Payment Depot is a payment gateway that offers subscription based pricing and 0% markup. To find out if Payment Depot could benefit you, continue reading the review below.
Payment Depot advertises themselves being available to all kinds of businesses, small to big. They have both POS systems and mobile apps so you can process both in-store and eCommerce transactions.
|PROMOTIONAL LINK||LOAN DETAILS||REVIEW|
|Chase Merchant Services|
Best direct processor for all sizes.
2.6% discount rate and $0.10 per tap, dip or swiped transaction, and 3.5% discount rate and $0.10 per keyed transaction
2.90% and 25 cents per transaction
|Intuit Quickbooks Payments|
Best for QuickBooks users.
2.40% & 25 cents per transaction
2.90% + 25 cents per transaction
Best low-fee mobile card processor.
2.75% per transaction
2.9% + 30 cents per transaction
Table of Contents
Payment Depot Features
Payment Depot has a wide variety of solutions to help jump start your business. Each of their features can suit any type of business.
Payment Depot has partnered with First Data and TSYS to process your payments.
Payment Depot can help you set up and manage your account, but you will have to directly contact the third party processor for other problems.
For eCommerce merchants, Payment Depot can integrate a payment gateway into your website.
The most popular one being Authorize.net, but there are other third party gateways to consider.
Gateway fees are included in monthly subscription pricing.
All of Payment Depot’s pricing plans include a complimentary virtual terminal.
The terminal is compatible with swiped transactions or USB connected card readers.
Payment Depot offers First Data’s Clover POS systems that will compliment your countertop.
You can select from a variety of them including smart terminals as well.
For more information, check out their website.
Payment Depot features the standard Verifone Vx520 terminal that supports EMV and NFC payments.
You can purchase this at $299 each unit but it comes with a fully warranty if your account is open and in good standing.
Payment Depot can also reprogram your terminal for free as long as it’s compatible with their system.
Payment Depot has partnered with Swipe Simple and offers a mobile app that is available for both iOS and Android devices.
Their card reader is $69, but they also offer a bluetooth and NFC capable reader.
You can be eligible for next-day funding as long as you pocess payments before 5 p.m. CST.
If you have a daily batch schedule set up, you can also receive deposits daily.
There are four subscription plans available for various merchants. They offer free terminals, gateways and mobile readers.
These plans offer transparent rates and fees on a month-to-month basis.
|Membership||Basic||Most Popular||Best Value||Premier|
|Per Transaction Fee||Interchange + 0% + $0.15||Interchange + 0% + $0.10||Interchange + 0% + $0.07||Interchange + 0% + $0.05|
|Free PIN Pad||–||–||–||X|
|Free Terminal Upgrade Every 2 Years||–||–||–||X|
|Chargeback & Risk Monitoring||X||X||X||X|
|Next Day Funding||X||X||X||X|
|Data Breach Protection||–||X||X||X|
|Premier 24h Support||–||X||X||X|
It is recommended that you pay your subscription fees once a year instead of monthly. Payment Depot also has a 90-risk free trial if you want to test out their services before seriously considering.
You might have to call Payment Depot about annual payments however.
Of course, you can also call them to discuss customized plans if your business needs anything specific.
Payment Depot’s standardized pricing plans has fees that you won’t have to pay for such as PCI compliance, statement, IRS reporting, application, setup or ETFs.
Customer Support & Satisfaction
Payment Depot has 24/7 customer support. You can reach them during their business hours that are from 7:00 a.m. and 5:00 p.m., PST.
Alternatively, you can always email them for any further concerns on questions.
Payment Depot doesn’t require an advance notice if you want to cancel your account, so it’s not too much of a hassle as some other processors.
If you aren’t satisfied with Payment Depot’s annual subscription, you will have to let them know however.
Contract & Closing
Payment Depot operates on a month-to-month basis for billing so there are no long term contracts nor ETFs.
Be sure to read all the terms and conditions stated in your contract before finalizing any termination.
Overall, Payment Depot aims to be a card processor that all merchants can benefit from.
While some payment gateways or card processors don’t offer POS systems, Payment Depot does and have several devices that can help run your business smoothly.
If you tend to have larger transaction volumes, then consider Chase Merchant Services instead, a direct processor that provides more security.
For someone who’s new to the business world and don’t have that high of a transaction volume, then processors like Square can assist you in the journey.
If you are interested in finding out more information about card processors, then check out our Best Credit Card Processing Services to learn about all kinds of different card processors!
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