Processor Directory > Payment Depot

Payment Depot Review

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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.
About this processor:









First Data, TSYS

Acquiring Bank(s)


Wells Fargo

"Membership"-style pricing is a spin on interchange plus. Essentially, you pay a higher monthly or annual "membership" fee but no percentage markup to the processor.

Many businesses think that means there's no percentage charge at all. It's important that you understand you'll still pay percentage-based fees, it's just that Payment Depot doesn't keep those fees. We'll cover this in depth in the rates section of this review.

Note: Payment Depot offers certified quotes through the CardFellow marketplace. You can request an instant quote to review in private through this profile or by creating a free CardFellow account.

History and Explanations

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 completely accurate.

“Wholesale” Rates

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.

When Payment Depot (or any processor) refer to wholesale, they're talking about two components of processing costs: interchange and assessments. Interchange is the largest component of cost. It goes to the banks that issue cards to your customers, and it's the same for every processor. Assessments are smaller charges that go to the card brands (Visa, Mastercard) and is also the same for every processor.

Interchange + assessments together are the "wholesale" cost of processing. If you paid only wholesale, a processor would break even, making no money on your account. 

Of course, processors are businesses and they need to make money, too. So they charge a markup, or a fee on top of the wholesale costs. 

Companies (like Payment Depot) that charge you the "true" wholesale cost (that is, the rates and fees set by the banks and Visa/Mastercard) can truthfully say that they're offering you "wholesale" pricing.

Companies that "pad" interchange or assessments are not offering you wholesale rates. 

With that cleared up, let's discuss markup - the way that processors make money.

“No Markup”

Every processor charges a markup. As noted above, if a processor only charged you wholesale and no markup, they wouldn't make money and would quickly be out of business. 

What varies is how they charge it. Processors can charge a markup separate from wholesale, or they can bundle it together. It's more transparent to charge it separately, which Payment Depot does.

While there is a markup, 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.

"Wholesale rates" and "no markup" are basically marketing phrases that aren’t strictly correct, but neither is negative or misleading enough to warrant not working with Payment Depot. The company's website does explain that there are costs and the company doesn't publish "teaser" or "starter" rates.

The company does have the ability to offer competitive, transparent pricing and places certified quotes in the CardFellow marketplace. The explanations we've provided here are included purely for clarification and educational purposes.

What services does Payment Depot offer?

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 ize.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.

Breach Protection

In late 2018, Payment Depot announced that breach protection would be included in annual membership fees. Breach protection comes from North American Data Security RPG, a risk purchasing group and is available to businesses that have not yet had a data breach or security compromise and are not level 1 merchant

The policy provides up to $100,000 of protection per merchant account, up to a limit of $500,000 for businesses with 5 or more merchant accounts. 


Payment Depot generally markets itself to traditional retailers and restaurants. The company does not offer high risk merchant accounts.

Additionally, if you're looking to integrate your credit card processing with QuickBooks, Payment Depot will not be the right fit. 

Payment Depot prefers not to handle "specialty" processing scenarios. If you need processing for a business that fits the criteria above, CardFellow can help you locate a good fit at great pricing. 

Rates and Fees

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 website lists the following plans:

Payment Depot pricing

As you can see, the basic plan will cost you $49/month plus 15 cents per transaction, on top of the costs of interchange and assessments. It ranges up to $199 plus 5 cents per transaction on top of the costs of interchange and assessments for the Premier plan. Remember, Payment Depot does not control interchange or assessments, but you'll still be charged those costs. 

Note that pricing may be lower within the CardFellow system. Additionally, getting a Payment Depot quote through CardFellow will provide you with an estimate of the costs of interchange and assessments so you can see what your "all in" rates will be.

Fill out an instant quote request form to see Payment Depot pricing.

Volume Limits

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.


For businesses that need equipment, Payment Depot has several options. 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 ize.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.

If you already have equipment, Payment Depot may be able to reprogram it at no cost. 

Is there a contract or cancellation fee with Payment Depot?

Remember, if you choose a certified Payment Depot 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 Reviews

Payment Depot is a fairly young company in the processing industry, but has started garnering a positive reputation, in part because of the marketing statements we discussed in the history and explanations section above.

The company is often praised for transparency and for offering a simpler approach to fees.

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.

The company includes video testimonials with customers explaining how they saved money or had positive experiences with customer service staff. 

CardFellow’s Experience

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 felt it necessary to add some clarification to how Payment Depot characterizes its pricing on its website and in marketing materials, we do agree with the underlying principle of Payment Depot’s services, which is to offer transparent interchange plus pricing. We find that Payment Depot strives to be upfront about costs and does not engage in the sort of deceptive practices that many tiered pricing processors employ.

CardFellow stands behind all processors that place certified quotes in our marketplace, and that holds true for Payment Depot. When you work with Payment Depot through CardFellow, you'll have a dedicated rep at Payment Depot and can also contact CardFellow if you have any questions or concerns. This dual customer service approach ensures that you'll get fast, accurate answers from payment experts. 

Do you use Payment Depot for credit card processing? Leave a review!


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.

From Marci, on May 28, 2020


There service is exactly what they say it is. They even go overboard to help me find solutions to new changes in our business.

From Stitch Niche, on Nov 04, 2019


Great !!!

From Jeff, on Sep 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.

From Jill, on Aug 17, 2017


From Scott, on Aug 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. James Britton Sales Manager | Payment Depot (714) 922-9984

From Paul, on May 05, 2017


From Tony, on Feb 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.

From Bradley, on Dec 29, 2016


From Ruth, on Oct 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. Ruth Hackman Aerial Stunt Kites®

From Andrew, on Apr 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. James Britton Payment Depot | Sales Manager

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.

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Posted by Ben on Oct 06, 2020


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