Payment Depot Review: Is It Good For Your Company?

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Payment Depot Review: Is It Good For Your Company?

Great for high-volume businesses looking to cut costs.

Good for

  • High-volume companies
  • Those interested in savings, rather than features like having a dedicated account rep

Bad for

  • Companies that are just starting out
  • Businesses processing less than $2,500 per month

Editor's Rating


Payment Depot is an excellent high-volume credit card processor for both online and offline businesses. Its unique wholesale pricing makes it extremely affordable, for larger businesses. However, if your company is just starting out and won't be processing more than a couple thousand dollars per month, you should go with processors like Square or Stripe to save the most money.

Review: Should You Get Payment Depot for Credit Card Processing?

Payment Depot is a fantastic credit card processor, especially for high-volume businesses looking to cut their processing costs. It's one of the few companies in the processing industry to charge a flat fee per transaction, with a 0% markup over interchange. So long as you're selling over $2,500 per month, that is likely to save you money over most other processors, like Square or Stripe.

Good For…Bad For…
High-volume companiesCompanies that are just starting out
Those interested in savings, rather than features like having a dedicated account repBusinesses processing less than $2,500 per month

Though all of Payment Depot's plans charge a monthly fee, it's likely to be one of the cheapest processors in the long-run. The major advantage this processor has over most of its competition is the extremely low markup they charge for each transaction. Most credit card processing companies will charge you some percentage of every sale as a fee. Therefore, the more you sell the more expensive your processing costs will be. With Payment Depot, however, their markup above interchange is a fixed amount — anywhere between $0.25 and $0.05. Therefore, if you make a $1,000 sale or a $10 sale, you will pay the same amount, outside of the unavoidable interchange fees. This obviously favors businesses that make larger average sales, or those that process more as a raw volume, as we discuss in the section below.

From a features point-of-view, Payment Depot doesn't cut corners, despite its low cost. Deposits are fast (usually within 24 to 48 hours), you get a merchant account processed through First Data, and you get a free gateway and virtual terminal. The monthly fee you pay covers everything, so you also don't have to contend with things like PCI compliance fees or statement/admin fees.

Bottom Line: Payment Depot is an excellent choice for high-volume credit card processing. Thanks to its unique wholesale pricing this is one of the most affordable options out there. Companies that are just starting out and will be processing less than $2,500 in transactions each month should consider Square or Stripe instead.

Payment Depot Up Fees, Features & Benefits

Payment Depot is a wholesale payment processor that can be cost-effective for certain businesses processing above a certain threshold each month. Depending on the plan you sign up for, Payment Depot will charge you some fixed amount per transaction, between $0.25 and $0.05, plus the interchange fee.

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Payment Depot Credit Card ProcessingDetails by Plan Name
Transaction Cost
  • "Basic": Interchange + $0.25
  • "Most Popular": Interchange + $0.15
  • "Best Value": Interchange + $0.10
  • "Premiere": Interchange + $0.05
Monthly Fees
  • "Basic": $29
  • "Most Popular": $49
  • "Best Value": $69
  • "Premiere": $99
OtherAll memberships come with a 90 Day full refund, Dedicated Account Representative (on Premiere Plan only)

Each Payment Depot plan comes with a monthly fee. These vary between $29 and $99 per month. If you decide Payment Depot is a good processor for your company, the first order of business should be figuring out which of these plans will be the most cost-effective. Since this is a math-heavy exercise, we constructed a table that can help you figure out the best solution — depending on the number of transactions you process each month, and the total dollar value of your monthly sales. We also threw in Stripe into the mix as a point-of-comparison, since the two processors are often compared to one another.

Monthly Sales Volume
# of Transactions
$1,000StripeStripeStripePayment Depot (Most Popular)Payment Depot (Premier)
$2,000StripeStripeStripePayment Depot (Most Popular)Payment Depot (Premier)
$2,500StripePayment Depot (Basic)Payment Depot (Basic)Payment Depot (Most Popular)Payment Depot (Premier)
$3,000+Payment Depot (Basic)Payment Depot (Basic)Payment Depot (Basic)Payment Depot (Most Popular)Payment Depot (Premier)

In terms of benefits, there is only really one major feature present in the highest tier plan, that's absent from the rest — a dedicated account representative.

Payment Depot comes with 24/7 phone and e-mail support. You can also get tech support through various social media platforms like Facebook, Twitter and Google+. This processor also provides solutions for accepting credit cards both online and offline. You can process credit card payments with a mobile device, a terminal, through a storefront POS system, or an eCommerce site.

Another unique features on Payment Depot is their money back guarantee. If you aren't happy with the rates you pay for processing payments after 90 days, they will issue you a full refund. Keep in mind, you will not get money back from the interchange fees you paid, since those are collected by the banks and not Payment Depot itself. While we applaud the initiative, business owners are realistically unlikely to switch payment processors that quickly — especially if you invested time into switching your systems over and training your employees to use Payment Depot's hardware.

How Much Can Payment Depot Up Credit Card Processing Cost Your Business

We wanted to illustrate the cost of choosing Payment Depot as your credit card processor of choice. To that end, below we modeled the cost of using different plans at varying monthly sales amounts. We assumed an average interchange rate of 2.2% + $0.22, and an average transaction of $100.

Monthly Sales"Basic""Most Popular""Best Value""Premiere"

How Does Payment Depot Compare to Other Credit Card Processors?

When reviewing any credit card processor, it's always worthwhile to compare it to your other available options. Below you'll find a short summary of how Payment Depot compares to its competitors.

Payment Depot vs Square

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Square has a completely different payment structure that favors startups that process relatively few transactions each month. This processor doesn't charge any monthly fees, and instead comes with a fixed 2.75% fee for each offline transaction. For example, if you process just $1,500 in a month, with an average transaction size of $20, you'd pay roughly $41 with Square. That same scenario would run you roughly $47 with Payment Depot's basic membership plan.

An important distinction between Payment Depot and Square, is that the former is not a merchant account. Instead, it's an aggregator that is all about getting processing up and running in the shortest amount of time. The downside of doing business with an aggregator, instead of a dedicated merchant account, is that your account may be more prone to being frozen due to suspicious activity. If that's the case, you may not have access to your sales for several days, or even a week — depending on how quickly you can resolve the issue with Square's customer support.

Square Highlights

  • 2.75% per transaction
  • No monthly fees or minimums
  • Not a merchant account provider
  • Read Full Review

Payment Depot vs Stripe

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Stripe is an online-only credit card processor that has a fixed price, much like Square, which means it's also more advantageous for businesses that are just starting out. You pay 2.9% + $0.30 for each transaction. As you can see in the chart above, companies that process between $0 and $2,500 per month, and have between 10 to 100 transactions per month will find Stripe to be cheaper than any of Payment Depot's plans. If you are processing a high volume of transactions each month, we recommend going with Payment Depot instead.

Business owners who have brick and mortar locations, and would like the same processor to handle both fronts, really only have Payment Depot as an option. Stripe currently doesn't not provide any support for handling offline processing.

Stripe Highlights

  • Online only
  • 2.9% + $0.30 per transaction
  • No monthly fees or minimums
  • Read Full Review

Payment Depot vs Fattmerchant

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Fattmerchant is another wholesale credit card processor with a payment structure similar to Payment Depot. However, Fattmerchant does not provide any plans with monthly fees as low as Payment Depot's, making it a significantly worse option for businesses that are just starting out. Fattmerchant's cheapest plan starts at $79 per month, for which it charges you $0.15 for each transaction, on top of interchange. For comparison, Payment Depot's $69/month plan charges just $0.10 per transaction.

The top-of-the-line, $99/month plans for Payment Depot and Fattmerchant both charge the same $0.05 per transaction, so choosing between the two at that point will come down to which processor appeals to you most from a feature standpoint. However, there is very little that differentiates the two companies on that front. Both provide detailed dashboards and reports, and provide you with mobile, retail and eCommerce credit card processing. Payment Depot has one thing going for it, and that's its 90 day money back guarantee, which Fattmerchant does not offer.

Fattmerchant Highlights

  • Wholesale credit card processing, between $0.15 and $0.05 per transaction + interchange
  • Monthly fees between $79 and $99
  • Offers online and offline credit card processing