MONEI

What is MONEI

MONEI is an omnichannel payment platform that helps businesses to accept many types of payments both online and in physical stores. The main purpose of the tool is to unify all payment operations into a single system, making it easier for merchants to manage sales and increase their conversion rates. It provides a single API to integrate various payment methods, including credit cards, digital wallets, and local options like Bizum. MONEI is a Spanish fintech company, headquartered in Málaga. It operates as a Payments Institution regulated by the Bank of Spain, which ensures a high level of security and compliance. The company focuses on providing robust and scalable payment solutions, especially for businesses in Southern Europe.

MONEI Features

• Omnichannel Payments: MONEI allows you to manage both online and in-person payments from one dashboard. This creates a unified experience for customers and simplifies reporting for the business.
• Wide Range of Payment Methods: You can accept payments from major credit and debit cards, Google Pay, Apple Pay, and popular local methods like Bizum. Offering more payment options helps to reach more customers.
• Customizable Checkout: You can add your own branding and logo to the checkout page. This helps to build trust with customers and provides a consistent brand experience.
• MONEI Pay: This feature turns your mobile phone into a point-of-sale (POS) terminal. You can accept card and mobile payments in your physical store or on the go without needing extra hardware.
• Fast Settlements: MONEI offers 24-hour payment settlements. This means you receive your money in your bank account the next day, which improves cash flow.
• Subscription Management: The platform supports recurring billing. You can set up and manage subscriptions to automate payments from your customers, saving time on manual invoicing.
• Payment Routing: The system can automatically route transactions through different acquirers to increase the chance of a successful payment. This can help recover sales that might otherwise fail.
• High Security: MONEI is PCI DSS Level 1 compliant and supports 3D Secure 2.0. This ensures that all transactions are processed securely, protecting both you and your customers.
• Real-time Analytics: The dashboard provides detailed reports on your sales. You can track your performance daily, weekly, or over custom periods to understand your business growth.

MONEI Pricing Plans

MONEI's pricing is based on a pay-as-you-go model. There are no fixed monthly fees for the standard plan. Instead, you pay a small fee for each successful transaction. The transaction fees are designed to decrease as your sales volume increases, making it a scalable solution for growing businesses. For larger enterprises with high transaction volumes or specific needs, MONEI offers custom pricing plans. These plans can include dedicated support and tailored features. To get a custom plan, you need to contact their sales team.

MONEI Free Plan

MONEI does not offer a traditional free plan, as it is a payment processor that charges per transaction. However, there are no setup fees or monthly subscription costs for a standard account. You can create an account for free and will only be charged when you start processing payments. This model allows businesses of all sizes to start using the platform without any initial investment.

How to use MONEI

Getting started with MONEI is a straightforward process. Here are the typical steps:

1. Create an Account: Go to the MONEI website and sign up for a new account by providing your business details.
2. Complete Verification: You will need to complete a Know Your Customer (KYC) process by submitting required documents to verify your business identity. This is a standard procedure for financial services.
3. Integrate with Your Store: If you use an e-commerce platform like Shopify, WooCommerce, or PrestaShop, you can install the MONEI plugin. For custom-built websites, your developers can use the MONEI API and SDKs.
4. Configure Payment Methods: In your MONEI dashboard, you can choose which payment methods you want to offer to your customers.
5. Customize Your Checkout: Add your logo and brand colors to the checkout page to match your website's design.
6. Start Accepting Payments: Once the integration is complete, you can start processing payments. You can monitor all transactions and view sales reports in your MONEI dashboard.
7. For In-Person Payments: Download the MONEI Pay app on your smartphone to start accepting payments in your physical store.

Pros and Cons of MONEI

Pros:

• Fast Payouts: 1-day settlement helps businesses manage their cash flow effectively.
• Multiple Payment Methods: Strong support for local payment methods like Bizum, which is very popular in Spain.
• Omnichannel Solution: A single platform for both online and physical store payments.
• No Monthly Fees: The pay-as-you-go pricing is accessible for small businesses.
• Developer-Friendly: Provides a robust API and good documentation for custom integrations.
• Mobile POS: The MONEI Pay app allows for accepting payments without expensive hardware.

Cons:

• Geographic Focus: The service is primarily focused on the European market, which may be a limitation for businesses with a global customer base.
• Support Hours: Customer support may be most responsive during European business hours.
• Custom Pricing for Large Volume: You must contact sales to negotiate rates for high-volume accounts, which is less transparent than public tiered pricing.

MONEI integrations

MONEI offers integrations with popular e-commerce platforms to make setup easy for merchants. These integrations are typically available as plugins that can be installed in a few clicks.

• Shopify integration: Connect MONEI to your Shopify store to accept a wide range of payments.
• WooCommerce integration: A dedicated plugin for WordPress websites using WooCommerce.
• PrestaShop integration: Easily integrate the MONEI payment gateway into your PrestaShop store.
• Magento integration: A module is available for merchants using the Magento e-commerce platform.
• commercetools integration: MONEI also supports integration with the commercetools platform.

For custom websites and applications, MONEI provides a comprehensive API and developer tools.

MONEI Alternatives

• Stripe: A global payment processing giant known for its powerful and flexible API. It is a strong alternative for businesses that need extensive developer tools and global payment acceptance.
• Adyen: A unified commerce platform that is very popular with large, enterprise-level businesses. It offers a single system for online, mobile, and in-store payments worldwide.
• Redsys: A leading payment gateway in Spain, often provided directly by Spanish banks. It is a common choice for businesses focused solely on the Spanish market.
• PayPal: A globally recognized payment platform that is trusted by millions of users. While it can be more expensive, its brand recognition can increase customer trust and conversion rates.

MONEI API

MYes, MONEI provides a comprehensive and well-documented API for developers. This allows businesses to create fully custom payment integrations on their websites and applications. The API lets you manage payments, subscriptions, customers, and more.

To get your API key, you need to sign up for a MONEI account. Once your account is approved, you can find your API keys in the developer section of your MONEI dashboard. They provide both test keys for development and live keys for production.

Here is a simple example of what a server-side API call to create a payment might look like in cURL:

curl https://api.monei.com/v1/payments \n  -X POST \n  -H "Authorization: Bearer sk_test_YOUR_API_KEY" \n  -d amount=1000 \n  -d currency="EUR" \n  -d orderId="your-unique-order-id" \n  -d callbackUrl="https://yourstore.com/payments/callback"

For more details, you should visit the official MONEI developer documentation page.

MONEI Affiliate program

MONEI offers a Partner Program for agencies, developers, and platforms that want to integrate or recommend MONEI to their clients. By becoming a MONEI partner, you can get benefits for bringing new merchants to the platform. The specific details about commission rates and payment terms are typically provided once you are accepted into the program. To join, you should visit the 'Partners' section on the MONEI website and fill out the application form. If you cannot find a public page, it is best to contact their sales or support team directly to ask about partnership opportunities.