Payment Depot Review

#4 Merchant Credit Card Processing Company

iDealRating
9.1

Subscription Model Credit Card Processing Company

Payment Depot is a unique payment processor. Rather than going with a traditional model of monthly fees and transaction pricing, they use a subscription-based service plus an Interchange Plus structure. Their transparent pricing and good customer service ranks them 4th for payment processors.

Payment Depot Review Summary

Features    9.2
  • Offers Verifone terminals and Clover POS systems at higher subscription
  • Free gateway and virtual terminal
  • Next-day funding available
Price    9.1
  • Subscription model with 4 levels
  • No setup fees or termination fees
  • Month-to-month agreement
  • Other fees included in subscription price
Reputation    9.3
  • A+ BBB Rating
  • Not for high-risk merchants
  • 90-day satisfaction guaranteed
  • 24/7 customer support line and email available
 
Call for Best Price 866-603-9822
Features
iDeal Rating  9.2

Features

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“I was happy to find out that after two months of using Payment Depot, the transactions fees were what the salesperson said they were, as were the saving over my previous processor.” -Brian A.

Features
iDeal Rating  9.2

Features


Payment Depot uses a monthly subscription service with varying levels depending on volume and equipment provided. With Clover POS systems and Verifone credit card terminals along with Authorize.net set-up, they are a potential money-saver for more established, higher-volume businesses. Explore the options they offer in the tabs below.

Basic Subscription
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Payment Depot’s Basic Subscription is for merchant who process up to $25,000 per month. The cost is a $49 monthly fee and the interchange rate plus $0.15 per transaction. This level is just as it’s described – basic. There are no terminals or POS systems included with this subscription, nor is there premier 24/7 support or data breach protection.

Payment Depot does offer free gateway and reprogramming of equipment, so for merchants who fit the processing limit and already have terminals or POS systems, this may be the right choice to use. The gateway used is Authorize.net, and for those who already have an Authorize.net account, Payment Depot can easily integrate it.

Most Popular Subscription
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The “Most Popular” Subscription from Payment Depot is a $79 monthly fee and the interchange rate plus $0.10 per transaction. This level is for merchants maxing out at processing volumes of $75,000 per month, and, as the name of the subscription says, is the most popular option for merchants.

With this subscription level, merchants get the same reprogramming of equipment and free gateway through Authorize.net with a few added bonuses. The subscription also comes with a mobile reader, standard terminal, data breach protection, and 24/7 premier support. For merchants processing closer to the limit, this is a great option to choose.

Best Value Subscription
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Payment Depot’s Best Value Subscription has a processing limit of $200,000 per month. It’s a $99 monthly fee and the interchange rate plus $0.07 per transaction. This level comes with a free Authorize.net account, mobile reader, standard card terminal, and pin pad. There is also the option for free reprogramming of existing equipment.

In addition, Payment Depot offers all of the service benefits available, including rate protection, 24/7 premier support, data breach protection, and other services included. This level is advertised as “great for service providers”, but anyone processing at high volumes would likely benefit from this plan.

Premier Subscription
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The Premier Subscription from Payment Depot is a $199 monthly fee and the interchange rate plus $0.05 per transaction. It’s an all-encompassing subscription plan, and offers unlimited monthly processing volumes for merchants. With it comes a free Authorize.net account, card terminal, mobile reader, pin pad and a terminal upgrade every two years.

Alongside these perks includes next-day funding, data breach protection, 24Hr Premier Support, and solid payment processing services. This plan is recommended only for very large processors, as most of what it offers is similar to the Best Value and Most Popular plans.

Business Funding
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Payment Depot offers merchants business capital and funding up to $500,000. Although interest starts at 3.5%, it’s likely that this is the lowest interest rate offered and goes up significantly from there. The positive is that there is a fast application, with funds potentially arriving within 24 hours. With any business loan, it’s always important to be cautious and read the fine print. Because loans depend on the merchant, there isn’t much additional information regarding what Payment Depot offers, so it’s best to ask and compare prices if considering their business funding option.

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Feature/ProductFeature/Product Information
High-Risk Merchants Accepted
POS Equipment and Card TerminalsVerifone, Clover
Same-Day Funding
Gateway/Virtual TerminalAuthorize.net
Merchant Cash Advance
Offers Customizable Business Solutions
 
Call for Best Price 866-603-9822
Price
iDeal Rating  9.1

Price

Call for Best Price
866-603-9822

Price
iDeal Rating  9.1

Price


Payment Depot is a company that has taken a different spin on credit card processing, employing a subscription model, and touting it as more transparent pricing. Payment Depot says that they “take out the middleman”, saving companies money on their processing.¬†They charge merchants 3 fees:

(1) A monthly subscription fee

(2) The Interchange fee

(3) A per transaction fee.

In reality this is an Interchange Plus pricing model, but with a subscription to supplement the various percentages. The kind of transactions, and the percentage of each that are processed each month will determine whether this is truly a money-saver.

For example, if you are at the level 2 subscription of $79.00 per month, which covers transaction volume of $26,000 to $75,000 per month, and your volume is $32,000, you may be spending more on your processing. If you are at $74,000, your cost may be less, because the subscription fee as a percentage of your total transactions will be lower. If you are a seasonal merchant, or your volume fluctuates dramatically during the year, the subscription model may not work for you.

The best advice when deciding if Payment Depot is the right choice is by comparing the pricing with other companies. Although the subscription fees are a great option, it may not be as cost effective as it seems.

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FeesBasic SubscriptionMost Popular SubscriptionBest Value SubscriptionPremier Subscription
Monthly Subscription Fee$49/mo$79/mo$99/mo$199/mo
Interchange Feevariesvariesvariesvaries
Transaction Fee$0.15$0.10$0.07$0.05
Processing Volume Limit$25,000/mo$75,000/mo$200,000/moUnlimited
 
Call for Best Price 866-603-9822
Reputation
iDeal Rating  9.3

Reputation

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“Reliable and inexpensive Credit Card processing. Nice apps for mobile processing and great folks to work with.” – Dennis A.

Reputation
iDeal Rating  9.3

Reputation


For a relatively newer company, Payment Depot has solid reviews, standard security measures, and good customer service for their merchants. There are a few things we’d like to see improve, but overall their reputation is solid.

Customer Service

Payment Depot offers 24/7 phone, chat, and email for their merchants. It’s important to note, however, that what is deemed as “Premier 24hr Support” only comes with the three higher subscription levels. This is a little disappointing given that most companies that offer this type of support do so regardless of processing volume. Additionally, there is no mention of an account representative, which, although isn’t necessarily a requirement, is certainly a bonus for merchants who need extra attention.

Security and PCI Compliance

With every subscription level, Payment Depot offers chargeback and risk monitoring. But with the three more expensive levels, Data Breach Protection is also offered in the monthly fee. Although they are PCI compliant, there is no outright mention of how it factors into the services, so it may be useful to confirm what they do to prevent data breaches or other security issues. Again, it’s unfortunate that processing volume would exclude a merchant from additional security protection, because any merchant of any size can be a target to security breaches.

Customer and Professional Ratings

Payment Depot’s customer and professional ratings are excellent. They receive few complaints, maintain an A+ BBB Rating, and are well-regarded amongst other rating professionals. We at iDeal Comparison also appreciate the pricing transparency in comparison to other companies in the industry. Overall, we ranked them 4th because although they are a good payment processor, they don’t support high-risk merchants and aren’t a good option for smaller businesses in terms of pricing.

 

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Reputation ComponentFacts
A+ BBB Rating
Dedicated Representative
24/7 Support
PCI Compliant
Willing to Negotiate Fees
Customer Service Number877-876-8776