Payment Depot Review: Flat Fee Per Transaction & 0% Markup

Contents

1 Payment Depot Features
2 Payment Depot Pricing
- 2.1 Customized Plans
- 2.2 Miscellaneous Fees
3 Customer Support & Satisfaction
4 Contract & Closing
5 My Impressions

Headquartered in Orange, California, Payment Depot is a merchant account provider which has been in business since 2013. The company’s claim-to-fame is its subscription-based pricing, which was inspired by the interchange-plus model.

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Payment Depot Features

Payment Depot offers solutions for just about every type of business. Find a summary of its primary offerings below.

Merchant AccountsPayment GatewayVirtual TerminalPOS SystemsCredit Card TerminalsMobile PaymentsNext-Day Funding

Payment Depot won’t process your payments. Instead, it partners with First Data and TSYS to provide card processing services. Payment Depot handles setting up and managing your account, but you might need to contact your backend processor every once in a while when problems come up. Merchants using the Clover POS line will most likely have First Data processing their transactions. Otherwise, expect to be placed on the TSYS platform.

If you’re an eCommerce merchant, Payment Depot can integrate a payment gateway, like Authorize.net, into your website. Gateway fees are included as part of your monthly subscription fee, but you should confirm this when you read your contract.

All pricing plans include a free virtual terminal that uses your computer as a credit card terminal. Simply key in transactions or swipe credit cards using an optional USB-connected card reader to process payments.

Payment Depot offers First Data’s popular line of Clover POS systems. You can find the pricing for these systems clearly on Payment Depot’s website.

Payment Depot promotes the Verifone Vx520 terminal, which supports EMV cards as well as NFC-based payments. You might be able to shop around online and find it cheaper, but buying from Payment Depot for $299 each unit comes with a full warranty as long as your account is open. If you already use a compatible terminal, Payment Depot can reprogram it at no extra charge.

For mobile app and card readers, Payment Depot has partnered with Swipe Simple. The app is available for both iOS and Android and works on tablets and smartphones. The basic card reader is $69, which is connected by the headphone jack. The Bluetooth version is $79, and the Bluetooth and NFC-capable reader is $99. Higher subscription plans include a free mobile card reader.

As long as you batch out by 5 pm CST, you will receive funds the following day. West Coast merchants will probably receive their funds up to 48 hours later. Regardless of where you operate from, once you have your daily batch schedule set, you’ll receive deposits daily.

Payment Depot Pricing

Payment Depot offers four subscription pricing plans that are designed for different types of merchants. Standardized plans are good because it provides clear transparency about what you will have to pay in fees month to month. Below, you’ll find the four plans offered and the current details of each plan:

Membership	Basic	Most Popular	Best Value	Premier
Monthly Fee	$49	$79	$99	$199
Per Transaction Fee	Interchange + 0% + $0.15	Interchange + 0% + $0.10	Interchange + 0% + $0.07	Interchange + 0% + $0.05
Processing Limit	$25,000/mo	$75,000/mo	$200,000/mo	Unlimited
EQUIPMENT
Free Gateway	X	X	X	X
Free Terminal	–	X	X	X
Free Mobile Reader	–	X	X	X
Free PIN Pad	–	–	–	X
Free Terminal Upgrade Every 2 Years	–	–	–	X
FEATURES
Rate Protection	X	X	X	X
Chargeback & Risk Monitoring	X	X	X	X
No ETF	X	X	X	X
Next Day Funding	X	X	X	X
Data Breach Protection	–	X	X	X
Premier 24h Support	–	X	X	X

Paying your subscription fees once a year instead of monthly will save you almost two months of work, while also taking advantage of Payment Depot’s 90-day risk-free trial. The annual payments aren’t listed on its site, so make sure to bring it up to a customer representative before you sign up.

Customized Plans

You can steer away from Payment Depot’s standardized plans and ask for a custom solution if your business has unique needs which aren’t covered by any of the preset plans. It could be your hardware or software requirements. Or, it could be that your combination of average ticket size, number of transactions each month and total processing volume would be much better served by a hybrid plan.

Miscellaneous Fees

All standardized plans cover other fees that most providers charge you extra for, so your monthly costs with Payment Depot are quite predictable. The fees you won’t have to pay with Payment Depot include PCI compliance, statement, IRS reporting, application, setup, early termination, and other hidden fees.

There are occasional fees that are charged by the processor and passed along to you at cost, like chargeback and credit card network fees. To find out exactly what fees you might incur, read your merchant agreement thoroughly.

Customer Support & Satisfaction

Payment Depot offers customer support 24 hours a day, 7 days a week. You can contact a representative via telephone or email. The best time to reach a full-time company employee is between the hours of 7:00 am to 5:00 pm, PST. Calls outside these hours will be covered by its partner processors, First Data or TSYS.

Since 2015, Payment Depot has been accredited by the Better Business Bureau (BBB) and currently holds an A+ rating.

Contract & Closing

Payment Depot’s accounts are all set up with month-to-month billing. It does not stipulate long-term contracts nor early termination fees (ETFs). You should review the terms and conditions in the agreement thoroughly.

In most cases, Payment Depot does not require advance notice should you wish to cancel your account. If you already ran transactions during the month you’d like to cancel, Payment Depot will immediately process the account cancellation, then schedule the actual account closure for the end of the month, so you’ll be able to collect funds from the current month.

Another option you have is to pay annually to save on subscription fees, plus you’ll get a 90-day satisfaction guarantee. If you aren’t satisfied with your annual subscription, you can let Payment Depot know and return all the provided equipment. You will receive a full refund for any subscription fees that you’ve already paid, or you’ll get the prorated refund if you cancel after 90 days. Of course, you won’t see any of the processing charges you paid during the time your account was open, and you’ll have to pay a 20% restocking fee on any equipment you return.

My Impressions

Payment Depot has a lot going for it: month-to-month billing, predictable costs, and superb customer support. Payment Depot’s subscription-based pricing is best for merchants with a stable processing history. If you know how much you process each month and what your average ticket size is, then you can make an accurate estimate of what your costs will be with a subscription plan.

Payment Depot is best for well-established merchants with a minimum processing volume of $10,000 a month. Businesses that process less than that amount will probably save more money if they choose to go with Square instead. Another alternative is Chase Payment Solutions, which is a direct processor and can handle low or high volume merchants.

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