Payment Depot Merchant Services 2023: Reviews & Complaints

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5/5
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How did they treat you? ▼

Company Overview

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 Depot Payment Processing

Payment Depot processes most major debit and credit cards for most 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

This company provides flat fee transaction rates, which means that merchants pay a fixed fee per transaction. This can simplify budgeting and financial planning for businesses, as it removes variability in cost based on the size or type of transaction.

Payment Gateway Integration

Payment Depot offers a payment gateway that integrates with many popular eCommerce platforms like Shopify, WooCommerce, and Magento. This allows for streamlined operations and easier online payment collection.

Point of Sale Systems

Payment Depot provides options for point-of-sale (POS) systems that are suited to both small and large retail businesses. These systems come with features like inventory management and employee tracking.

Mobile Payment Processing

For merchants on the go, Payment Depot offers a mobile payment processing solution. This allows businesses to accept payments through a mobile device, a feature that is particularly useful for businesses without a fixed location, such as food trucks or market stalls.

No Long-term Contracts

Payment Depot doesn't lock businesses into long-term contracts, which gives merchants greater flexibility. This is particularly useful for seasonal businesses or those that want to test out the service without a long-term commitment.

Next-day Funding

The company provides the option for next-day funding, meaning that merchants can receive the funds from transactions as soon as the next business day, which can improve cash flow for the business.

Location & Ownership

Payment Depot is a registered ISO of Wells Fargo Bank, Concord, California, and its Crunchbase profile lists 238 West Chapman Ave., Suite 201, Orange, California 92866 as the company's headquarters. Danny Choi is the co-founder and president of Payment Depot.

Payment Depot payment processing
Payment Depot offers standard payment processing services

Payment Depot Customer Reviews

Here's What Their Clients Say

Customer Reviews Summary
Total Online Complaints <10
Live Customer Support Yes
Most Common Complaint N/A
Recent Lawsuits No

Low Complaint Total

There are only a few negative Payment Depot reviews to be found on this or other consumer protection websites, which is a good sign that the company is not a scam or ripoff. The few available complaints primarily cite poor customer support from both Payment Depot and First Data (Fiserv), as well as occasional technical issues. The problems cited in these complaints are far from severe, but they could develop into a concerning trend if they continue to be posted in the future. If you have your own Payment Depot review to make, please do so in the comments below.

Payment Depot Lawsuits

We have not found any outstanding class-action lawsuits or FTC complaints filed against Payment Depot. Dissatisfied clients who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.

Payment Depot Customer Support Options

Payment Depot offers phone support to its clients as well as a chat option and a support form on its website. It appears these services satisfy most customers.

Payment Depot Customer Service Numbers

  • (877) 877-7668 – Toll-Free General Customer Service
  • (877) 876-8776 – Sales

Other Support Options

  • Live chat
  • Support form

For now, the company is deserving of an “A” grade in this category. However, it does not rank among the top-rated merchant accounts for great customer service.

Payment Depot Online Ratings

Here's How They Rate Online

Online Ratings Summary
BBB Reports 24

20 Complaints

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.

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.

Payment Depot Fees, Rates & Costs

A Closer Look at The Contract

Cost & Fees Summary
Cancellation Penalties No
Monthly & Annual Fees Yes
Processing Rates Interchange + $0.05 - $0.15
Equipment Leasing No (One-Time Cost)

Month-to-Month Contract

Payment Depot’s pricing model differs from both tiered pricing and interchange-plus pricing, but it’s still fairly easy to understand. Payment Depot charges a flat monthly fee (either $49, $79, $99, or $199) and a flat per-transaction markup (either $0.15, $0.10, $0.07, or $0.05) on top of interchange fees. It does not add a percentage-based markup to interchange. PCI compliance fees, or statement fees, and additional service fees are packaged in the company’s monthly fees (so they do not cost extra). However, the company does assess a monthly PCI non-compliance fee of $19.99 per month. Payment Depot does not charge a fee for early termination.

Virtual Terminal and Payment Gateway Pricing

In addition to its storefront payment processing services, Payment Depot also conveys that it includes a virtual terminal and payment gateway as part of each of its monthly plans. However, pricing is not disclosed on either of those services. Some client reviews reflect that the company utilizes Authorize.Net as a payment gateway. Those same reviews reflect that the company does not charge a monthly gateway fee.

No Equipment Leases

Payment Depot also claims to offer free terminal reprogramming or terminal purchase starting at $49. A company representative has stated that Payment Depot does not lease any equipment and that all terminals can be purchased for a one-time cost.

No Contract Complaints

Since Payment Depot’s monthly and per-transaction amounts are fixed, clients will receive a better deal as they process larger and larger individual transactions. As stated earlier, Payment Depot claims that it doesn’t add a percentage markup over the cost of interchange, so it will collect the same profit on a $100 transaction as it does on a $10 transaction. Generally speaking, the company’s pricing is scaled so that medium-to-large businesses will receive very competitive processing fees. Payment Depot is showing no complaints about its costs at this time.

Payment Depot rates
Payment Depot’s pricing tiers

Payment Depot Employee Reviews & Sales Tacitcs

Should You Work For Them?

Jobs & Marketing Summary
Uses Independent Resellers No
Telemarketing No
Misleading Marketing No
Discloses All Important Terms No

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.

Our Payment Depot Review Summary

Our Final Thoughts

Payment Depot rates as a reliable credit card processing provider according to our standards. The company is showing very few public complaints regarding its service. Payment Depot may be somehow connected to Best Merchant Rates, and business owners are therefore advised to carefully research both entities before signing up for service through Payment Depot. Readers are also advised to compare Payment Depot’s pricing to that offered by top-rated merchant account providers in order to get the best deal.

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Which is Most Important for You?

If you had to pick one, which quality would you say will be the most important with your next credit card processor? Tap or click your selection to register your vote:

  1. Low Transaction Fees
  2. No Monthly Fees
  3. No Contract
  4. Reliable Customer Support
  5. Quick Signup

Testimonials & Complaints

How Did Payment Depot Treat You?

14 User Reviews

  • joey avi

    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

  • Spencer

    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.

  • Alex Melnick

    Payment Depot made the transition from our initial processor easy and painless. The estimates they provided were both significantly better than our previous processor and ended up being very accurate to the eventual new charges.
    Our salesperson John B. made everything simple and is always quick to respond. I would not hesitate to recommend this company to anyone looking to save money on CC processing.

  • James Britton

    Hello Mr. Manzella, I appreciate your input

    You signed up with us on Feb 20th and decided to cancel April 5th. We obliged with no questions asked and sent out the call tags for the equipment.

    Two days later (April 7th), you had a change of mind and requested to stay with us. We cancelled the call tags and reopened the account. At this time we got you connected with a mobile provider that was looking for Beta accounts to test new products which led to you getting free equipment to test out.

    On April 9th, you decided to cancel your account again. We obliged, cancelled the account and sent out the call tags. We received the equipment back on the 12th and refunded you minus the restocking fee.

    You are correct when you say we charged you the monthly fee. On Feb 26th, Kyle spoke with you about taking advantage of our 90 Day Risk free offer. You declined and wanted to go monthly. It is Company policy to make each new member aware of how our trial offer works. Our website clearly says it is for annual memberships.

    With that said, 9 out of 10 times I will authorize our new members be refunded if it falls within the trial period. In this case, unfortunately i wasn’t able to do it since we had to close, reopen, close and reopen your account. All of which have associated costs.

    In this case I feel my Team went above and beyond to try and service your needs. Unfortunately we couldn’t and had to part ways. That’s whats great about Payment Depot, we have no long term contracts and ZERO cancellation fees which is extremely rare in this industry. If you would like to discuss further, please call or email me directly. Good luck to you in the future!

    James Britton
    Sales Manager | Payment Depot
    (714) 922-9984
    [email protected]

  • Dom Manzella

    I signed up with payment depot and purchased 10 readers for about $800. I didn’t like their service because there’s no real way to print receipts. They suggested emailing them to myself then printing which isn’t feasible considering I’m running a restaurant. To say the least, I cancelled thinking their 90 day guarantee would take care of any incurred fees. Instead I was charged a 20% restocking fee and they charged me another $79 for a monthly fee. They say it’s not refundable. I only took one charge from them for 16 bucks. These guys are total scammers. It’s a terrible processing company to deal with. I’ll pay the extra couple pennies to square for which I am staying and happy with. I suggest doing business with a more reputable company.

  • Drea love

    Signed up for PaymentDepot after a very pleasurable sign up process. The first day we began to setup our account I called customer service and reached someone named “Chris” & “Carla”.

    Chris as extremely unhelpful, he stated that he was a customer service rep and he could only take a message. After several pleas for assistance he stated that he must disconnect the call.

    I called back reached Carla and she transferred me off to tech support whom was able to finally assist.

    I am unsure as to why the reps were rude and seemed to tired to help. It is truly unfortunate that we have to go through bs before getting real help.

    • Drea Love

      Update – Customer Service is still sketchy but the credit card processing through First Data is pretty thorough. You receive very detailed statements that show EXACTLY what you have been charged and why, which I really appreciate! The fees are reasonable.

  • Ronald Sabacek

    After exchanging phone calls and emails with Rebecca Rakhshani, Account Manager for over a week, I asked her to explain how the 2 customers she sent me redacted statements for were able to get such low fees charged by Payment Depot. They were high ticket sales, like what we expect for our Kitchen & Bath Cabinetry Business that’s about to open in Palm Springs, CA. Today she apologized for not getting back to me sooner but added “Unfortunately, I don’t believe we are the right fit for your business.”

    Based on this feedback, I think Payment Depot is not the right fit for any business!

    • Joe

      I spoke to the same woman – Rebecca Rakhshani. Here I was, a brand new POTENTIAL customer. Was calling to get a quote and were asking specific questions. She kept insisting me to look over some documents that she was going to email over (repeating it 4 -5 times throughout our short conversation), in which those documents would most likely answer all my questions – this made me feel like she doesn’t fully understand the product she’s selling and/or is just trying to rush me off of the phone. So I checked my email and to my amazement and disappointment, I received a link to complete my application – subject titles was: “Your application is almost complete”…????? What the actual F, I called to get a quote and to ask question so I can fully understand what I’m getting into? Also, earlier on, I asked if there were additional charges for gateway access (because I plan to accept online payments). She said no and that it’s built into the membership fee. Wrong! After 30 mins of research, I come to find out that it is considered an “upgraded option” and will cost an additional $10/ month, on top of the membership fee. I don’t think I can sacrifice good customer service for “best rates”.

  • Jesse Wilson

    We courted Payment Depot to be our provider for Clover POS and initially were VERY impressed with their numbers and politeness over the phone. They have a call center mentality up to the closing of the sale of answer EVERY question and be polite and apparently transparent. What we have received since the sale has been little to no support for our actual POS. We were told that Payment Depot has the best back end support in the industry and that almost never would there be an instance where contact to First Data would be needed. On our very first support call for the most simple of issues we were shoved off to First Data.

    On top of that many of the supposed options and features we were told are available are not and will not be. Leaving us with TWO POS systems that don’t suit our needs and cost us nearly $3000 just to get started. It is starting to look like Clover will not be a solution and doesnt live up to any of the promises that were made.

    As for Payment Depot, at first I was WOWED by their seemingly upfront attitude in an industry wrought with shady operations. Where we stand now I rank them right there with the rest of them.

  • Renee

    I am extremely satisfied with Payment Depot. We are a 30 year old business,and I can say from experience, this company is very easy to do business with. We had done a large amount of research, prior to signing up, and I can say, it is what they say, and we have saved a bundle already. They treat you like your business matters to them, which is refreshing. I have zero complaints. Actually, I now consider myself a Payment Depot advocate to spread the word to other local businesses and owners who don’t process with them, to switch over. They are extremely fair, which is how it should be. I don’t feel like I have been taken advantage of, as I have often felt with previous companies, with all the hidden fees, and surcharges. Kudos to everyone at Payment Depot. I give them an A+.

  • Dennis

    I Just switched to Payment Depot for my credit card processing. So far it has been great, everything they offer is true. My average monthly processing fees have been around 1.6% which includes their monthly fee. Glad to find a company that is honest up front with no hidden fees. Had a bad experience with my last processor that promised a lower price but it was a big lie.

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