Payment Depot is a merchant services provider that enables companies that handle high-volume transactions to process credit card payments at wholesale rates. Its other features include rate protection, chargeback and risk monitoring, shopping cart integration, next-day funding, mobile payments, and a virtual terminal. Prices start at $49 + credit card interchange and other per-transaction fees.
Payment Depot Pros & Cons
Transparent on its pricing and rates
Does not have an online community forum and chat support
Integrates with many popular point-of-sale (POS) systems and ecommerce platforms
Although it can be cost-efficient for large companies, its pricing may be too high for startups, occasional, and low-volume businesses
Offers free equipment reprogramming
Difficult to deal with chargebacks
Who Payment Depot Is Best For
- Companies that handle high volumes of transactions: Multiple reviewers find that Payment Depot’s pricing structure works best for businesses with a constant flow of large-scale transactions.
Payment Depot Pricing
The Payment Depot pricing guide shows four plans: Basic, Most Popular, Best Value, and Premier (prices range from $49 to $199 per month + credit card interchange and transaction fees). The main differences between these include the monthly processing volume limits, access to data breach protection, and 24-hour support.
($0.15 per transaction)
+ credit card interchange
($0.10 per transaction)
+ credit card interchange
($0.07 per transaction)
+ credit card interchange
Last updated on 03/31/20
From time to time, Payment Depot offers discounted pricing. Those interested may check its website to see if there’s one on offer today.
This plan works well for new businesses with low processing volumes. There is no equipment included, but Payment Depot can reprogram existing equipment and provide a virtual gateway for free.
Data breach protection and premier 24-hour support are offered from this plan and all other plans. Users get a free mobile reader and standard terminal as well.
Professional service providers benefit the most from this plan. Other than the equipment offered in the Most Popular plan, Best Value subscribers also get a free pin pad.
Only this plan can provide users with a free terminal upgrade every two years, and its unlimited processing volume limit is best for scaling an enterprise-level business.
Payment Depot Features
Payment Depot’s solutions are designed to make payment processing a lot easier for merchants. Here are some of its most essential features.
This function ensures that merchants may collect their earnings as soon as 24 hours after every transaction. Users are able to keep track of the funding process in the Payment Depot dashboard.
Chargeback & Risk monitoring
Some transactions may cause problems with payment and charging, but Payment Depot users are updated in real-time to avoid any delay in resolving these transactional issues.
Merchants who accept transactions online may set up a free payment gateway with Payment Depot. This will enable customers to enter card transactions straight from the browser.
Depending on the plan, Payment Depot provides users with free equipment along with their specific subscription. This includes point-of-sale (POS) terminals, smart terminals, and standard terminals.
Users may also apply for business funding through Payment Depot. Business owners must have a personal FICO credit score of at least 500 and a minimum of $15,000 in gross monthly revenue for the last three months. Additionally, their business should have been in operation for at least six months prior to the application.
Which Merchant Services Provider Is Best for You?
Most Helpful Payment Depot Reviews
There aren’t many negative Payment Depot reviews available online. Most users, particularly those who accept large volumes of transactions, find the software to be very useful in improving the efficiency of payment processing.
Great price for large scale transactions
“Payment Depot is great for businesses processing large dollar transactions. We process transactions that average around $3,000 to $5,000, so we save a few thousand dollars a month. Payment Depot seems too good to be true, but they are legit.”
— Kyle Pardue, CPA
Conflicting reviews regarding its customer support team
While some users have had only pleasing encounters with Payment Depot’s customer support team, others had issues with lack of knowledge and slow response times.
Payment Depot Frequently Asked Questions (FAQs)
What if none of the fixed plans is the right fit for a business?
Those interested but are unsure about any of Payment Depot’s available plans may reach out to the company for a customized quote.
What industries does Payment Depot cater to?
Aside from retail, Payment Depot is used mostly in the following industries: restaurant, business-to-business (B2B), mobile, ecommerce, medical, legal, accounting, and professional service providers.
How long does it take for an application to be approved?
After 10 or so minutes of filling out the necessary forms, approval usually takes 24 hours. A Payment Depot representative will then reach out to discuss equipment options.
Our Top Merchant Services Provider Picks
If you aren’t sure if Payment Depot is right for you, this article on the 10 Best Merchant Services Providers for Small Business is a review of our top choices. Our team looked at a variety of solutions and narrowed down our recommendations based on price, features, and customer support.
Disclaimer: The following information was provided by Payment Depot and does not necessarily reflect the views of FitSmallBusiness.com.
What is Payment Depot?
Payment Depot is often called the Costco of credit card processing. Our unique membership model enables our members to pay the direct Interchange rates with no added percentages. Most members save an average of 40% on their processing after switching to Payment Depot.
Payment Depot News & Activity
Payment Depot surpassed $3 Billion dollars in annual processing volume in 2018 and continues to grow each day.
“Payment Depot was created because we believe that any business, no matter how large or small, deserves the lowest cost to accept credit cards, and we are dedicated to making that happen.”
– Danny Choi, Founder and President
Payment Depot Customer Service
Payment Depot has best in class customer service. Our team is dedicated to serving our members and making sure to answer the phone and respond in a timely fashion. Help is available 24/7 to assist
Payment Depot Unique Features
- Membership Model – Interchange + 0%
- No cancellation fee
- No long term contracts
- B2B Interchange Optimization feature