Payment Depot At a Glance
Payment Depot made our list of the best credit card processing companies because we like its simple payment structure. Rather than pay a percentage of every transaction, Payment Depot charges a monthly subscription fee. There are three tiers to choose from depending on your volume. This is a unique billing structure that can save a business doing high-volume transactions money in the long run.
The Starter membership is $79 per month and charges $0.15 per transaction plus interchange fees for users with up to $50,000 in transactions per month. The aptly-named Most Popular membership is $99 per month for those with up to $150,000 in monthly transactions. The fees drop in this plan to $0.10 per transaction plus interchange fees. The Enterprise plan offers the best pricing for those with $300,000 or more in monthly transactions. The monthly fee is $199 with only a $0.07 per-transaction charge plus interchange fees.
Both the Most Popular and Enterprise plans offer Breach Protection. This is up to $100,000 in cybersecurity protection that protects your business from suffering at the hands of hackers and cybercriminals.
Payment Depot has no hidden fees, including getting small businesses up and running with no setup fees. Payments are processed quickly, with funds available within 24 to 48 hours, on average. The customer support line is available 24/7 and without long phone hold times.
We took a look at what real customers had to say to get a better sense of how Payment Depot delivers on its services. On Capterra, Payment Depot has a 4.7 out of five stars rating with 57 reviews. Positive reviews noted the pricing structure as a huge benefit, along with the responsive customer support. On the negative side, there were complaints about the process to deal with chargebacks. There was only one review on G2 that gave Payment Depot a five-star rating, pleased that they are saving money.
Other Benefits
On certain plans, Payment Depot offers a free terminal. For those with existing hardware, Payment Depot will help you reprogram the units if they are compatible with the Payment Depot software. You can also purchase your own; Payment Depot offers several solutions from Clover POS, which Forbes Advisor has also reviewed and rated highly.
Payment Depot makes integrating a merchant account with your online shopping cart easy with a healthy list of integrations. Integrations include Shopify, OpenCart, Intuit, QuickBooks, PrestaShop, 3dcart. BigCommerce, WooCommerce, Magento, Zen Cart, Revel, NCR, and Authorize.net. This makes it an easy choice for many online merchants.
Fine Print
Payment Depot does have some limitations. It only serves U.S.-based merchants at this time. The list of industries that it supports includes retail providers, restaurants, B2B, mobile, e-commerce, medical, legal, accounting and professional services. It also doesn’t support high-risk merchants.
The list of high-risk merchants that Payment Depot won’t work with include accounts receivable, adult-oriented services, advanced payments older than a year, airlines, alcohol sales, check cashing, collection agencies, credit repair, debt consolidation, drug paraphernalia, extended car warranties, online gambling, medical marijuana, designer name replicas and online tobacco sales.
While Payment Depot is known to have great telephone support, we’d like to see it develop an online support portal with live chat. We think this option would take their already great support to the next level to serve business owners in the manner that they choose.
How Payment Depot Stacks Up
Before you jump into a merchant service provider, it makes sense to compare some of the top options out there. We compared Payment Depot with two popular options: Stripe and Helcim.
All three options are able to get you collecting card payments with funds readily available within 48 hours. Where they differ greatly is in the fee structure. Payment Depot is the only provider of the three with a monthly fee. By paying the monthly fee, you are able to benefit from the lower, flat rate per transaction. This is where Payment Depot shines, especially for businesses doing a lot of transactions every month.
Is Payment Depot Right for Your Business?
If you’re a U.S.-based company that is looking for a flat-fee processor, then Payment Depot is for you. We really like the transparency in pricing that lets business owners better understand where their processing costs go. The company is ready to help you at every turn with exceptional phone support.
Frequently Asked Questions (FAQs)
What are interchange fees?
Interchange fees are the fees set and collected by credit card networks. These fees are paid out to the bank that issued the credit or debit card to buyers. Interchange fees do vary, with the average for credit cards being 1.81%. Debit cards have a dramatically lower average of 0.3%.
What is the chip in a credit card called?
Chip cards have a tiny computer called a microprocessor that helps to keep your credit card transactions more secure. The chip generates a unique code representing an individual transaction every time that you use it.
How do I set up a Payment Depot merchant services account?
When you’re ready to get started with Payment Depot, complete the online inquiry form or call the sales service lines. Complete the application, which takes approximately ten minutes. Once the application is received, an account representative will contact you to finalize your equipment options. It can take up to 24 hours to approve most applications.
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February 01, 2022 at 10:00PM
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