GuavaPay’s MyGuava service provides straightforward business payment solutions, from online payments to in-store sales. MyGuava aims to make managing payments easier and more efficient, all in one platform.
With the demand for digital payments on the rise, MyGuava could be a strong choice for businesses looking for clear pricing, flexible features, and easy setup. In this guide, I’ll walk you through its key features, costs, and pros and cons to help you decide if it’s the right fit for your business.
Let’s get started and find out if MyGuava meets your needs.
MyGuava at a Glance
GuavaPay’s MyGuava service offers versatile payment solutions that cover both in-store and online needs, making it suitable for a wide range of UK businesses.
With straightforward pricing, essential security measures, and user-friendly interfaces, MyGuava is positioned to meet the needs of businesses seeking efficient financial tools.
| Who Should Use? | Businesses of all sizes looking for streamlined payment solutions, particularly those in the UK; not ideal for businesses needing extensive international coverage beyond the UK and Europe. |
| Products & Features | Includes e-commerce payment gateways, POS terminals, business accounts, and corporate cards. Supports major payment networks like Visa, Mastercard, and UnionPay, plus integrations with popular platforms (e.g., WooCommerce, Xero). |
| Pricing | Transparent, with fees varying by service. E-commerce and POS transaction rates start at 0.6%, plus other fees. Monthly POS fee of £10 with a rolling 30-day contract. |
| Ease of Use | Designed for simplicity with a user-friendly app, real-time transaction tracking, and a multi-access feature for teams. |
| Account Access | Accessible via mobile app (iOS and Android) and desktop. Supports features like virtual cards, account management, and real-time notifications. |
| Safety/Security | PCI-DSS compliant, 3D secure for card protection, two-factor authentication, and no card data storage. Meets GDPR and other regulations. |
| Customer Support | Available via live chat 24/7, email, and phone. |
| Reviews | Trustpilot rating of 3.6/5; higher app ratings on App Store (4.7/5) and Google Play (4.4/5) for ease of use but some complaints about account blocks. |
| Eligibility Criteria | UK-based businesses only; requires documentation like Certificate of Incorporation and Proof of Address. Onboarding typically takes up to seven business days. |
| Additional Info | Batch and recurring payments, multi-currency accounts (20+ currencies), and corporate cards with expense limits. |
Pros & Cons
- Comprehensive payment options, including POS, e-commerce, and business accounts.
- Competitive pricing, with transparency around transaction and maintenance fees.
- High ease of use with a mobile app, integrations, and real-time tracking.
- Secure payments with PCI-DSS compliance and two-factor authentication.
- Limited to UK-based businesses, restricting international accessibility.
- Mixed reviews on Trustpilot due to reports of account restrictions and customer service issues.
- Potential delays in fund accessibility, especially in cases of additional verification.
Who Are GuavaPay?
GuavaPay, established in 2017 and based in London, is a financial technology provider dedicated to simplifying business payments. With a mission to create a global financial ecosystem, GuavaPay focuses on delivering accessible and affordable financial services for companies of all sizes, particularly in the UK.
Through its MyGuava service, GuavaPay offers versatile products like e-commerce payment gateways, POS terminals, business accounts, and corporate cards. Their solutions enable businesses to handle payments efficiently, both locally and internationally, with support for over 20 currencies and access to major payment networks like Visa and Mastercard. GuavaPay’s services are designed to be user-friendly, secure, and easy to integrate with popular platforms.
MyGuava Products and Features
Business Accounts: Multi-currency accounts in over 20 currencies, allowing fee-free internal transfers and access to over 90 currencies globally, all manageable through an intuitive web interface.
Local and International Payments: Supports Faster Payments, SEPA, SWIFT, BACS, and CHAPS for fast and efficient transfers, plus batch and recurring payment options to automate and streamline transactions.
Corporate Cards: MyGuava corporate cards allow businesses to set spending limits, manage employee expenses, and offer global ATM access without hidden fees, giving control over company expenditures.
E-Commerce Payment Gateway: Integrates easily with platforms like WooCommerce, WordPress, Adobe Commerce (Magento), and Xero, featuring Apple Pay and Google Pay for fast, convenient checkouts.
POS Terminals: Provides portable, in-store POS terminals with support for cash advances, refunds, and pre-authorisations, plus customisable receipts and multi-connectivity options (Wi-Fi, 4G, Bluetooth) for seamless in-store payments.
Merchant Portal: A centralised dashboard for tracking payments and generating real-time reports, accessible to teams through multi-user access for smooth operational oversight.
MyGuava Pricing
Business Account Fees
- Monthly Fee: No charge for standard business accounts.
- Virtual Card Issuance and Physical Card Shipment: Both are free.
- Faster Payments (UK) & SEPA Transfers (Europe): Free for these common transactions.
- SWIFT Transfers: £10 per outgoing transaction.
- Foreign Exchange (FX) Conversion: 0.5% of the transaction amount for currency conversions.
- ATM Withdrawals: 1% of the withdrawal amount for cash access via ATMs.
Additional Transaction Fees
- Top-Up via Another Bank’s Card: 1.5% of the transaction value.
- Top-Up via PayPoint: £1.70 per transaction for convenience store deposits.
- Chargeback Administration Fee: £25 in cases where chargebacks occur.
- Request by Link: 1.5% of the transaction amount for payment requests.
- Send to Card (from non-MyGuava cards): 1.5% per transaction for transferring funds to other cards.
- Digital Wallet-to-Card & Other Banks’ Card-to-Card: Both incur a 1.5% commission fee.
MyGuava’s Ease of Use
MyGuava is designed to simplify business financial management, offering a user-friendly experience:
- User-Friendly Interface: The platform features a clean and straightforward design, making navigation and task completion effortless.
- Mobile Accessibility: Available on both iOS and Android devices, the MyGuava app allows users to manage accounts, monitor transactions, and perform financial tasks on the go.
- Quick Account Setup: Businesses can open an account in minutes, streamlining the onboarding process.
- Real-Time Notifications: Receive instant updates on transactions and account activities, keeping users informed and in control.
- Multi-User Access: Grant access to team members with customisable permissions, facilitating collaborative financial management.
MyGuava Safety and Security
MyGuava prioritises the safety and security of its users. They implement robust measures to protect financial data and transactions
- PCI-DSS Compliance: Adheres to the Payment Card Industry Data Security Standard, ensuring secure handling of card information.
- 3D Secure Authentication: Employs an additional layer of verification for online card transactions, reducing the risk of fraud.
- Two-Factor Authentication (2FA): Requires a second form of verification during login, enhancing account security.
- Data Protection: Ensures that the MyGuava POS app and card readers do not store any card information, safeguarding consumer data.
These measures collectively provide a secure environment for businesses to manage their financial operations with confidence.
How to Get Started with MyGuava
1. Visit the Guavapay Website: Navigate to Guavapay’s official website to explore their offerings.
2. Select the Appropriate Service: Determine whether you need personal or business solutions, such as the MyGuava App for individuals or MyGuava Business for companies.
3. Create an Account: Click on the ‘Sign Up’ or ‘Register’ button and provide the required information, including your name, email address, and a secure password.
4. Provide Necessary Documentation: For verification purposes, submit documents like a valid ID, proof of address, and, for businesses, company registration details.
5. Complete the Onboarding Process: Guavapay’s onboarding typically takes up to seven business days. If additional information is required, the process may take longer.
6. Download the Relevant Application: Once approved, download the MyGuava App or access the MyGuava Business platform to manage your account.
7. Set Up Payment Methods: Link your bank account or set up other payment methods to facilitate transactions.
8. Order Payment Cards: To enable payments and withdrawals, you can order physical or virtual cards through the platform.
9. Familiarise Yourself with the Platform: Explore features like currency exchange, money transfers, and account management tools to maximise Guavapay’s services.
Alternatives to MyGuava
| Feature | SumUp | Square | Zettle by PayPal | Shopify POS |
|---|---|---|---|---|
| Hardware | SumUp Air Reader (£39 + VAT); Solo (£79 + VAT); Solo & Printer (£139 + VAT) | Square Reader (£19 + VAT); Square Terminal (£149 + VAT) | Zettle Reader (£29) | Shopify Card Reader (£49 + VAT); integrates with various hardware options |
| Payment Processing Rates | 1.69% per in-person transaction; 2.5% for online payments | 1.75% per in-person transaction; 2.5% for online payments | 1.75% in-person, 2.5% online | 1.5%–2.2% per transaction, depending on the plan |
| POS Features | Inventory management, invoicing, Tap to Pay on mobile devices | Inventory tracking, invoicing, payroll integration, free POS app | Mobile POS, inventory management, sales analytics | Multi-channel sales, inventory synchronisation, customer profiles, loyalty programs |
| Pricing | No monthly fees for basic services; POS Pro at £49/month + VAT | No monthly fees for basic services; optional add-ons available | Card reader £29; POS app free with transaction fees | POS Lite at £9/month; POS Pro at £89/month |
| Best For | Small to medium-sized businesses across various sectors | Small businesses needing flexible, scalable solutions | Mobile-focused small retailers | E-commerce and retail businesses seeking integrated online and offline sales |
| Link | Visit Site | Visit Site | Visit Site | Visit Site |
FAQs
Yes, transaction limits apply, varying based on the service or account type. These limits are designed to accommodate typical business needs and can be adjusted upon request for specific requirements.
No, MyGuava’s POS terminals require connectivity through Wi-Fi, 4G, or Bluetooth to function effectively, ensuring real-time updates and accurate reporting.
Yes, MyGuava’s corporate cards include customisable spending limits, allowing businesses to set specific budgets for employee expenses and track spending activity.
Yes, MyGuava allows multi-user access with customizable permissions, making it easy for teams to collaborate on financial management within a single account.
