August 1, 2019

Payment Depot Review

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What's the cheapest credit card processing for small businesses? It might be Payment Depot. Learn how they compare to Square, Helcim and PayPal.

Payment Depot

Overall Score




High Volume Business


Low Volume Business


New Business

5-point scale (the higher, the better)

Pros and Cons

  • Discounted membership
  • Free equipment with some memberships
  • Not cost effective for smaller businesses
  • Extra fees when returning equipment

Bottom Line

Good credit card processor for high-volume businesses

What Is Payment Depot?

Payment Depot is a payment processor mainly for high volume businesses. Their services are available for both in-person and online sales. They work on a membership basis.

Payment Depot charges a set fee per transaction, regardless of the amount.

  • Smaller businesses that do not process more than $25,000 transactions per month are charged a $0.15 fee.

  • Businesses with over $200,000 in monthly transactions are charged a $0.07 fee.

The services in their membership plans include data breach protection and PCI compliance. They partner with payment processors TSYS and First Data to provide you with lower rates. Payment Depot also works with the processors on your behalf.

Payment Depot Pros & Cons

© CreditDonkey

Payment Depot isn't for everyone. Keep reading for reasons why we love it and some reasons that we don't.


  • 24/7 Customer Service
    You can contact them any time via email, phone, or requesting a call-back online.

  • PCI-compliant Processing System
    Your transactions are always secure.

  • Fixed Fee per Transaction
    Payment Depot doesn't charge a percentage of sales, which could save you money on large sales.

  • Wide Range of Equipment Options
    These include mobile payment processing, terminal, ecommerce, and POS to fit the needs of individual businesses.

  • Free Equipment with Some Memberships
    If you have any existing terminals or credit card processing equipment, Payment Depot will reprogram them for free.

  • 100% Satisfaction Guarantee
    You can cancel at any time without additional fees or penalties.

  • Discounted Membership
    Choose an annual membership for a cheaper rate and 90-Day Money-Back Guarantee.

Understanding the 90-Day Money-Back Guarantee
Payment Depot offers a discount for annual memberships. If you are unhappy within the first 90 days, they will refund the entire membership fee.

However, you won't receive a refund of interchange or transaction fees.


  • Not Cost-Effective for Smaller Businesses
    The per-transaction fee may be too expensive for companies that make small transactions or those totaling less than $2,000.00 per month.

  • Extra Fees When Returning Equipment
    When canceling a contract, Payment Depot charges a 20% restocking fee for returned equipment. If you choose to keep the equipment, you will be required to pay the full retail cost.

  • No Premier Customer Service for Small Businesses
    Only businesses with monthly transactions greater than $25,000.00 have access to a premier customer service representative assigned to your business. Payment Depot does offer 24-hour customer service for other plans, however.

Packages & Fees

Payment Depot offers four plans that are ideal for every business type. Each comes with a monthly fee plus any interchange fees charged by merchant accounts. Payment Depot does not charge a percent markup fee in addition to interchange costs.

Payment Depot completes fund transfers by the next business day.

Keep reading to find the right plan for your business.

Basic Plan
The Basic Plan costs $49.00 per month and has a monthly processing limit of $25,000 in total transactions.

Each transaction will be charged a $0.15 fee. Other benefits include:

  • Free payment gateway
  • Free reprogram of existing equipment
  • Rate protection
  • Chargeback/risk monitoring
  • No cancellation fee
  • Next day funding

Most Popular Plan
The Most Popular plan costs $79.00 per month and is ideal for businesses that charge a maximum of $75,000 in monthly transactions.

Each transaction is charged a $0.10 fee. Members are entitled to the same benefits as the Basic plan. Added benefits include:

  • Free mobile reader
  • Free terminal
  • Data breach protection
  • 24-hour Premier Support

Best Value Plan
This option costs $99.00 per month. The monthly transaction limit is $200,000, and each transaction is charged a $0.07 fee.

Members are entitled to the same benefits as the Most Popular plan and are given a free pin pad.

Premier Plan
The Premier Plan has no transaction processing limit, and transaction fees are only $0.05. The cost of this option is $199.00 per month.

Members are entitled to the same benefits as the Best Value plan and are also given free terminal updates every 2 years.

Processing More Than Your Plan Allows
If you happen to process more sales than the membership you pay for allows, Payment Depot will automatically bump you up to the next membership. You have the ability to change memberships as you need throughout the year, though, so you'll never feel stuck.

Equipment Options

Payment Depot offers several equipment options:

VeriFone VX520
The VX520 has a keypad, accepts swipe and chip payments, and is great for small businesses. The wholesale member price is $299.00.

Clover Flex
The Clover Flex allows you to accept swipe and chip payments. It helps manage your point-of-sale needs by working on the counter or as you walk around your store, restaurant, or salon. The wholesale member price is $449.00.

Clover Mini
The Clover Mini works as a powerhouse POS, accepts swipe, chip, and contactless payments, and even accepts gift cards. You can customize what your customers see on the 7-inch touchscreen. The wholesale price is $449.00 for the Mini and $499.00 for the Mini 3G.

Clover Station POS
This POS offers a 14-inch display and cash drawer. The Clover Station POS allows you to:

  • Print receipts
  • Accept swipe, chip, and contactless payments
  • Manage your customer database
  • Manage your inventory

The wholesale price is $1,499.00.

How It Compares

Square makes it possible to accept credit cards without going through the approval process for a merchant account. They do not charge monthly fees, but charge a set 2.75% fee on each transaction. Square is the best fit for small businesses or new businesses.

Like Payment Depot, Helcim offers a merchant services account. They charge a monthly fee (one for retail and one for online) and have interchange plus pricing. But Helcim offers transparent prices and no monthly minimums.

PayPal only serves online accounts and cannot be used in a retail environment. Like Payment Depot, they offer shopping cart integration and virtual terminals. However, customers must leave your website in order to pay via PayPal, which can result in shopping cart abandonment.

Bottom Line

Payment Depot is a great processing company for businesses that make large amounts of transactions. There are no interchange plus markup fees, so businesses have the potential to save a lot of money.

If you are a new business or process small credit card transactions, a service like Square or PayPal may be a better choice for your company.

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