Payment Depot Reviews 2016

It’s not always easy to understand what you should look for in a merchant account provider. Some argue that low fees are the most important, while others say that the pricing structure is really what matters in saving money. When running an online business, you eventually have to make a decision on a merchant account provider, so it’s essential to understand the ins and outs of the business. Payment Depot is one of the more popular options out there, so it makes sense to provide a detailed review of the services.

I’ll cover everything from customer service to pricing structure, allowing you to make a wise decision on whether or not Payment Depot is the right option for you in terms of merchant account providers. Keep reading to learn more.

Payment Depot's Top Features and Services

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This is where Payment Depot truly starts to stand out, because you would assume that with the low rates and big savings, you may end up receiving less from this type of provider. However, that’s not the case. In fact, I would argue that the services and products from Payment Depot blow other providers out of the water.

So, what do you get?

  • Your own merchant accounts – First Data processes all Payment Depot accounts, and they are generally set up on a membership pricing basis.
  • Terminal rentals – You get a free smart terminal with the Best Value Plan, which is pretty amazing, considering you can expect to pay around $100 per year from most providers.
  • The option to upgrade your payment gateway – The advanced gateway integration is super eay to setup, which allows you to choose from options like and USAePay.
  • A virtual terminal and gateway (free of charge) – You don’t have to pay for this, and it helps with recurring billing and info storage when people use their cards.
  • Next-day deposits – You receive all funds in your accounts within around 24 hours.

Payment Depot Ease of Use

The no contracts and hidden fees are pretty nice for keeping you at ease, but the actual interface is pretty intuitive as well. The company offers mobile, terminal, ecommerce and POS structures in place, and all of them integrate together for a smooth experience.

ease of use

Some companies are going to only need something like the ecommerce processing, but others will go all out and have systems for mobile processing, retail and online. Regardless, they all combine together pretty well. Although the interfaces are solid, the main reason it's really easy to get setup with Payment Depot is because the middle man has been completely cut out. Therefore, you don't have to deal with salesmen or processors, so all Payment Depot members only pay wholesale.

They have found that many members are saving up to 40%, because you aren't subject to the markups that salesmen and payment processors are bound to implement. It's an interesting structure for saving money, but it also expedites the setup process, since you never have to negotiate rates.

What's more is that the payments are deposited into your account within 48 hours. This may not seem like a huge deal from the start, but having cash in your account early is far better than waiting around for a processor.

Payment Depot Fees and Pricing Structure

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Payment Depot offers an interesting membership pricing structure, which is not that common in the merchant account provider industry, considering the tiered structure has always been the most popular, and many companies are converting to an interchange-plus model.

Payment Depot is a relatively new company, and it has used that youth to its advantage, introducing new plans and ways for customers to save money. With the membership pricing model, you have a better idea as to how much money you’re going to spend, since you basically just spend a flat fee for access to credit card processing.

What are the membership options and fees?

The Basic Plan

  • This plan has a $10,000 per month maximum in terms of store volume.
  • The monthly fee is $25.
  • The rates are 0% + a $0.25 interchange.
  • The plan provides a virtual terminal and a gateway for your payments. You can also use recurring billing features.

The Most Popular Plan (This is for Ecommerce)

  • This plan has a $40,000 per month maximum in terms of store volume.
  • The monthly fee is $49.
  • The rates are 0% + a $0.15 interchange.
  • The plan provides a virtual terminal and a gateway for your payments. You can also use recurring billing features.
  • Choose to upgrade your payment gateway for the best integration with your shopping cart. For example, you may choose to use something like

The Best Value Plan

  • This plan has a $100,000 per month maximum in terms of store volume.
  • The monthly fee is $69.
  • The rates are 0% + a $0.10 interchange.
  • The plan provides a virtual terminal and a gateway for your payments. You can also use recurring billing features. This also comes with a smart credit card terminal for no extra charge.
  • Choose to upgrade your payment gateway for the best integration with your shopping cart. For example, you may choose to use something like

How to Choose the Best Plan

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Based on the membership plans, if you process more transactions, leading to more money coming in, you pay less in fees. However, it’s important to realize that the transaction count is truly the best indicator of which plan to choose, as opposed to dollars that come in.

If you plan on processing less than 200 transactions per month, the Basic Plan is right up your alley. For anything between 200-399, go for the Most Popular Plan. For stores that process more than 400 transactions per month, the Best Value Plan is the most suitable.

Although you don’t have to pay fees for things like PCI Compliance, statements, hidden fees, IRS reporting or the overall setup, you should expect to still pay for chargebacks.

Payment Depot Security

PCI compliance is a huge part of what makes Payment Depot a secure option. You don't have to pay a PCI or IRS fee, and this is really how it should be, since all merchant accounts and payment processors know that it's a legal requirement to remain PCI compliant. The company does not specify how they monitor fraud and keep this from happening. Therefore, we recommend asking the sales rep and seeing how they can keep you protected in the future.

Payment Depot Reports

Reports are managed through the online module, but if you decide to have, say, a mobile and retail payment collector as well, these are all integrated into the same reports. So, if you collect a payment at a tradeshow with your mobile phone, it will be dropped into the same reports that are reflected from your retail store.

You have the option to filter based on the source of your sales, so it's not like you can't calculate the amount of sales that come through from places like mobile phones.

Payment Depot Customer Service

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For a merchant account provider, Payment Depot is surprisingly active on social media, which is wonderful news for those who want a quick response. You can also give them a call at any time you want, since they provide 24/7 phone support.

You have the opportunity to send Payment Depot an email, if talking on the phone isn’t your style. Not to mention, the company has a blog to help you learn about whether or not Payment Depot is right for your business, and to see what others are saying about the company.

Is Payment Depot Transparent?

Although bundling pricing structures into memberships can lead to transparency issues, the Payment Depot website is extremely helpful in seeing everything you can expect to receive when opting for the merchant account provider.

They break it all down into a monthly fee and transaction fee, making it extremely fair and transparent, while preventing any hidden fees, random percentage fees and more. They even have a savings calculator to help you out a bit.

Who Should be Using Payment Depot?

Since Payment Depot is still a rather young company, you’d expect them to run into more problems; however that hasn’t been the case. The pricing structure is as transparent as you can get, the customer service is top-notch and it seems like everyone online has good things to say about the company. I couldn’t recommend Payment Depot more for your merchant account provider.

As for who should be utilizing Payment Depot, I like it for those who would like to get setup quickly, since the salesmen are not part of the equation. It's also a good choice for newer companies, since you don't have to negotiate rates and go through some of the processes that are rather intimidating. It's so easy to get swindled by some of these salesmen and payment processors, so do your young company a favor and get rid of the companies that try to take advantage of you. Not to mention, the savings are generally better when you cut out the middleman.

If you have any questions about Payment Depot in general, feel free to drop a line in the comments section below.

Payment Depot Rating: 4.6 - Review by

Catalin Zorzini

I'm a web design blogger and started this project after spending a few weeks struggling to find out which is the best ecommerce platform for myself. Check out my current top 10 ecommerce site builders.

2 Responses

  1. We run a small eCommerce shop. After researching many of the options we opted to go with Payment Depot. Overall I’ve been happy with the move, however it is noteworthy that “PCI non-compliance fees” are charged by Payment Depot.

    Prior to signing up with PD, I asked the sales department in an email if there were any “PCI or PCI Non-Compliance Fees , Access/Assess Fees, etc.?” and their official written response was “PCI compliance fees, Statement fees, IRS fees, etc. are already included in your membership fee.”

    Several months later after joining our account was being charged $19.95 per account (1 retail account, 1 online account) for “PCI Non-Compliance”. Upon questioning the charges I was told that “[Payment Depot] pays for the PCI survey on your behalf, but you are required by the industry to complete the PCI survey once a year. If you don’t complete this survey you will be charged a non-compliance penalty fee until you complete the survey… the PCI compliance fee that we absorb in the membership is the annual PCI fee of $150”. Further the sales department made the claim that the non-compliance fee was not mentioned during my earlier line of questioning since “this is not part of Payment Depot’s charges, but rather the card charges. If you complete the survey you will not be hit with this fee and you have up to three months to complete the survey. ”

    However to “complete” the survey you must, in fact, be “in compliance”. The survey cannot be completed with an “out-of-compliance” status. Therefore expect extra expenditures to make sure that you are meeting all of the criteria to be PCI compliant.

    Their response to this issue was also misleading or, more likely, misinformed. PCI Compliance Fees are not charged by Visa, Mastercard, etc. (it is not a passthrough or interchange cost). PCI taxation is from a different entity altogether: Payment Card Industry Security Standards Counsel and it is a cost of doing business for merchant card processors: not unlike an insurance policy. It is up to merchant card processors to determine what amount if any they collect from their customers.

    After raising the issue further with other departments, they did assist us in completing the survey and getting our website into compliance, and they did refund the non-compliance fees for the period we were out of compliance.

    All of this being said, I have stuck with Payment Depot and it has been an improvement for both rates and service over our previous vendor but they do need to provide better clarity on this particular issue.

  2. I would like to get more information about your online payment gateway. I am looking to integrate my web application with an affordable and dependable online payment gateway to serve customers in the middle east and GCC countries.

    What are the requirement to become a member of payment. And what are the technical requirement to integrate my application with your gateway. My app is developed using .Net c# .

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