Payment Depot Review

ByTop10.com StaffJul.17, 2018

This site is a free online resource that strives to offer helpful content and comparison features to its visitors. Please be advised that the operator of this site accepts advertising compensation from companies that appear on the site, and such compensation impacts the location and order in which the companies (and/or their products) are presented, and in some cases may also impact the rating that is assigned to them. To the extent that ratings appear on this site, such rating is determined by our subjective opinion and based on a methodology that aggregates our analysis of brand market share and reputation, each brand's conversion rates, compensation paid to us and general consumer interest. Company listings on this page DO NOT imply endorsement. Except as expressly set forth in our Terms of Use, all representations and warranties regarding the information presented on this page are disclaimed. The information, including pricing, which appears on this site is subject to change at any time.

In a Nutshell

Payment Depot offers simple and effective merchant services with a refreshing payment structure that’s based on a small transaction fee and monthly subscription rather than inflated discount rates. In terms of transaction fees, you will only be charged the actual cost of processing the transaction with no hidden costs. Customers can also enjoy unlimited processing, no contracts, no hidden fees and no minimums.

pros

  • Easy to install and use
  • Pay only wholesale rates from card brands

cons

  • Poor customer service
  • Lack of information on website

Features

Payment Depot offers both offline and online payment solutions for businesses and merchants. The benefit of Payment Depot is the membership model where members only pay the wholesale rates from the card brands. In terms of offline solutions, Payment Depot offers physical credit card readers as well as mobile readers. These devices are easy to install and use and the equipment can cost as little as $79. One of the best features of Payment Depot is the non-contract business structure. Most payment processes require that businesses sign a 2 year agreement in order to use their services. Payment Depot allows you to cancel the membership at any time and they will even give you a refund on the annual plans.

Additionally, you have the option to terminate your monthly subscription without being subject to early termination fees or other penalties. Some other beneficial features at Payment Depot include next day deposits, amazing support during banking hours and also provide 24 hour emergency support through the processing bank, low transactions fees and PCI is included in the membership. These features make Payment Depot the easiest way for businesses to try them out and make sure they are happy with their service and pricing.

Ideal For

No matter whether you manage an offline or online business, Payment Depot can provide you with the best payment processing solutions. The top clients at Payment Depot include medical offices, franchises, online businesses, entrepreneurs that use their mobile phones to accept payments, restaurants and retail stores. Because the transaction fees and monthly subscriptions are so low, even the smallest business can use Payment Depot. This company has more than 20 terminal types so businesses big and small can find what they need, however large merchants would benefit most from their wholesale pricing model.

Sign Up Process

The sign up process couldn’t be easier. All you need to do is call Payment Depot and one of its account representatives will point you in the right direction without all of the upsells and add ons. From there, they will send you a 1-page easy online application and will handle everything from there until your account is approved. Most reviewers online express how easy the set up was aside from how much they saved.

Pricing

Payment Depot has 4 different memberships on its website starting at $49/mo for new businesses but has plans suited for businesses for virtually any size.

Basic Pricing:

MONTHLY STATEMENT FEE
MONTHLY MINIMUM
MONTHLY GATEWAY FEE
SETUP FEES
$0.00
$0.00
$0.00
$0.00

Credit Card Fees - Retail

AVERAGE DISCOUNT RATE
RETAIL TRANSACTION FEE
EQUIPMENT COST
0%
$0.05 - $0.25
$79.00

Online Account Fees – No Card Present

ONLINE DISCOUNT RATE

GATEWAY TRANSACTION FEE
ADDRESS VERIFICATION FEE
0%
0.10 - $0.25
$0.00

Ease of Use

The payment process software and equipment at Payment Depot is easy to use and implement. The system can be installed on a physical terminal, mobile device or PC. Payment Depot uses Authorize.net as the payment gateway which allows users to immediately begin accepting online payments once their account is activated. Users will also have access to professional customer support 24 hours a day, 7 days a week. Support can be contacted via email, chat or phone.

Bottom Line

With its simple and effective payment structure that focuses on small transaction fees, Payment Depot makes taking payments easy and cost effective. If you go with Payment Depot you’ll also enjoy unlimited processing, no contracts, no hidden fees and no minimums, making it a solid choice for any size business. 

Payment Depot