Payment Depot Review


A relative newcomer to the electronic payments industry, Payment Depot ( is a merchant account provider founded in August 2013. 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).

Payment Depot’s co-founder Danny Choi 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 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 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.

Key Points

  • Sales & Marketing: Payment Depot does not appear to hire independent sales representatives and has not received any complaints about its sales practices.
  • 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 two complaints in the past two years.
  • Rates & Fees: How Merchants Got The Best Rates With Payment Depot

Payment Depot Products and Services


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

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Sales & Marketing

Key Points - Sales & Marketing

Employs Independent Resellers No
Advertises Deceptive Rates No
Discloses All Important Terms No

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. Payment Depot’s marketing materials emphasize its transparent pricing structure, and the company does not list deceptive rate quotes on its homepage. 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. We have therefore assigned the company an “A” rating in this category for the time being.

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Payment Depot Marketing Example


Costs & Contract

Key Points - Costs & Contract

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

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 $29, $49, $79, or $99) and a flat per-transaction markup (either $0.25, $0.15, $0.10, or $0.05) on top of interchange fees. It does not add a percentage-based markup to the transaction rate portion of 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. The company 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.

Since Payment Depot can cost no more than its flat monthly and per-transaction amounts, 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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Complaints & Service

Key Points - Complaints & Service

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

There are only a few Payment Depot negative reviews to be found on this or other consumer protection websites, indicating that the company is not a scam or ripoff type of organization. The few available complaints primarily 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. The company offers both email and phone support to its merchants. Payment Depot is still a relatively new company, so it may be some time before potential complaints find their way into public forums. For now, the company is deserving of an “A” grade.

Response from Payment Depot

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Key Points - BBB

Product & Service Complaints 2
Billing & Collection Complaints 0
Advertising & Sales Complaints 0
Guarantee & Warranty Complaints 0
Delivery Complaints 0

Payment Depot currently has an “A+” rating with the Better Business Bureau and has been accredited since January 2015. The company has received two complaints since the profile was created, both of which were related to product or service problems. Both complaints either were resolved to the dissatisfaction of the merchant or did not receive a final evaluation from the merchant. In light of the time the profile has been active, we agree with the BBB‘s rating for the company.

Response from Payment Depot

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Payment Depot Logo

Payment Depot Bottom Line

Payment Depot rates as a reliable merchant services provider according to our standards. The company is showing very few public complaints regarding its service, but this may be due to the fact that it is less than a year old and does not have a BBB profile. 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.

Phillip Parker is a former merchant services sales agent who believes the industry has been overrun by people who engage in fraud and deception in order to steal from hard working business owners. He created this website to help you avoid the bad players, save money on fees, and to get peace of mind with your merchant account. If you would like to help support his work, learn more about our cost reduction service. We can evaluate your statement, tell you exactly how much you're overpaying, and then help you dramatically reduce your fees with your current credit card processor. Looking to switch instead? See our list of the best merchant account providers.

Schedule a Consultation with Phillip

9 Reviews Leave Your Review for Payment Depot Below

    Eliminate hidden fees and mistakes without switching merchant accounts. Get a free statement audit today to see how much you are overpaying.

  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. Eliminate hidden fees and mistakes without switching merchant accounts. Get a free statement audit today to see how much you are overpaying.

  4. 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.

  5. 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”.

  6. Eliminate hidden fees and mistakes without switching merchant accounts. Get a free statement audit today to see how much you are overpaying.

  7. 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.

  8. 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+.

  9. Eliminate hidden fees and mistakes without switching merchant accounts. Get a free statement audit today to see how much you are overpaying.

  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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