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Payment Depot Review

Donna Fuscaldo
Donna Fuscaldo
Senior Finance Writer
  • Payment Depot is our pick as the best credit card processor for businesses with high transaction volumes in 2021.
  • This is one of the few companies in the industry to offer membership-based pricing with wholesale rates.
  • Payment Depot doesn't require you to sign a long-term contract, and there are no early termination fees, giving you and your business the flexibility to switch card processors.
  • This review is for small business owners who want to learn about Payment Depot's credit card processing service and why it's our best pick for high volumes.

We chose Payment Depot as the best credit card processor for small businesses that have high volumes of card sales because it offers membership-based pricing with wholesale rates. Payment Depot is transparent about its pricing, fees and terms. It offers several plans so that businesses of all sizes can accept payments online, in-store and via mobile devices.

Payment Depot

Payment Depot

The Best Credit Card Processors of 2021

The Verdict

Payment Depot is the best credit card processing company for small businesses with high transaction volumes because it offers membership pricing, wholesale rates, and no long-term contracts, ensuring you get affordability and flexibility.

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Pricing and Fees

Small businesses that process a lot of credit and debit card sales need a credit card processor that gives them a fair rate. Payment Depot stands out in that regard, thanks to its membership-pricing models. All the fees Payment Depot charges are bundled into the monthly membership fee. There are no setup charges, PCI compliance fees or separate payment gateway fees for online merchants. Payment Depot does have a $15 chargeback fee. There's also a PCI noncompliance fee, but you only get hit with it if you fail to establish and maintain minimum security requirements.

Payment Depot also charges a flat per-transaction fee, with prices based on the plan you choose. The credit card processor doesn't add a markup percentage to the wholesale rate, which is a big plus that keeps rates low. We also like that there is no monthly minimum processing volume with Payment Depot. If you process under $2,500 a month, though, Payment Depot may refer you to Square to save you money.

Here's a look at what Payment Depot charges for its credit card processing services.

Basic plan

  • $25,000 monthly processing volume limit
  • $49 monthly membership fee
  • $0.15 per-transaction fee
  • Wholesale transaction rate (interchange rate and assessment fee)

Most Popular plan

  • $75,000 monthly processing limit
  • $79 monthly membership fee
  • $0.10 per-transaction fee
  • Wholesale transaction rate (interchange rate and assessment fee)
  • Free basic terminal

Best Value plan

  • $200,000 monthly processing limit
  • $99 monthly membership fee
  • $0.07 per-transaction fee
  • Wholesale transaction rate (interchange rate and assessment fee)
  • Free terminal or gateway
  • Breach protection

Premier plan

  • No monthly processing limits
  • $199 monthly membership fee
  • $0.05 per-transaction fee
  • Wholesale transaction rate (interchange rate and assessment fee)
  • Clover Mini
  • Premium gateway
  • Dedicated account reps
  • Breach protection

Payment Depot has a calculator on its website to help you figure out how much you can save with the company. You input your monthly credit card sales and fees and it will show you the potential savings.

Did You Know?Did You Know: Payment Depot also provides custom plans. You can contact the company to design the best plan for your business. The prices will depend on your needs.

Terms

There is no long-term contract for Payment Depot; you pay on a month-to-month schedule. This credit card processor also doesn't charge a cancellation fee, which gives it an edge. Some credit card processors charge several hundred dollars to break the contract early or require you to jump through hoops to get the fee waived.

If you choose to pay your annual membership fee upfront and leave the service later in the year, Payment Depot will refund you a prorated amount. The company also gives you a 90-day free trial if you pay the annual price upfront. That gives you a chance to test-drive Payment Depot and get your money back if you aren't satisfied.  

Features

Payment Depot does more than process card payments. It also offers these features to help you run your business:

Merchant Account

With a Payment Depot merchant account, you can accept in-store, online and mobile payments.

Business Funding

Payment Depot provides access to short-term loans of up to $500,000 through its working capital loan program. You fill out an online application and, if you're approved, funding could be in your bank account within 24 hours. [In the market for a small business loan? Check out our best picks and guide.]

Payment Depot also has reasonable underwriting standards: To be approved for a loan, you just need a FICO score of at least 500, which is an easy bar for many business owners to pass. Your business only needs to have been operating for six months and have an average of at least $15,000 in gross monthly revenue over the past three months.

The loan term can be up to 18 months, and you don't have to offer up any collateral. We like that Payment Depot looks at your business's performance and cash flow instead. You can pay back the loan on a daily, weekly or monthly basis.

Credit Card Hardware

Payment Depot sells POS and credit card processing hardware from several vendors, including Clover, First Data and Ingenico.

Integrations

Payment Depot can integrate with several popular business apps, such as Shopify, QuickBooks, WooCommerce and 3dcart.

Quick Funding

It takes one or two business days for credit card sales to land in your account. This is a standard time for funds to clear.

TipTip: Integrating your credit card processor, POS system, and credit card hardware ensures a seamless experience and centralized database of all your transactions.

Application Process

Payment Depot requires you to fill out a short online application that takes about 10 minutes to complete. Once Payment Depot has your application and necessary documentation, it only takes a day or two to make a decision.

Customer Support

Payment Depot provides clients with a dedicated account representative who is available Monday to Friday, 8 a.m. to 5 p.m. PST. It also has 24/7 phone support.

Limitations

If your small business processes a lot of credit card sales, Payment Depot can save you money. For companies that don't have a lot of monthly credit and debit card sales, though, it may not be worth the membership fee. You'll have to weigh the membership fee against the wholesale-rate savings to see if it's worth it. Each plan has different processing limits that you'll also need to consider in your evaluation of the pricing plans.

Another potential drawback of Payment Depot is it's not willing to work with high-risk industries, which could prevent certain businesses from getting approved. If you're unsure whether businesses like yours are generally considered a high risk, it's a good idea to ask Payment Depot about it before taking the time to fill out an application.

Image Credit: radifanil / Getty Images
Payment Depot

Payment Depot

The Best Credit Card Processors of 2021

The Verdict

Payment Depot is the best credit card processing company for small businesses with high transaction volumes because it offers membership pricing, wholesale rates, and no long-term contracts, ensuring you get affordability and flexibility.

Visit Site
Donna Fuscaldo
Donna Fuscaldo
Business News Daily Staff
See Donna Fuscaldo's Profile
Donna Fuscaldo is a senior finance writer at business.com and has more than two decades of experience writing about business borrowing, funding, and investing for publications including the Wall Street Journal, Dow Jones Newswires, Bankrate, Investopedia, Motley Fool, and Foxbusiness.com. Most recently she was a senior contributor at Forbes covering the intersection of money and technology before joining business.com. Donna has carved out a name for herself in the finance and small business markets, writing hundreds of business articles offering advice, insightful analysis, and groundbreaking coverage. Her areas of focus at business.com include business loans, accounting, and retirement benefits.