merchants who are not using the myPOS Service in compliance with its rules and purpose and are covered by one of the following situations:

    • No-cooperation fee: The account of the merchant is blocked because the merchant’s activities are considered to be in breach with our Acceptance Policy or our Legal Agreements or other applicable regulation or the merchant has not provided information or documents as requested by us;
    • Inactivity Fee: The merchant hasn’t used any of the payment functionalities of the myPOS Service for a period of 12 consecutive months whereby the account has been inactive and there hasn’t been a single valid transaction processed via the account. E.g. the merchant has not executed any payment with myPOS Card, the merchant has not executed any money transfer, the merchant has not received any inbound transfer.
    • No-acquiring Fee: The merchant hasn’t accepted valid card payments for at least 50.00 EUR/ 50 GBP/ 50 BGN / 50 CHF (based on the underlying currency of the merchant’s main myPOS account) for a period of 12 consecutive months.

    2. Will I be affected by these fees?

    If you do not fall into any of the above described categories, you will not be affected by these Administration fees.


    3. How can I avoid paying these fees?

    It’s easy:

    • Stay in good standing: Send us the information or documents, which we have requested from you. We need to comply with strict laws and regulations for due diligence when providing myPOS Service;
    • Avoid inactivity for long periods: Use the myPOS Services - use your myPOS card, use your myPOS terminal, use your account and make at least 1 valid transaction.
    • Avoid no-acquiring - accept valid cards payments on your POS terminal or with your myPOS Online (Internet transaction)

    4. If I have to pay one of these fees, will you notify me in advance?

    Yes. You will be notified in advance minimum 2 months before such Administration fees are applied. So, you will have enough time to take measures to avoid these fees.


    5. How to stop these Administration fees?

    No worries, you can easily stop being charged with such fees.

    If you notice that you are being charged such fees, check your account status and check if you have missed to send us documents or information which have been requested by us.

    Check your history for your last valid transaction. If it is Inactivity fee - make a valid transaction, if it is No-acquiring fee - use your POS or Internet to accept card payments via myPOS Service.

    If you still could not determine why your account is charged with Administration fee and you need help, please Contact us directly.


    6. Why are such Administration fees needed?

    The Administration fees aim to stimulate our customers to actively use the services provided in our platform. Having a large number of inactive clients increases our operational costs for maintaining the platform, hampers the roll out of new and useful payment solutions and products which we can offer to all our clients. We are introducing these Administration fees in order to accommodate the expenses related to data and risk management, systems support and to be able to continue providing for free the innovative and rich functionalities for the active users of the platform.

    In comparison to banks we do not use your and other clients’ funds for business purposes such as granting credits. We safeguard your money with reputable banks as required by the law which creates costs for us. We benefit only when you actively use myPOS Service to make transactions.


    7. What happens if I fall into more than one of the described categories - will I be charged multiple times?

    No. Only one of these Administration fees will be applied if you happen to fall into more than one of the special circumstances. The fees are set with the following priority:

    1. No-cooperation fee
    2. Inactivity fee
    3. No-Acquiring fee

    8. Can my account be brought to negative balance or overdraft because of such fees?

    No, the Administration fees are applied only and as long as you have balance in any of your myPOS accounts.

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