Small and midsize businesses
Retail, restaurant, B2B, mobile, eCommerce, medical, legal, accounting, professional services
Setup Fee: $0
Monthly Fee: $49+
Swipe Rate: $0.05 - $0.15
Keyed-in Rate: $0.05 - $0.15
Early Termination Fee : None
Full service merchant provider founded in 2013 in Orange, CA.
Payment Depot was created by a team of entrepreneurs and payment experts whose motto is to bring integrity to the processing industry via transparency and honesty with their merchants. This processor is an ISO under both TSYS and First Data / Fiserv.
Payment Depot has a wholesale-style pricing structure that we rarely see with other processors: merchants pay a membership fee to have access to wholesale interchange processing rates with no added costs. Many online reviews rave about the unbeatable rates and customer service.
Small and midsize businesses will benefit from this pricing structure. However, this structure may be considered too expensive for businesses with low monthly processing volumes (>$10,000/month). Payment Depot also does not deal with international or high-risk merchants.
They advertise transparent pricing right on their website and promise their merchants will be satisfied with a 90 day money back guarantee to back that up.
Merchant Provider Risk Tolerance
Transparent membership pricing
True month-to-month billing
No application or setup fees
Free gateway & virtual terminal
Next-day funding available
Good customer support
Very few public complaints
US-based merchants only
Not suited for high-risk merchants
Not suited for very low-volume merchants
Payment Depot merchants can choose from an extensive amount of equipment that provides solutions for diverse business needs such as mobile, POS, smart & standard terminals. They offer products from the following brands: Authorize.net, Clover, Dejavoo, First Data, Ingenico, Pax, Poynt, SwipeSimple, and Vital.
Payment Depot partners with Authorize.net to offer eCommerce solutions for merchants in the form of payment gateways and integrations. They also partner with another gateway called PayTrace that they use for B2B businesses in order to get those merchants level II and level III data processing rates, which are lower rates that B2B companies can qualify for.
Payment Depot claims to specialize in providing products and services in the following industries: auto shops, B2B businesses, hair/beauty salons, healthcare, pet groomers, restaurants/bars, retail, and other service providers (electricians, contractors, etc.)
Payment Depot also offers a business funding program. Qualifying merchants can receive up to $500,000 for their businesses while enjoying competitive rates for as long as 18 months. Beyond this, there is not much more information on the website.
Discloses All Important Terms
Public Pricing Available
Payment Depot, similar to companies like Fattmerchant, has membership pricing structures. Membership packages are available on an annual or monthly fee basis. Merchants pay the membership fee plus a flat rate transaction fee in addition to the wholesale price of interchange. See below the membership pricing on the monthly basis:
-Businesses processing up to $25k/month
-$49/month + 15¢ per transaction + interchange
Most Popular Membership:
-Businesses processing up to $75k/month
-$79/month + 10¢ per transaction + interchange
-Free basic terminal
-Businesses processing up to $150k/month
-$99/month + 7¢ per transaction + interchange
-Free smart terminal or free premium gateway
-Businesses that want unlimited processing amount
-$199/month + 5¢ per transaction + interchange
-Free Clover Mini
-Free premium gateway
-Dedicated account manager
**Note: the website says that restaurants and bars receive special pricing: 5¢ per transaction regardless of membership package.
If your business has very low processing volumes, this processor may not be your best option: you may not process enough to offset the cost of the membership fee.
Another bonus is that Payment Depot claims to have no hidden fees and no cancellation fees.
If you do wish to cancel your service, the company’s satisfaction guarantee offers to refund annual fees completely within 90 days from the account approval day. Beyond the 90 days, they issue partial refunds at the prorated monthly price. Interchange and transactional fees are non-refundable. If you received free equipment, you must ship equipment back in good working condition: merchants are responsible for shipping costs and all returned equipment is subject to a 20% restocking fee. If you wish to keep this equipment a $299 charge will be enforced for the value of the terminal.
$0.05 - $0.15
$0.05 - $0.15
Mobile Payment Rate
Interchange + $0.05 - $0.15
Virtual Terminal Rate
Interchange + $0.05 - $0.15
Payment Gateway Fee
Early Termination Fee
PCI Compliance Fee
Equipment Lease Terms
Address Verification Service (AVS)
Account Setup Fee
Gateway Setup Fee
Payment Depot does not publicly disclose their merchant application or contract terms & conditions, though it is advertised on their website they have month-to-month as well as annual contracts.
There is no early termination fee with Payment Depot. As described in the pricing and fees section, they have a 90 money back guarantee as well as prorated partial refunds for annual contracts if merchants choose to cancel their service with Payment Depot. All of this should be very appealing to merchants considering using their services.
We always encourage merchants to read the fine print on all applications and contracts.
Early Termination Fee
Overall, the reviews for Payment Depot are very positive. On Facebook alone there are over 470 perfect ratings, most of which claim merchants experience top-notch customer service. Several reviews claim that Payment Depot representatives are always helpful and quick to respond and find solutions. Merchants love that when they call, a real person answers the phone, not a recording. There are a few negative reviews, but they appear to be isolated incidents.
The BBB gives Payment Depot an “A+” rating. There is one complaint but it appears the complaint is about Payment Depot’s processor, First Data, and not Payment Depot directly closing an account due to policy violation. Yelp reviews of this company are very mixed-- we must state there are only 9 reviews total. Half of the reviews are extremely positive raving about fair rates and customer service. The other half of reviews mention hidden fees and selling of merchant information.
No outstanding class-action lawsuits or FTC complaints filed against Payment Depot could be found.
4.3/5 (17 reviews)
4.9/5 (539 reviews)
4.5/5 (9 reviews)
Total Online Reviews
Total Online Complaints
If you're in the market for a merchant account provider, be sure to check out our user reviews, our merchant accounts guide and our top popular merchant provider picks