Payment Depot Review 2022: Features, Pricing, Alternatives

Payment Depot offers cheaper interchange rates than many competitors but there is a monthly fee.

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Payment Depot is a payment processor owned by Stax. It charges monthly subscription fees starting at $59, but customers only pay interchange rates; they do not pay termination fees. Payment Depot's features, pricing and 24/7 support make it good for small businesses with high sales volumes.

Deciding factors

Payment processing cost

  • Interchange + $0 per transaction, plus $59 month for Starter plan.

  • Interchange + $0 per transaction, plus $79 month for Starter Plus plan.

  • Interchange + $0 per transaction, plus $99 month for Growth plan.

Hardware cost

Sells card readers as well as countertop and mobile point-of-sale hardware from Clover, Dejavoo, First Data, Poynt and SwipeSimple, but prices are undisclosed. You have to request a quote.

Contract length

No contracts.

Live support

Standard support is available 24/7.

How does Payment Depot work?

Payment Depot lets merchants process credit card payments in person and online. Instead of marking up the network-set interchange fees, Payment Depot 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 pricing

  • Payment Depot charges a monthly fee based on which plan you choose.

  • Payment Depot does not charge a per-transaction fee on top of card network interchange fees, which is unlike its competitors.

  • Customers only pay the interchange rate for each transaction, and Payment Depot only gets the monthly subscription fee.

The plans are based on the dollar amount a business processes annually.

Plan

Monthly fee

Annual processing limit

Starter

$59.

$125,000.

Starter Plus

$79.

$250,000.

Growth

$99.

$500,000.

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.

Pros

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 much less expensive than working with competitors, such as Square or Stripe, which 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 and SwipeSimple 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 cash 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.

Cons

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.

Reviews

Payment Depot is highly reviewed across a few trusted sites:

  • TrustPilot: 4.7 stars out of 5.

  • Capterra: 4.7 stars out of 5.

  • BBB, the Better Business Bureau: A+.

Some customers have claimed in online reviews that they saved money using Payment Depot compared to 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 accounts frozen for investigation. (This can occur with all payment processors.)

Alternatives

Square

Pricing:

  • 2.6% plus 10 cents for in-person transactions (2.5% plus 10 cents with Retail Plus plan).

  • 2.9% plus 30 cents for online transactions or invoices without a card on file (2.6% plus 30 cents with Premium plan).

  • 3.5% plus 15 cents for manually keyed transactions or card-on-file invoices.

Why we like it: Unlike Payment Depot, which passes variable interchange rates along to the merchant, Square charges flat-rate fees 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.

Square Payments

Square
Shop Now

on Square's website

Payline Data

Pricing:

  • Interchange plus 0.4% and 10 cents for in-person transactions, and $10 per month.

  • Interchange plus 0.75% and 20 cents for online transactions, and $20 per month.

  • Pricing varies by card type for manually keyed transactions.

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 such as dropshipping or cigarettes and tobacco.

Payline

Payline
Shop Now

on Payline's website

A version of this article originally appeared on Fundera, a subsidiary of NerdWallet.

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