Payment Depot Overview

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Membership Pricing Pioneers

Founded in 2013, Payment Depot is a merchant account provider that specializes in membership-style pricing. The company utilizes First Data as its processing network, but its pricing structure is very different from the standard costs associated with First Data. 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 Location and Ownership

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

Payment Depot Review Table of Contents

  • Costs & Contract: Payment Depot offers a month-to-month contract through First Data that offers interchange-plus pricing with no early termination fee.
  • Complaints & Service: Payment Depot has received more than 20 public complaints.
  • BBB Rating: Payment Depot has an “A+” rating and has received 1 complaint and 5 reviews in the past 3 years. The company has been accredited by the Better Business Bureau since 2015.
  • Sales & Marketing: Payment Depot does not appear to hire independent sales representatives and has not received any complaints about its sales practices.
  • Rates & Fees: How Merchants Got The Best Rates With Payment Depot
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Products & Services Offered

Types of Businesses Served

  • Retail
  • Mobile
  • E-commerce
  • Restaurant
  • B2B

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Payment Depot Rates, Fees, and Costs

Key Points

Swiped Rate Interchange + $0.05 - $0.15
Keyed-in Rate Interchange + $0.05 - $0.15
Virtual Terminal Fee Interchange + $0.05 - $0.15
Payment Gateway Fee None
Basic Plan Fee $49 Per Month
Most Popular Plan Fee $79 Per Month
Best Value Plan Fee $99 Per Month
Premiere Plan Fee $199 Per Month
Early Termination Fee None
PCI Compliance Fee None
PCI Non-Compliance Fee $19.99 Per Month
Terminal Cost $49+
Equipment Lease Terms None

Month-to-Month Contract

Payment Depot’s pricing models offer 4 different monthly plans with interchange-plus pricing that are free of a long term commitment and do not charge an early termination fee. 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, statement fees, and additional service fees are packaged in the company’s monthly fees (so they do not cost extra) thought the company does assess a monthly PCI non-compliance fee of $19.99 per month.

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 on either of those services is not disclosed. The company’s website states that is does integrate existing Authorize.Net accounts for its 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, merchants 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.

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Response from Payment Depot

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Payment Depot Complaints & Customer Reviews

Key Points

Total Online Complaints 20+
Live Customer Support Yes
Most Common Complaint N/A

Low Complaint Total

There are just over 20 negative reviews about Payment Depot found across 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, 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.

Payment Depot

We have not found any outstanding class-action lawsuits or FTC complaints filed against Payment Depot. Dissatisfied merchants 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 both email and phone support to its merchants. 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.

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Response from Payment Depot

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Payment Depot BBB Rating Summary

Key Points - BBB

Product & Service Complaints 0
Billing & Collection Complaints 1
Advertising & Sales Complaints 0
Guarantee & Warranty Complaints 0
Delivery Complaints 0

Only 1 Complaint

Payment Depot currently has an “A+” rating with the Better Business Bureau and has been accredited since January 2015. The company has received 1 complaint since its profile was created, which was related to a billing or collection dispute. This complaint was resolved to the merchant’s satisfaction.

What Merchants Say

Payment Depot has received 5 informal reviews 3 of which are positive and 2 which are negative. One negative describes difficulty resolving an issue with customer service:

Totally agree with Alexander *. giving 1 star. ****** service – especially Risk department. Everyone involved in retail business knows that sometimes you face risks and payment issues from all kind of customers. But even if the hold time expired – zero effort to properly and timely return funds. Looks like the two 5 star reviews are not very real. One is overly technical and detailed full of praising. The other is from someone who hasn’t gotten any services. Do not deal with this company if you want to save your self from headache. ALL THE GOOD REVIEWS ARE FAKE . Our company’s funds were frozen and they failed to timely and properly communicate with us. I only found out a month later after calling myself that apparently they tried to return money to my bank account that I closed. The risk department is unfriendly and acts like it has an authority to be rude and totally disrespectful. Who has time to sit and call to ask for them to give you back your money? All you get is “I will have to check this and that. Let me check this and I will have to look into this” for more than 6 months. They refuse to simply provide current status of our case. Very disappointed.

Payment Depot’s responded to this review with the following:

*****, There are a few points made in your review so I would like to address them one at a time. I apologize for the your experience with the risk department. You dealt directly with the risk department at TSYS bank. Generally they have great customer service and are polite, especially compared to other risk departments in this industry. I will look into that though to see if they acted unprofessionally. Your account was suspended and ultimately closed due to suspicious processing activity and after further investigation, products were being sold that were prohibited by our sponsor bank. Unfortunately we don’t have a say in this decision. I obviously can’t go into their findings in a public response, but this is a business type that we cannot serve. When the account was closed the risk department advised that they would need to hold the funds for a period of time to ensure that there would be no losses, then they attempted to credit it to your account on February 19th. At that point your bank account was closed so it was returned to the processing bank. They spoke to you and were scheduled to send a physical check which for security reasons also requires multiple sign offs due to risk. It looks like they dropped the ball on getting the check out in a timely manner and I will address this with the bank. They do have a rush on it now, so you will receive your funds shortly. As far as the reviews go, they are 100% real. The good ones and the bad ones. We don’t hide from our bad reviews and either myself or someone from my team makes an effort to answer every negative review on the internet. I leave my email address or phone number (***** in every response so I can personally assist in resolving the issue. I apologize for the negative experience with the risk department. I also apologize that once that it took so long to get you a check after the initial deposit was rejected from the closed bank account. Those are areas that can and should be fixed. As far as your account goes, you require a specific type of processor who can work with hard to place accounts and we are not able to serve you. Had we known upfront, we would have let you know that we were not a good fit. Overall I apologize for the negative experience. We should have a tracking number for the check which we will email to you as soon as we get it. I wish you the best of luck in the future and I appreciate the chance to respond to this negative review. Randy *******  COO

While Payment Depot’s prompt response to the customer’s complaint reflects attention to their detail, Merchant’s 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.

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Response from Payment Depot

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Truth In Marketing & Advertising

Key Points

Employs Independent Resellers No
Advertises Deceptive Rates 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 complaints to be found online regarding Payment Depot’s sales practices, so it appears that the company’s uncommon pricing structure isn’t causing any confusion for merchants 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.

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Response from Payment Depot

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Payment Depot Marketing Example

Payment Depot Logo

Our Opinion of Payment Depot

A Competitive Option for Most Standard-Risk Merchants

Payment Depot rates as a reliable merchant services 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 merchants are therefore advised to carefully research both entities before signing up for service through Payment Depot. Merchants 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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Thank you for reading my review. I hope that it has helped you with your research.

Why I'm Qualified to Write About Credit Card Processing and Merchant Account Services

I'm a former credit card processing sales director who left the industry because I didn't like how it takes advantage of small business owners. It feeds like a leech on businesses and thrives by imposing fees that are nearly impossible to comprehend. Seeing a need for change, I left and built this website help business owners better understand the industry, research merchant services providers, and get refunds of excessive merchant account fees. My experience of working "behind the curtain" in the industry, and using that knowledge for good, has resulted in millions of dollars returned to hard-working small business owners as well as enterprise-level companies.

From the time that I starting working in the merchant services industry to when I left to create this website, I've been on the pulse of payments for nearly 15 years. It didn't seem fair to keep this "insider" knowledge to myself. To lift the fog, I've reviewed hundreds of companies, read thousands of user reviews, and learned the pricing tricks of every provider. If you have questions about credit card processing, you can find the answers on this website.

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12 Reviews Leave Your Review for Payment Depot Below

  1. 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.

  2. James Britton says:

    This is blatantly false and untrue. We stand by our Company and the services we provide.

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

  3. James Britton says:

    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]

  4. fake reviews everywhere online for this company, don’t trust them, they take your information and money to resell it, there is no such merchant company.

  5. Dom Manzella says:

    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.

  6. Drea love says:

    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.

    1. Drea Love says:

      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.

  7. Ronald Sabacek says:

    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!

    1. Joe says:

      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”.

  8. Jesse Wilson says:

    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.

  9. Renee says:

    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+.

  10. Dennis says:

    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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