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Payment Depot Review

Donna Fuscaldo
Donna Fuscaldo
Senior Finance Writer

Payment Depot is one of the few credit card processors that offers membership-based pricing with wholesale rates. It doesn't require you to sign a lengthy contract, and there are no early termination fees, which gives your business more flexibility if you choose to make changes. 

Payment Depot

Payment Depot

The Verdict

Payment Depot's low rates, multiple pricing tiers, and easy setup make it an excellent option for small businesses that process a high volume of credit card sales each month.

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Payment Depot

Pricing 8.0/10
Contract 9.0/10
PCI Compliance Fee 7.0/10
Early Termination Fee 8.0/10
Quick Deposit 8.5/10
Editor's Score 8.1/10


When selecting a credit card processing service, pricing transparency is an important consideration. Payment Depot clearly posts its pricing, fees, processing equipment costs and information about its terms on its website. It offers a range of plans to serve businesses of all sizes, and provides online, in-person and mobile processing to business in many industries, including B2B, professional services, restaurant and retail. 

Pricing and Terms

Payment Depot uses a membership-based pricing model. This is different from most of the other payment processing services we reviewed as the only account fee it charges is a membership fee. Then, for each transaction, it charges a small per-transaction fee over the wholesale rate (the interchange and assessment fees set by the credit card networks that everyone pays). 

It doesn't charge a setup fee or many of the additional account fees that are common in the industry, such as monthly fees and PCI-compliance fees, as these are included as part of the membership fee. If you're an online merchant, there's no separate payment gateway fee as this is also included. There is a $15 chargeback fee. There's also a PCI noncompliance fee, but it would only apply if you fail to establish your PCI compliance. 

The per-transaction fee is a small, flat fee that you pay for each sale you process. The cost of it varies depending on the plan you choose, which is based on the dollar amount of transactions your business processes each month. Unlike other processors, Payment Depot doesn't add a markup percentage to the wholesale rate. 

There is no monthly minimum, but if your monthly processing volume is less than $2,500, Payment Depot may refer you to Square or PayPal as they may be more cost-effective processing solutions for your business. 

Bottom LineBottom Line: The more monthly credit card payments you process, the more you will save with Payment Depot. If your monthly volume is less than $2,500, Payment Depot may refer you to a smaller competitor where you can save more.

Here's an overview of what it costs to accept credit cards with Payment Depot's plans. 

The Basic plan has a monthly processing volume limit of $25,000.

  • $49 per-month membership fee
  • $0.15 per-transaction fee
  • Wholesale transaction rate (interchange rate and assessment fee) 

The Most Popular plan has a monthly processing limit of $75,000.

  • $79 per-month membership fee
  • $0.10 per-transaction fee
  • Wholesale transaction rate (interchange rate and assessment fee) 

The Best Value plan has a monthly processing limit of $200,000.

  • $99 per-month membership fee
  • $0.07 per-transaction fee
  • Wholesale transaction rate (interchange rate and assessment fee) 

The Premier plan has no monthly processing limit.

  • $199 per-month membership fee
  • $0.05 per-transaction fee
  • Wholesale transaction rate (interchange rate and assessment fee) 

Custom plans are also available from Payment Depot. You can call the company to discuss your business's specific needs with a sales rep who can work with you to create a custom processing solution. 

TipTip: If you need different terms, Payment Depot is willing to customize a plan for you.

Terms

Payment Depot provides its credit card processing services on a month-to-month basis, and there's no cancellation fee if you choose to close your account and go with a different processor. 

If you pay the membership fee upfront at the annual rate but decide to move on before that period ends, you'll be refunded a prorated portion of the fee. Payment Depot also offers a 90-day trial if you pay annually, so you can get your membership fee back if you decide during the first 90 days after account approval that this isn't the right processor for your business. 

Features

Payment Depot sets you up with a merchant account and supports in-store, mobile and online payment processing. If you want to accept payments both online and in-person, you'll need to open a separate merchant account, which is a common requirement across credit card processing service providers. 

With Payment Depot, you save money by not having to go through any middlemen

Application Process 

Once you decide to work with Payment Depot, you'll need to fill out an application and wait for your account to be approved. The company estimates that the online application takes about 10 minutes to complete. After you submit it, along with accompanying documents, it takes between one and two days for the provider to approve your application. 

Payout

Once you begin processing transactions, you can expect it to take between one and two business days for funds to be deposited in your account after you batch out. This is a standard amount of time among processing companies for funds to clear the account. 

Did you know?Did you know? Payment Depot makes it easy to accept credit card payments. The application is painless, terms are monthly and it is one of the few to offer membership pricing.

Additional Considerations

An important aspect of choosing a processor is the quality of support you receive. The customer support staff we spoke with were knowledgeable about the processing rates and fees, and helped explain the pricing structure. The agents also followed up with us multiple times, both through phone and email. When you sign up for an account with Payment Depot, you are assigned a dedicated account rep who is your primary point of contact. The company's normal business hours are Monday to Friday, from 8 a.m. to 5 p.m. PST, but it also offers 24/7 phone support. 

Limitations

Payment Depot can save you money if your monthly processing volume is high enough, but if you have low or irregular monthly volume, the savings on rates may not compensate for the higher membership fee. You're going to need to do some math to figure out if this pricing model is cost-effective for your business. As part of your calculations, keep in mind that each plan has different processing limitations. 

This account provider doesn't work with businesses in high-risk industries. Before applying for an account, you'll want to check its list of prohibited businesses to make sure it works with businesses in your industry.

Editor's note: Looking for the right credit card processor for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.

Image Credit: radifanil / Getty Images
Payment Depot

Payment Depot

The Verdict

Payment Depot's low rates, multiple pricing tiers, and easy setup make it an excellent option for small businesses that process a high volume of credit card sales each month.

Visit Site
Donna Fuscaldo
Donna Fuscaldo
business.com Staff
Donna Fuscaldo is a senior finance writer at business.com and has more than two decades of experience writing about business borrowing, funding, and investing for publications including the Wall Street Journal, Dow Jones Newswires, Bankrate, Investopedia, Motley Fool, and Foxbusiness.com. Most recently she was a senior contributor at Forbes covering the intersection of money and technology before joining business.com. Donna has carved out a name for herself in the finance and small business markets, writing hundreds of business articles offering advice, insightful analysis, and groundbreaking coverage. Her areas of focus at business.com include business loans, accounting, and retirement benefits.