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Payment Depot Review and Pricing
Table of Contents
- Payment Depot offers transparent prices and no cancellation fees.
- The vendor's pricing structure can help businesses save money if they process a high volume of monthly transactions.
- Low-volume businesses may end up paying more with Payment Depot than with other credit card processors.
- Payment Depot’s software lacks the bells and whistles of some competitors.
Payment Depot stands out as one of the best credit card processors because it’s well-suited for large payment volumes, thanks to its transparent interchange plus pricing. Payment Depot provides businesses flexibility with no lengthy contracts or early-termination fees while offering competitive variable rates.
Payment Depot Editor's Rating:
8.5 / 10
- Pricing and fees
- 9.4/10
- Customer service
- 9.0/10
- Third-party integrations
- 8.0/10
- Payment options
- 8.5/10
- Added POS tools
- 7.5/10
Why We Chose Payment Depot as the Best Credit Card Processor for High Transaction Volumes
Payment Depot is a great fit for businesses that accept a high volume of credit card transactions because of its transparent pricing. Depending on your business, you’ll pay a variable rate over the interchange fee. This can generate substantial savings for high-volume businesses. We also like that Payment Depot caters to a wide range of industries to let businesses of all sizes accept credit card payments.
Payment Depot offers unique solutions for many enterprises, from retail stores to service-based companies. Source: Payment Depot
Ease of Use
We were impressed with Payment Depot’s ease of use. Businesses will get up and running quickly with Payment Depot thanks to:
- A straightforward user interface with a logical layout that’s easy to navigate/
- An intuitive reporting module that offers an overview of your sales and granular insights into specific data.
The Payment Depot analytics dashboard is clean and easy to navigate. Source: Payment Depot
Payment Depot Features
Here’s an overview of Payment Depot’s best features.
Virtual Terminal
Payment Depot partners with SwipeSimple to provide a virtual terminal. We like that it allows businesses to:
- Enter payment information to accept credit card payments over the phone.
- Send invoices to customers.
- Schedule recurring subscription payments.
- Track inventory.
- Issue receipts.
Payment Depot partners with SwipeSimple to provide a virtual terminal and invoicing system. Source: Payment Depot
POS Tools
While some competitors have built-in point-of-sale (POS) functionality in their credit card processing software, Payment Depot offers a choice of two third-party POS systems: Clover and Vital Select. Each has its own hardware and software. Both POS systems let you:
- Process payments.
- View sales.
- Generate POS reports.
- Track inventory.
- Manage employee permissions, time and attendance.
Clover’s software has specific modules for retailers and restaurants, with specialized features such as generating tickets for the kitchen and setting multiple product characteristics, like sizes and colors.
Mobile App
We appreciate that Payment Depot partners with SwipeSimple for mobile payments, as not every credit card processor offers a mobile app. The SwipeSimple app allows you to:
- Accept payments on a mobile phone with a mobile card reader.
- Manage a product catalog.
- Save payment information securely.
- Add tips.
- Process refunds.
Hardware
We were impressed with Payment Depot’s wide selection of third-party credit card processing equipment, including hardware from Clover, Dejavoo and SwipeSimple. You must talk to a Payment Depot representative to get equipment pricing.
SwipeSimple is one of the payment hardware brands offered by Payment Depot. Source: Payment Depot
Payment Depot Pricing
Payment Depot uses an interchange plus pricing model. You’re charged a variable rate starting at 0.2% to 1.95% on top of the interchange fee, depending on your business and the transaction. You’ll have to call Payment Depot for a custom rate quote to find out what your business would be charged, but for high-volume businesses, this is the ideal pricing model.
Additional Fees
We like that Payment Depot doesn’t charge a separate setup fee or many of the additional account fees that are common in the industry, including monthly fees. There’s also no separate payment gateway fee for online businesses. However, there is a $15 chargeback fee and a $19.99 monthly fee for PCI noncompliance.
Payment Depot offers transparent pricing to save high-volume businesses money. Source: Payment Depot
Minimum Sales
There is no monthly sales minimum. However, interchange plus pricing isn’t ideal for businesses with a low credit card processing volume. If you process less than $2,500 monthly, consider accepting credit cards with PayPal instead. You should also check out our Square review for another viable budget-friendly option.
Additional Terms
We like that Payment Depot provides its credit card processing services on a month-to-month basis with no cancellation fee if you choose to close your account and go with a different processor. This is another way you can save money with Payment Depot versus rival vendors.
Implementation and Onboarding
Contact Payment Depot to get a custom quote based on your business type and processing volume. Then, once you sign up, the terminals arrive programmed and ready to use. We like that as soon as your equipment is delivered, you can plug it in and start accepting payments.
Customer Support
Payment Depot provides all customers with a dedicated account representative who serves as your primary point of contact. There is also 24/7 phone support. Not all credit card processors offer this level of service. Payment Depot earns above-average customer satisfaction ratings on user-generated review sites, but some customers complained about unexpected fee increases.
Limitations
Payment Depot can save you money if your processing volume is high enough. However, it might not be the right choice for your business if:
- You have low or irregular monthly volume.
- You operate in a high-risk industry.
It’s worth taking time to determine whether Payment Depot is the most cost-effective processor for your business and checking their list of prohibited businesses before applying.
Methodology
We researched and analyzed leading credit card processors to find the best credit card processors for small businesses. Our in-depth analyses included viewing demos, accessing free trials, carefully examining user reviews and interacting with each vendor’s customer service team. We assessed the usability of each company’s hardware and software offerings and determined how fair the contract terms were to the merchant. Furthermore, we scrutinized the rates and fees charged by each processor. To identify the best credit card processor for high transaction volumes, we paid particular attention to the pricing model and whether it saved businesses money.
FAQs
Bottom Line
We recommend Payment Depot for …
- High-volume businesses that want to save on credit card processing.
- Businesses that want to avoid annual contracts and cancellation fees.
We don’t recommend Payment Depot for …
- Business owners who want an integrated POS and credit card processing solution.
- Low-volume businesses that may not benefit from Payment Depot’s pricing model.
