2022 Payment Depot Review: Is It Right for Your Business?

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The Payment Depot is a system that allows businesses to receive payments on the blockchain, which means it’s faster and cheaper than traditional payment methods. If you’re interested in what this technology can do for your business, read through our review of this platform so you know whether or not it will be right for your company.

The “payment depot vs square” is a comparison of two popular payment processors. The payment depot offers free transactions, but does not offer the same benefits as Square.

Depot for Payments is a merchant services company that helps established small companies handle credit card payments at wholesale prices. Its features include rate protection, chargeback and risk monitoring, shopping cart integration, next-day financing, Payments through mobile devices, and a virtual terminal, and it is suitable with retail, restaurant, B2B, mobile, ecommerce, medical, and professional services organizations. Depot for Payments’s wholesale membership is $59 per month and includes interchange-plus transaction fees as well as Reprogramming of devices is provided free of charge..

Depot for Payments

Cheapest-Credit-Card-Processing-Companies-for-2021

What We Enjoy

Money-back guarantee for 90 days
Online, in-store, and mobile processing all in one membership
Many prominent POS systems and ecommerce platforms are supported.
Reprogramming of devices is provided free of charge.

What Isn’t There

For established, developing enterprises, membership pricing is excellent.
There are no built-in capabilities for processing recurring payments or managing chargebacks.
Only for merchants based in the United States

Factors to Consider

No long-term commitment; monthly fee: $59–$99 (depending on processing volume).
Fees for transactions:
- Interchange additional 8 cents if a card is presented.
- If you don’t have a card, you’ll have to pay an extra 15 cents in exchange.
There are no setup, cancellation, chargeback, or other costs.
SwipeSimple mobile card readers start at $49 and go up from there.

Visit Depot for Payments

What We Recommend Depot for Payments For

In general, Depot for Payments offers some of the best merchant services for small businesses. We’ve spent countless hours evaluating and reviewing dozens of payment processors and merchant services, and, overall, this platform has some of the most honest and transparent sales practices and pricing we have seen.

When it comes to specific benefits, Depot for Payments is ideal for:

Low-cost credit card processing: Depot for Payments’s membership pricing model and low transaction fees make it one of the most affordable credit card processors for many businesses.
High-volume businesses using virtual terminals: Depot for Payments offers a choice of free third-party virtual terminals compatible with both retail and restaurant businesses and gives huge savings for its low transaction fees. It’s even one of our top-recommended virtual terminals for small businesses.
Restaurants with a high check average: If you operate a food-based business, Depot for Payments may effectively lower your processing costs, especially if you do online sales. It ranks among the best restaurant payment processors.

When Depot for Payments Would Not Be a Good Fit

Businesses wanting no monthly fee: Though Depot for Payments offers a good value for established businesses, the high monthly subscription fee isn’t ideal for new, low-volume, and occasional sellers. See our guide to the best free merchant accounts.
Businesses seeking for a mobile point-of-sale (POS) solution: It does not offer a native mobile POS solution. Even if it integrates with SwipeSimple to provide mobile processing, one of these major mobile POS software will provide you with superior assistance for operating your mobile company.
Businesses accepting recurring payments: Similar to Payments through mobile devices, Depot for Payments does not have a native recurring payments tool. However, Stax now powers Depot for Payments’s payment services and is our recommended provider for growing businesses that need to process recurring payments.
High-risk merchants: It does not provide merchant accounts to companies who operate in high-risk sectors. If you run a high-risk company, have a look at our list of the finest high-risk merchant account providers.

Depot for Payments is available only to merchants in the US, so if you’re based elsewhere or have plans to expand internationally, you may want to consider an alternative, such as Stripe, Helcim, and PayPal. Depot for Payments can effectively lower processing fees for many merchants, but if you have low transaction amounts and volume, it could be an unnecessary added cost.

Depot for Payments Alternatives & Fees Comparison

Since the last time we updated:

While Depot for Payments has no official announcement as of this writing, major changes are clearly happening. Probably the most telling is its website logo having been updated to “Depot for Payments by Stax.” Its terms of service (TOS) has also been updated as of February 2022 to name “Stax” as its merchant service provider. As with any business mergers, this often signals service improvement and changes in pricing and policies.

Changes in Application and Pricing

Depot for Payments’s pages that provide a 10-minute online application with 24-hour approval have been archived and replaced with an online contact form. And while it continues to offer membership plans, its monthly fees have decreased ($79 is now $59), along with its processing limits.

Depot for Payments Pricing

Depot for Payments uses an interchange plus membership pricing model, which means you pay a monthly cost in exchange for wholesale interchange plus rates from the card networks. The only other fee you pay is the per-transaction processing of 8 or 15 cents.

You can also request custom-priced plans. Depot for Payments can quote you a higher monthly fee (if your business processes more than $500,000 annually) or adjusted processing rates (for small-ticket merchants). Contact its sales team by phone or email to request a quote.

Additional & Other Fees

Depot for Payments doesn’t charge PCI compliance, chargeback, setup, cancellation, and other miscellaneous fees. Everything is included in the monthly membership fee, and there is no long-term contract. However, some integrations may cost extra so keep an eye on the pricing details indicated on your merchant application form before signing.

When you need new hardware, Depot for Payments may provide free equipment, depending on your plan, or help you reprogram your existing terminal for free. It can also help you purchase new equipment starting at $49. Otherwise, you can use its free key entry virtual terminal that allows you to accept keyed-in card payments from any web browser.

Depot for Payments Hardware

Depot for Payments offers a selection of mobile readers, POS terminals, smart terminals, and standard terminals. Brands include Clover, Poynt, Vital, SwipeSimple, Authorize.net, Dejavoo, Fiserv, Ingenico, and Pax.

Depot for Payments Features

Setup & Application

Applying for a merchant account with Depot for Payments starts with filling out a contact form, which you can get from choosing one of the subscription plans on the pricing page or just by clicking on any “Get Started” button that you can find on its website. You can expect a Depot for Payments representative to contact you within 24 hours, and from there, they assist you with all information and documentation you need for securing a merchant account.

While there are subscriptions to choose from, your pricing can be customized. Approval time will depend on your preferred subscription plan as this coincides with your estimated annual sales volume. Depot for Payments will ask for more documentation and take more time to approve underwriting if you process more transactions.

Also, it provides users with free equipment along with a subscription. This includes POS terminals, smart terminals, and standard terminals. All Depot for Payments plans come with a Money-back guarantee for 90 days, so if you’re unhappy with the service, you can cancel without penalty—and get your money refunded.

Contract & Terms of Service

As we mentioned, Depot for Payments’s terms of service had a major update in February, with the main change being its adoption of Stax as its merchant service provider/entity behind payment processing. This also comes with an update on its authorization fees, which now follows Stax Pay’s pricing.

As with all providers that offer month-to-month subscriptions, Depot for Payments’s TOS is pretty straight forward. Once you have thoroughly read and understood your fees as detailed on your merchant application form, you can give the TOS a closer look.