Payment Depot Review 2024: Features, Pricing, Alternatives

Payment Depot is a payment processor owned by Stax. Customers pay a per-transaction markup on top of interchange, but there is no monthly subscription fee. The provider’s features, pricing and 24/7 support make it good for small businesses willing to explore cost-saving options outside of flat-rate processors.

» MORE: See our picks for best POS systems

Payment Depot lets merchants process credit card payments in person and online. Instead of charging a monthly membership fee, it charges 0.2% to 1.95% on top of interchange rates. There are no contracts, and customers can cancel whenever they want without paying early termination fees.

» MORE: Best credit card processing companies

• Payment Depot charges a 0.2%-1.95% per-transaction fee on top of card network interchange fees.

• There is no monthly subscription fee. 

Customers might pay additional software fees if they choose additional services on top of payment processing, such as invoicing or certain integrations.

» MORE: How much are credit card processing fees?

Interchange-plus pricing

Many competitors, like Square or Stripe, charge a flat fee for each transaction. While this pricing model is easy to understand, it doesn’t pass interchange savings to the business. With interchange-plus pricing, on the other hand, markups are consistent, but interchange varies from transaction to transaction. That means businesses save when customers use cards that have lower interchange rates.

Compatible with different hardware

Card readers

Payment Depot sells a variety of credit card terminals, which allow you to accept payments in person, from brands that include Clover, Dejavoo, First Data, Poynt and SwipeSimple. Models include mobile-only card readers, standard terminals and full point-of-sale terminals that resemble traditional cash registers. Payment Depot may also be able to reprogram some terminals if you want to use what you already have.

Point of sale (POS)

Payment Depot sells Clover Mini LTE, Station and Station Pro POS systems. Depending on the model and POS system, features may also include inventory management, discounts, reporting and employee management.

Free virtual terminal

All Payment Depot customers have access to a free virtual terminal for entering credit card information manually without the need for a card reader. This is helpful for accepting cards over the phone or as a backup if a card reader experiences technical issues.

Hardware pricing isn’t transparent

Payment Depot sells POS hardware, like card readers and terminals, from various providers, but it requires businesses to reach out for a quote. This makes it difficult to factor in the cost of hardware and compare it to other payment processors.

Square

Pricing:

Why we like it: Unlike Payment Depot, which passes variable interchange rates along to the merchant, Square charges a set fee for each transaction. Card terminals are proprietary and include low-cost options. You can get your first magstripe reader for free. Square also offers Tap to Pay on iPhone, which lets merchants accept card payments using only a regular iPhone with the Square POS app. The company’s contract-free rates and intuitive POS system make it popular with small-business owners.

Payline Data

Pricing:

Why we like it: Payline Data has shopping cart integrations for e-commerce businesses. Unlike Payment Depot and many other competitors, Payline works with merchants in high-risk industries.