Payment Depot Overview
Payment Depot May Have Overcharged You
If you accepted credit cards through Payment Depot or any other credit card processing company between 2017 and 2019, recent changes to the law may entitle you to refunds of certain debit card and credit card processing errors and overcharges. See this post to find out if your were among the businesses affected and to learn how you can get your money back.
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 (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 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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