238 W Chapman Ave Ste 201
Orange, California 92866
Sales 2: 888-715-9104
It’s likely that if you’ve been looking for a credit card processor, you’ve come across Payment Depot. While it hasn’t been around very long, the company has enjoyed a lot of name recognition as a “membership” style payment processor, offering no percentage markup and instead charging monthly membership and per-transaction fees.
Payment Depot offers certified quotes through the CardFellow marketplace. If you’re trying to determine if Payment Depot is the right choice for your business, here’s what you need to know about rates and fees, reputation, services, and more.
- Backstory and clarification
- What services does Payment Depot offer?
- Tell me about the rates and fees
- Can Payment Depot help with equipment?
- Is there a contract or cancellation fee with Payment Depot?
- Payment Depot’s reputation
Payment Depot was founded in 2013 in California and offers membership-based credit card processing accounts. The company uses First Data as its processing network and is a registered ISO of Wells Fargo Bank.
Before we get into the rest of the info about Payment Depot, there are a few things that need clarification. The company touts itself as the only processor to offer “wholesale” rates and states it charges “no markup” but neither of those statements is accurate.
Any processor that offers interchange plus pricing with true pass-through is essentially offering “wholesale” credit card processing. That is not exclusive to Payment Depot. Payment Depot’s membership model works by charging the cost of interchange, the same as other interchange plus processors, and then charging its own fee separately.
There is a markup when processing with Payment Depot, since Payment Depot needs to make money. A more accurate statement is that Payment Depot doesn’t charge a percentage of each transaction for their markup. Instead, they charge a flat per-transaction fee. That fee, other monthly fees, and the membership fee all contribute to Payment Depot’s markup.
Both of these statements are basically marketing phrases that aren’t strictly correct, but neither is negative enough to warrant not working with Payment Depot. The company does have the ability to offer competitive, transparent pricing and places certified quotes in the CardFellow marketplace. These explanations are included purely for clarification and educational purposes.
Payment Depot gives you the ability to accept major credit and debit cards in person, online, or using your mobile phone. For taking cards in person, you can choose to use handheld and countertop terminals, full point-of-sale solutions including tablet-based systems, or mobile readers that connect to your smartphone. Internet orders can be processed by setting up an Authorize.Net payment gateway to allow your customers to make purchases directly through your e-commerce website.
Payment Depot boasts automatic deposit of your funds in 1-2 business days.
Customer service is available 24 hours a day, including Spanish-speaking support. The Payment Depot website also boasts automatic deposit of your funds in 1-2 business days.
Payment Depot charges using membership and per-transaction fees on top of interchange costs, and that’s how they quote through CardFellow. There is no percentage markup when processing with Payment Depot. In the CardFellow marketplace, you’ll still see Payment Depot’s quote broken down so you can easily view all the rates and fees and won’t be hit with hidden expenses.
Payment Depot’s membership and transaction charges are based on volume. When you enter your processing details to get a quote from Payment Depot, the correct membership and transaction amount for your particular business will be disclosed in your quote. Yearly memberships range from $199 and $0.25 per transaction for businesses processing less than $10,000/month to $599 and $0.10 per transaction for businesses processing less than $100,000/month. Memberships may be paid monthly instead of yearly, but the costs are higher. Yearly memberships are about 20% less expensive than paying monthly.
You can also change your membership package at any time. If you process more than the allowance for your current plan, you will automatically be moved to the plan with a processing allowance that fits your processing volume when your plan renews annually.
Get a quote
Or, if you’d rather see for yourself what the exact costs for your business will be, sign in to your CardFellow account and request a quote from Payment Depot. If you don’t have a CardFellow account, you can create one in just a few minutes, for free. (And don’t worry, we’ll keep your contact information private! We know that getting tons of sales calls is no fun.)
It sure can. Payment Depot has several options. If you already have equipment, Payment Depot may be able to reprogram it at no cost. If you don’t have equipment, you can either purchase machines, or use a virtual terminal (included with some membership types) to key in transactions. Payment Depot can also set up Authorize.Net gateways, if you’d rather use that.
If you’re interested in purchasing new equipment, Payment Depot can get you set up with popular brands like Verifone. Since Payment Depot runs on the First Data processing network, they can also support First Data machines including the new Clover terminals.
Remember, if you choose a certified quote through CardFellow, there is never a cancellation fee. We prohibit any early termination fees for all certified quotes in our marketplace.
Additionally, Payment Depot’s 100% Satisfaction Guarantee allows full or partial refund of memberships for cancelled accounts. If you cancel your account within 90 days of when you opened it, Payment Depot will refund your entire annual membership fee. If you cancel after 90 days, Payment Depot will refund a pro-rated amount of your membership fee.
For equipment, you must return the Payment Depot terminal in good working order to receive credit for the terminal. If you do not return the terminal, you will be charged $299, to be deducted from your refund or paid by credit card to Payment Depot.
Payment Depot is a young company in the processing industry, but has started garnering a positive reputation, in part because of the marketing statements we discussed in the “Backstory and clarification” section above.
Payment Depot at the Better Business Bureau
Accredited since 2015, Payment Depot has an A- rating with the Better Business Bureau, and has had 2 complaints lodged against it. Complaints express frustration getting issues resolved related to fraud and chargebacks, and with payments processed online. In both cases, Payment Depot replied to the complaints, but the businesses were not happy with the proposed resolution in either instance.
Payment Depot according to the Payment Depot website
For insight from current clients, Payment Depot provides testimonials on their website, which include the company name of the reviewer to lend authenticity to the review. Reviews praise customer service and great pricing.
Payment Depot places certified quotes in the CardFellow marketplace, meaning it has agreed to play by our rules. CardFellow and Payment Depot have a legal agreement that dictates what can and can’t be done when placing certified quotes. By placing certified quotes in the CardFellow marketplace, Payment Depot agrees to a lifetime rate lock, no cancellation fee, fully disclosed quotes, and more.
While we disagree with how Payment Depot characterizes its offerings on its website and in marketing materials, we do agree with the underlying principle of Payment Depot’s services, which is essentially offering transparent interchange plus pricing. CardFellow stands behind all processors that place certified quotes in our marketplace, and that holds true for Payment Depot.
Do you use Payment Depot for credit card processing? Tell us what you think!
Unlike general web reviews, verified reviews are posted by businesses that have chosen the processor's quote through CardFellow's marketplace, and CardFellow has confirmed with the processor that the business is using its service. Businesses can update verified reviews at any time to ensure the review accurately reflects the processor's performance over time.
Review posted: 10/18/2016, last updated: 10/18/2016
Payment Depot helped me change processors in one day. As a store owner I appreciate this quick attentive service. The best advantage are their rates which are the lowest even factoring in the yearly membership fee. We’ve tried seven other cc processors and believe me when I say this one is the best! And their statements are easy to read and understand. Thank you Payment Depot.
Aerial Stunt Kites®
Review posted: 08/17/2017, last updated: 08/17/2017
CardFellow is a great service and results in the lowest possible credit card acceptance rates, a year in and I couldn’t be happier. Our processor Payment Depot is easy to deal with and the self audit even showed a tiny bit more savings to achieve.
Thank you so much for the kind words! We appreciate the opportunity to serve your business.
Sales Manager | Payment Depot
Review posted: 04/26/2016, last updated: 04/26/2016
Last month, with Payment Depot, Our actual blended rate was 2.28%. Pretty good overall, though up a bit from our initial rate of ~1.8% in the first few months we had them.
My only complaint is the PCI non-validation fee we’re being charged, for $19.95/mo. The Transarmor PCI-validation questionnaire that Payment Depot recommends is very complex, and requires extraordinary measures like setting up a completely separate unique network for your credit card processing equipment to communicate with the internet on. This is nuts, and unnecessary, since (I certainly hope) that the communications between the processing hardware and processor are strongly encrypted.
Unless you plan to dedicate a significant amount of time and effort to passing PCI-validation, add $240/yr to whatever quote you get from Payment Depot to account for this fee.
Per our discussion over the phone, please call or email me if there are any issues in the future. We weren’t aware of the struggles you were having and are more than happy to assist you in any way we can. Payment Depot has a complete in-house Customer Service Team dedicated to keep all of our merchants satisfied and will be working with you closely until its been resolved. We will also be crediting you back the $19.95 fee that you were charged last month. Your satisfaction is of the utmost importance to us and if you have any issues, please don’t hesitate to call or email.
In regards to your rate, I have your 5 month average of 2.03%. (i’m happy with that) Since we are interchange +0% its imperative that we continue to have discussions to ensure all transactions are processed correctly to maximize the rate coming directly from the Card Brands.
We appreciate the time you took to give us a review are happy to have you as a member.
Payment Depot | Sales Manager
Review posted: 02/14/2017, last updated: 02/14/2017
Very easy to sign up. Gave us a tremendous deal. We were paying around five percent with Signature. With Payment Depot, we’re paying around four.
Review posted: 02/14/16, last updated: 02/14/2016
This will be the first of what I see becoming a very positive business relationship. Start up is proceeding nicely and great communication with customer service team. Equipment being programmed and arriving week of Feb 15th. I was informed that the card processors will be pre-tested before sent….good idea. I was also made aware that we will have latest and up to date equipment.
Gary! We really appreciate the kind words. We are honored that you selected us and are looking forward to serving all your needs. Feel Free to call or email with any questions. Once you receive your first statement I will call and go over with it you, line by line. Once again, thanks for choosing Payment Depot!
Payment Depot | Sales Manager
Review posted: 12/29/2016
Review posted: 05/05/2017
Review posted: 08/17/2017
Review posted: 09/18/2017
Our campground has been with Payment Depot for a year now and all I can say is the experience has been phenomenal. The cost savings are real and the customer service has been terrific, they are clearly an anomaly in the marketplace.
Unlike verified reviews which are validated by CardFellow, web reviews can be submitted by anyone viewing this profile. While we validate these reviews as best we can, CardFellow does not verify that a reviewer is using or has used a processor's service.