Before You Sign Up with Payment Depot: Key Details & Rate Structure

Founded in 2013, Payment Depot is a merchant account provider that specializes in membership-style pricing. The company utilizes First Data (now Fiserv) as its processing network, but its pricing structure is very different from the standard costs associated with First Data (Fiserv). Payment Depot claims that it does not charge an additional percentage above interchange on each transaction, instead collecting a monthly fee and a flat per-transaction dollar amount to make its profits. Under this pricing model, the company passes along the interchange fees without any markup to the actual percentages enforced by the card networks (Payment Depot refers to this as “True Cost” in its sales copy).

Best Merchant Rates Connection

Payment Depot’s co-founder is also listed as the founder of Best Merchant Rates, another merchant services provider that is significantly less transparent about its partnerships and pricing than Payment Depot. The two companies also appear to share an address. It is therefore likely that Best Merchant Rates is somehow related to Payment Depot if not the exact same company, and merchants should keep this in mind when evaluating information from either source. Since we cannot verify that the two entities are the same at this time, we will treat them as separate organizations for the purposes of this review.

Payment Processing

Payment Depot processes major debit and credit cards for various business types. Their services include Clover POS systems, EMV card readers and swipers, e-commerce solutions, mobile solutions, and business funding.

Flat Fee Transaction Rates

Payment Depot offers flat fee transaction rates, meaning merchants pay a fixed fee per transaction. This simplifies budgeting and financial planning by eliminating cost variability based on transaction size or type.

Payment Gateway Integration

Payment Depot’s payment gateway integrates with popular eCommerce platforms like Shopify, WooCommerce, and Magento.

Point of Sale Systems

The company provides point-of-sale (POS) systems suitable for both small and large retail businesses. These systems feature inventory management and employee tracking capabilities.

Mobile Payment Processing

Payment Depot offers mobile payment processing solutions, enabling businesses to accept payments through mobile devices.

No Long-term Contracts

Payment Depot does not require long-term contracts, providing merchants with greater flexibility. This is advantageous for seasonal businesses or those wanting to test the service without a long-term commitment.

Next-day Funding

The company offers next-day funding, allowing merchants to receive transaction funds as soon as the next business day.

Minimal Complaints

Only a handful of negative Payment Depot reviews are available across various consumer protection websites, indicating that the company likely operates legitimately. While some complaints mention subpar customer support from Payment Depot and First Data (Fiserv), along with occasional technical issues, they do not suggest severe problems. However, continued postings of similar issues could raise concerns over time. Share your own Payment Depot review in the comments below.

Legal Standing

No class-action lawsuits or FTC complaints have been filed against Payment Depot. Dissatisfied clients seeking resolution can consider reporting concerns to relevant supervisory organizations.

Customer Support

Payment Depot provides phone support, live chat, and a support form on its website. These options generally meet customers’ needs.

PaymentPop Rating for Payment Depot

Negative Feedback

mix feeling, with my Busines in CA , I was very happy with them.

everything was as they say . was really no issues .

then moved to TX, I contact them again, this time I dealt with two other guys, Scott and James , two clowns basically . they lie about everything . the lie about when you get the founds to your account, the lie about sending you another terminal , they don’t reply emails. rude on the phone. 3 weeks after I am still chasing them. STAY AWAY

the also sign you with a different provider and you not even aware of. STAY AWAY

Positive Feedback

I found this page after reading a review on another processing company that is being offered to me by the web cart host. I then wanted to see what was being said about my current processor. I love Payment Depot. I am obsessed at getting the best prices for everything but with payment processing it probably has gone a little too far. Over the past 18 year I have probably been with at least 10 different processors trying to get the best rates. I think Payment Depot has been a great fit for my business over the last 18 months. Last year we processed $375k with them with no problems or extra junk fees. We do a significant amount of ecommerce but also some in person transactions. We have always used Authorize.net as our website payment gateway and Payment Depot was compatible. We do not get charged extra for the gateway, PCI, or anything else. The only complaint I have with Payment Depot is they use First Data that I have had problems with.

Payment Depot BBB Rating

Payment Depot currently has an “A-” rating with the Better Business Bureau and has been accredited since January 2015. The company has received 20 complaints in the last 36 months. 14 of these 20 complaints was resolved by the company to the satisfaction of the client. The remaining 6 were resolved to the dissatisfaction of the client or received no final response. Payment Depot has a 1 out of 5 star rating based on 4 user reviews on the Better Business Bureau website.

What Merchants Say

Payment Depot has received 4 informal reviews, all 4 of which are positive. One negative describes difficulty resolving an issue with customer service and held funds:

Quite literally the worst payment processing experience in 20 years of business. We signup up with payment depot and they allocated ********** was our processing bank, we used this new account and charged 20K in the first couple of weeks. When we checked we had received no deposits. When we reached out, we could not reach the processing bank, instated they park a 3rd party call center called Stax between the customer and the processing bank. You cant speak to payment depot, its only Stax you can communicate with. Our funds were frozen for ************************************************************ the application / merchant agreement (transaction limit of 5K). If you charge high dollar amount transactions, DO NOT USE THIS MERCHANT SERVICE. They WILL freeze your funds. They will refuse to communicate with you about the status of releasing the funds. Do NOT be seduced by their fee structure like we were. As I read in another BBB review here, pay the extra 1% and sign up with a reliable bank that will not s**** over your small business!

Merchants in this situation would likely prefer high-quality customer service to resolve their issues more efficiently.

An “A” Performance

In light of the company’s low complaint total, we agree with the BBB‘s rating for Payment Depot.

Trustpilot Rating for Payment Depot

Payment Depot has a 3.2 out of 5 star rating based on 1,259 user reviews on Trustpilot.

Positive Feedback

Staff at Payment Depot has been wonderful to work with! They have been so available and helpful in our transition from a credit card processing company we had been working with for 10 or more years. The savings are rolling in, just as they promised. I couldn’t be happier with my decision!

Negative Feedback

They start the service at low price and good customer service but then they keep increasing the price and no one responds to email or anything. They also keep coming up with reasons to charge more. Without notice they increase the per transaction price and monthly billing fees. They also don’t care about loyalty

Month-to-Month Contract

Payment Depot offers a unique pricing model, distinct from tiered pricing and interchange-plus pricing models. The company charges a fixed monthly fee of either $49, $79, $99, or $199, plus a consistent per-transaction markup of $0.15, $0.10, $0.07, or $0.05, in addition to interchange fees. Importantly, Payment Depot does not apply a percentage markup on interchange. Included in its monthly fees are PCI compliance fees, statement fees, and additional service charges, meaning no additional costs for these services. A monthly PCI non-compliance fee of $19.99 is charged. Notably, Payment Depot does not impose an early termination fee.

Virtual Terminal and Payment Gateway Pricing

Payment Depot extends its services to include a virtual terminal and payment gateway in all its monthly plans, though specific pricing for these services is not publicly disclosed. Customer reviews suggest that Payment Depot partners with Authorize.Net for its payment gateway and does not charge an additional monthly gateway fee.

No Equipment Leases

Complementing its payment processing solutions, Payment Depot offers free terminal reprogramming or terminal purchases starting at $49. A company representative confirmed that Payment Depot avoids leasing equipment, opting instead for one-time purchases of all terminals.

No Contract Complaints

Payment Depot’s fixed monthly and per-transaction fees offer greater value for larger transactions. Without adding a percentage markup to the interchange cost, the company earns the same profit from a $100 transaction as from a $10 transaction. This pricing structure generally benefits medium to large businesses, offering them highly competitive processing rates. Currently, there are no customer complaints regarding Payment Depot’s pricing structure.

Payment Depot’s Pricing Tiers

In-House Sales Team

Payment Depot appears to market itself primarily through its website, and there is no indication at this time that the company employs independent sales agents or utilizes a large outside sales team to sell its services. There are no negative Payment Depot reviews about their sales practices, so it appears that the company’s uncommon pricing structure isn’t causing any confusion for clients at this time.

No Deceptive Quotes

Payment Depot’s marketing materials emphasize its transparent pricing model, and the company does not list deceptive rate quotes in its official materials. We have therefore assigned the company an “A” rating in this category for the time being. If you suspect that Payment Depot is overcharging you, we recommend seeking a third-party statement audit to hold it accountable.

Payment Depot is rated as a reliable credit card processing provider according to our standards. The company has garnered very few public complaints about its service, demonstrating consistent customer satisfaction. However, it may be connected in some way to Best Merchant Rates. As a result, business owners should thoroughly research both entities to ensure transparency and alignment with their specific needs before committing to Payment Depot.

Additionally, prospective clients should compare Payment Depot’s pricing with that offered by top-rated merchant account providers to secure the best possible deal. By understanding the terms, fees, and services offered across the market, businesses can make an informed decision that aligns with their financial goals and operational requirements.