Payment Depot Overview

Membership Pricing Pioneers

Founded in 2013, Payment Depot (paymentdepot.com) 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 (bestmerchantrates.com), 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., Walnut Creek, 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 Review Table of Contents

  • Costs & Contract: Payment Depot offers a month-to-month contract through First Data with no early termination fee.
  • Complaints & Service: Payment Depot has received fewer than 10 public complaints.
  • BBB Rating: Payment Depot has an “A+” rating with the Better Business Bureau and has received one complaint in the past two years.
  • 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

Payment Depot Statement Analyzer

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Products & Services Offered

Types of Businesses Served

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

Payment Depot Rates, Fees, and Costs

Standard Rates & Fees

Swiped Rate Variable
Keyed-in Rate Variable
Early Termination Fee None
PCI Compliance Fee None
Equipment Lease Terms Variable

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, statement fees, and additional service fees are packaged in the company’s monthly fees (so they do not cost extra), and Payment Depot does not charge a fee for early termination.

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.

Analyze Your Payment Depot Statement

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Response from Payment Depot

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Payment Depot Complaints & Customer Reviews

Key Points

Total Online Complaints <10
Live Customer Support Yes
Most Common Complaint N/A

Low Complaint Total

There are only a few Payment Depot negative 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, 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 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.

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

Under 10 Complaints

Payment Depot currently has an “A+” rating with the Better Business Bureau and has been accredited since January 2015. The company has received one 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 one negative informal review and one positive informal review to its profile. The negative review was also posted below this review and describes unexpected account cancellation:

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

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

Unfortunately the bank closed your account because you were on the match list for terminated merchant accounts. I saw the 1 star review that you gave us on Trustpilot as well. I see that you have posted 2 reviews on Trustpilot and both of them were 1 star reviews. I read the first review that you made for Clover and you started that they are holding money from you. They (First Data) likely placed you on the TMF (Terminated Merchant File) list which is an industry list. You were approved initially at our processing bank (TSYS) but upon further review your account was closed because you were on the match list. The account was closed within days of the initial approval and there is no record of any transactions. You will need to contact Clover (First Data) and have them remove you from the TMF list as this is completely out of our control. I am not sure why your previous processor held your funds and added you to the list but unfortunately we were not able to serve your business because of that. I can assure you that our reviews are 100% legitimate (good or bad) and we do our best to address all negative reviews as well.

Merchants who find themselves on the TMF/MATCH list may need to work with a TMF/MATCH payment processing specialist.

An “A” Performance

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

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.

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.

I'm a small business owner, former credit card processing sales director, author of this post and creator of this website. I've seen the merchant account industry from both sides of the table and built this website to, hopefully, make your life easier when it comes to accepting credit cards. I review every service provider I can find and track the best merchant accounts as well the worst merchant accounts. I also built the free tool below to find hidden credit card processing fees and overcharges in your merchant account statement. Try it out and contact me to let me know what you think! Thank you for reading my article!

Merchant Account Statement Analyzer

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9 Reviews Leave Your Review for Payment Depot Below

  1. 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.

  2. 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.

  3. 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.

  4. 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”.

  5. 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.

  6. 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+.

  7. 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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