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Payment Depot Review (2024)

Merchant services with a flexible plan structure
By Top10.com StaffBy Top10.com Staff -
Last Updated: Jan 02, 2024
Visit Site
From $49 monthly and $0.15 transaction fee
Contract length
No long-term contracts
Free equipment
Yes, except for Basic plan

Is Payment Depot Worth Signing Up For?

Payment Depot is on a mission to make credit card processing simple, affordable, and comprehensive enough for all businesses, regardless of size or industry. Instead of marking up credit card processing fees, Payment Depot passes wholesale interchange rates along directly to businesses, making it an ideal choice for small merchants. Payment Depot has a flexible, low-rate membership fee, saving SMBs $400 on average.

From $49 monthly and $0.15 transaction fee
Contract length
No long-term contracts
Free equipment
Yes, except for Basic plan

Payment Depot at a Glance

Editorial Score

Low Rates

Flat fees - no per transaction rate

Low Fees

Starts at $49 monthly membership fee and $0.15 transaction fee

Payment Services

Variety of credit card terminals, Point of sale (POS) is Clover Mini LTE, Station and Station Pro POS systems, free virtual terminal

Additional Benefits

90-day full refund satisfaction guarantee (partial refund thereafter), same-day funding and approval, no cancellation fees

Customer Support

In-house customer support during regular business hours, and round the clock help for emergencies. Call 877-877-7668

Payment Depot Pros & Cons


No markups on interchange rate
Rate protection and no cancellation fees
Chargeback and risk-monitoring


Not good for high-risk industries
Only available for US-based businesses

How do I know I can trust this Payment Depot review?

Top10.com authors, contributors, and editors are serious about research. We combine our own experience with the services we recommend, with reviews that come from verified users–just like you! Together, with reviews from industry experts, we find the Top 10 best products and services to make sure you can choose with confidence and ease.

Payment Depot Payment Depot Visit Site


Payment Depot’s mission is to bring integrity and transparency to the credit card processing industry. Spearheaded by a group of entrepreneurs, Payment Depot aims to make credit card processing manageable and understandable for small businesses. The company is well regarded in the industry, holds a 4.9 rating from Trustpilot, and scored an A+ with the BBB. Payment Depot is backed by the Wells Fargo Bank and uses Clover hardware for credit card processing.

Ideal For

  • SMBs, particularly retail, restaurants, accounting, legal, and Ecommerce

  • Mobile, on-the-go businesses

  • Businesses with an average gross monthly revenue of $15,000 or more

What Payment Depot Offers

  • Affordable transaction rates

  • 90-day full refund satisfaction guarantee (partial refund thereafter)

  • Clover hardware

  • Handy mini chip reader

  • Multiple payment options

  • Same-day funding

  • Same-day approval

  • Switch membership plans

  • No cancellation fees

  • Reprogram existing hardware

  • Free or affordable hardware

How Payment Depot Works

Application Process

Payment Depot’s application takes only 10 minutes to complete. To start the process, you’ll fill out an online application with basic information like company name, monthly processing volume, and contact details. You can also choose a free piece of processing equipment at this point.

Afterward, a phone representative will reach out to you for a brief call to complete the application process. Payment Depot offers same-day approval and funding provided everything checks out.

What’s Unique About Payment Depot?

There are lots of credit card and payment processing services out there. Why choose Payment Depot over the others? Payment Depot is a credit card processor that focuses on the merchant rather than on the bank. It offers flexible membership plans and even has business funding options. Here are a few more reasons to work with Payment Depot:

Lower rates = more savings

Payment Depot helps businesses save money using a wholesale approach. Kizer and Bender termed Payment Depot the “Costco of credit card processing.” Just as Costco sells bulk merchandise at wholesale prices to save consumers money, Payment Depot offers businesses wholesale credit card processing fees, saving them money along the way.

Satisfaction guarantee

Payment Depot promises satisfaction, guaranteed. If you aren’t happy with the service or don’t find yourself saving money, Payment Depot will fully refund your annual membership fee within 90 days of account approval. After 90 days, you can still get a partial refund for annual or monthly fees.


Payment Depot pledges transparency and honesty as a credit card processor and stands solidly behind that claim. Payment Depot clearly spells out all terms and conditions for customers, charging no hidden fees and explaining things in simple, understandable terms. The interchange rates for Visa and MasterCard are published directly on the site, allowing you to see exactly what the processors are paying and compare actual rates with marked up final fees.

Payment Depot Customer Support

Payment Depot has in-house customer support during regular business hours, and round the clock help for emergencies. You can reach someone from 8am-5pm PT or 24/7 for bank support. Payment Depot’s FAQ section covers many topics as well.

Sales: 877-876-8776

Support: 877-877-7668

Payment Depot Pricing

Pricing & Special Offers

Payment Depot has 4 membership plans to choose from. The most basic plan is ideal for very small businesses (processing up to $25,000 a month), with a $49 monthly membership fee and $0.15 transaction fee. Higher membership tiers offer more benefits. Note that Payment Depot charges no other fees beyond the monthly membership and transaction fees. Of course, merchants must still pay the interchange rate. Here’s a quick rundown of Payment Depot’s different plans:

Membership Type


Most Popular



Price per month





Per transaction fee





Processing amount limits per month

Up to $25,000

Up to $75,000

Up to $150,000

Unlimited processing



Free basic terminal

Free smart terminal or premium gateway

Free Clover Mini and premium gateway

Breach protection





Dedicated account manager





Payment Depot works with Clover payment processing hardware, an industry favorite. The units are sleek, durable, and reliable. There are several other payment processing devices suitable for different types of businesses including the Clover Mini (good for versatile POS), Clover Flex (handheld payment processor), and full Clover POS Station. Payment Depot also offers a handy Authorize.net BBPOS Chipper 2x, a tiny card reader that lets you process payments with any smartphone.

We appreciate the fact that Payment Depot doesn’t force you to purchase pricey equipment to use its services. You can even keep your current equipment and Payment Depot will reprogram the terminals for you directly. If you want to purchase new equipment, Payment Depot can sell you the hardware at a very reasonable cost. They’ll also throw in some useful freebies with most plans.

Payment Depot Payment Depot Visit Site

Bottom Line

Payment Depot checks all the right boxes as an industry-leader in credit card processing. Its rates are affordable, with full transparency and no hidden fees. Membership plans are flexible and come with a 90-day, 100% money-back guarantee. Should you need to cancel your monthly membership at any time, there’s no cancellation fee. Free or reasonably priced equipment, 24/7 support, and an easy to use interface round out this attractive service.

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