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Payment Depot Review

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PROS / This payment gateway service has a unique pricing plan that is membership based.

CONS / This company's website does not have a live chat option.

 VERDICT / Payment Depot has a fast setup process, low rates and a single membership fee that makes it one of the best payment gateway options for small businesses.

While we reviewed payment gateway services, we looked for services with exceptional terms and costs, an easy-to-use application process and high-quality customer service. Payment Depot earns our Top Ten Reviews Gold Award because it possesses these qualities. Businesses of all sizes can find Payment Depot helpful. Approximately 75 percent of its customers are small or medium businesses, but it can also work with large companies.

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Costs & Fees

One of the things that sets Payment Depot apart from the other companies on our review is its unique pricing structure. In this payment process, you pay a per-transaction fee and the wholesale rate, which is the card-brand fee and interchange fee. Many of the payment gateway services we reviewed add a markup fee on top of the wholesale rate charge, but Payment Depot does not. Instead, it charges a per-transaction fee, which varies based on the amount of transactions processed by your business.

When we tested this processor, we gauged the costs for a business processing $10,000 or less each month. In this scenario, the per-transaction cost is $0.25. This is on the higher end of per-transaction fees that we saw in our review, but considering that Payment Depot doesn't charge a markup fee, the cost of each transaction is actually lower than other companies' charges in our review. This makes Payment Depot a solid choice for smaller businesses, but if your business processes less than $2,500 a month, this payment gateway company might refer you to PayPal or Square as a more cost-effective option for you.

Unlike most of the other payment gateway services we reviewed, Payment Depot doesn't charge many of the common fees in the industry. It does, however, charge a membership fee, which can be paid monthly or yearly. If you choose to pay yearly, the cost ends up being considerably lower than paying it month-to-month. There are no PCI-compliance fees or monthly minimums for you to worry about. These types of fees are included in the membership fee Payment Depot charges.

If you want to expand your business to include online sales, you need to open a separate account with this service called a merchant account. This is common across the industry. You should know that the interchange rate for online accounts is higher than what you would normally pay for standard retail, but the other costs and fees are the same. This processor does not charge a monthly gateway fee.

Payment Depot can provide EMV-compliant terminals for slightly cheaper than the average price of the processors we reviewed. This is important because, as of October 2015, most credit and debit cards will have EMV microchips in them. Merchants that don’t have compliant terminals available to process these cards will be held responsible in the event of security breaches that occur at that register.

When selecting a payment gateway service, transparency and consistency in pricing and fees information is an important item to consider. Payment Depot has its fees, pricing and terms available on its website, which helps you make your decision. When we contacted Payment Depot, its representatives confirmed the information on the Payment Depot site. Every time we were in contact with someone from this company, the information we received was consistent throughout our communications.

Setup & Service

We gauged how easy the application process is for each of the services we reviewed. Payment Depot's application process was quick and easy to access as you can apply online and sign your paperwork electronically. Overall, the process takes about ten minutes. You also need to provide Payment Depot with a voided check, but this can be sent electronically. Overall, this payment gateway service offers first-rate setup and service terms and few contractual obligations.

You can sign up for an account with Payment Depot on month-to-month terms with no cancellation fee if you end up closing your account for any reason. There's no contract, which gives your business more flexibility if changes need to be made. You can also try Payment Depot with its 90-day trial, which can help you decide if this is the right processor for you. If you pay the annual rate of the membership fee upfront, you will be refunded a pro-rated portion of the fee if you choose to cancel after the 90-day trial is over.

It takes one to two days to approve your application with Payment Depot, and there is no setup fee. When you're processing transactions with this payment gateway service, the funds from transactions take one to two days to be deposited into your account. This is a standard amount of time across the industry.

Customer Support

Whenever you contract with a company, you want to make sure the customer service is top-notch so that you can always get the help you need, whenever you need it. We tested Payment Depot's customer service, and the staff we communicated with were knowledgeable about their company's processes, including rates and fees. They helped us understand the pricing structure and the importance of EMV compliance. The agents we spoke with followed up with us on several occasions, through both email and phone.

Upon signing up for an account with Payment Depot, a dedicated account rep is assigned to you. This person becomes your primary contact in the company. 24/7 phone support is also available, though no live chat is available on this company's website.


We evaluated Payment Depot as one of the best in rates, fees, setup terms, ease of application and customer service, which are important categories to consider when choosing a payment gateway service. This service has a simple rate setup and only charges a membership fee, which you can pay monthly or annually. It has a quick setup process that's typically done in a few days. Payment Depot has high-quality customer service and gives you a single point of contact for customer service when you sign up to work with it.

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