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Payment Depot is a payment processor owned by Stax that only charges monthly subscription fees. Customers only pay interchange rates, can cancel anytime without a termination fee, and have customer support available 24/7. Payment Depot's features and pricing model make it a good choice for business owners with high sales volumes.
» MORE: Best POS systems
Varies. $59 per month and up.
Varies. Depends on chosen hardware.
Payment processing cost
Varies. Depends on the interchange rate set by the credit card network.
Yes. Standard support is available 24/7.
Ease of use
Simple. Users say it is easy to use with mobile, online and tabletop features, has fast integration and provides smooth deposits.
How does Payment Depot work?
Payment Depot allows you to process credit card payments in person and online. Instead of adding markups on top of the network-set interchange fees, the company charges for subscriptions and add-on products. Businesses choose a plan based on the dollar amount they intend to process annually and pay the monthly fee for the chosen plan. There are no contracts, and customers can cancel whenever they want without paying early termination fees.
Payment Depot charges a monthly fee, which is based on the plan you choose. However, it does its transaction fees a little differently than its competitors. Whereas most payment processors charge a per-transaction fee on top of card network interchange fees, this company doesn’t charge any additional fees for transactions. Customers only pay the interchange rate for each transaction, and Payment Depot only gets the monthly subscription fee.
Available plans vary based on the dollar amount a business processes annually.
Annual processing limit
Businesses that process more than $500,000 in transactions annually qualify for a custom quote.
Customers might pay additional software fees if they choose additional services on top of payment processing, such as invoicing or certain integrations.
No interchange rate markup
Not having to pay a markup on each transaction is a huge perk to working with Payment Depot, especially for businesses with high sales volumes. Many businesses, especially those with high sales volumes, will find this system is much less expensive than working with competitors, such as Square or Stripe, that charge a fixed fee for each transaction.
Compatible with several card readers
Payment Depot sells a variety of credit card terminals, including Clover, Dejavoo, First Data, Poynt Smart, SwipeSimple and Vital brands, which allow you to accept payments in person. Models include mobile-only card readers, standard terminals and full point-of-sale terminals that resemble traditional registers.
Payment Depot is also able to reprogram some terminal models if you want to use one that you already own.
Along with hardware, the company also offers the Clover and Vital POS systems. The Clover POS system is available with the Mini LTE, Station and Station Pro models, and the Vital POS system is available with the Select model. Depending on the model and POS system, customers can have access to features that 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.
No support library
Payment Depot doesn’t have a support library with articles and forums to troubleshoot issues on your own. You’ll need to call the support department or send a message through the website for help.
Payment Depot is highly reviewed across a few trusted sites:
TrustPilot: 4.8 stars out of 5.
Capterra: 4.7 stars out of 5.
BBB, the Better Business Bureau: A+.
Customers have stated in online reviews that they saved money when using Payment Depot compared to the company’s competitors, and that customer support was helpful in a variety of situations.
Common complaints in online reviews centered on issues with being denied approval to open an account or having their accounts frozen for investigation. However, this can occur with all payment processors.
Unlike Payment Depot, which passes variable interchange rates along to the merchant, Square charges the same flat-rate fees for each transaction. Square’s POS rates are a reasonable 2.6% plus 10 cents per transaction. Its proprietary card terminals include low-cost options, and you can get your first magstripe reader for free. The company’s contract-free rates and intuitive POS system make it a popular option for small-business owners.
Payline Data charges a 0.2% markup on the interchange fee plus a fixed 10-cent transaction fee for a card-present plan. You will also have to pay a $10 membership fee. Plus, Payline offers shopping cart integrations for e-commerce businesses. Unlike Payment Depot and many other competitors, Payline works with merchants doing business in high-risk industries such as dropshipping or cigarettes and tobacco.
A version of this article originally appeared on Fundera, a subsidiary of NerdWallet.