Our Take
4.0
The bottom line:
Payment Depot
on Payment Depot's website
Pros & Cons
Pros
- Businesses save when customers use cards with low interchange rates.
- Compatible with several POS hardware providers, including Clover.
- 24/7 support.
Cons
- Hardware pricing is quote-based.
Full Review
“Payment Depot stands out for its customized interchange-plus rates, but you won’t be able to start accepting transactions immediately. Businesses need to reach out for a quote and go through an in-depth underwriting process.”Hillary Crawford, small-business writer at NerdWallet
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Source: YouTube
Payment Depot is best for businesses that:
- Prefer an interchange-plus solution: As opposed to flat-rate pricing that charges the same rate per transaction, regardless of how interchange rates fluctuate, Payment Depot’s interchange-plus model passes along the interchange rate and a consistent percentage on top of it. That means you save when customers use cards that carry low interchange fees. If you expect your business to grow and complete more sales as the years go on, interchange-plus pricing will likely result in lower processing costs than flat-rate pricing.
- Want rates tailored to their business: Payment Depot isn’t the only interchange-plus processor, but it’s one of the few that tailor markups to your business. This may leave some room for negotiation when it comes to how much you pay on top of interchange. Other interchange-plus processors, like Helcim, charge the same margin across business types, unless you qualify for a volume discount.
Deciding factors
Payment processing model | Interchange-plus. |
Payment processing fees | 0.2%-1.95% plus interchange. |
Monthly fee | $0. |
Hardware cost | Sells card readers as well as countertop and mobile POS hardware from Clover, Dejavoo and SwipeSimple, but prices are undisclosed. You have to request a quote. |
Contract length | No long-term contracts or termination fees. |
Customer support | 24/7 phone and email support. |
Where Payment Depot stands out
Interchange-plus pricing
Compatible with different hardware
Around-the-clock customer support
Where Payment Depot falls short
Hardware pricing isn’t transparent
Alternatives to Payment Depot
Square
- $0 for Square POS, Restaurant, Retail and Appointments Free plans.
- $29 for Square Appointments Plus plan.
- $69 for Square Appointments Premium and Square Restaurants Plus plans.
- $89 for Square Retail Plus plan.
- $165 for Square Restaurant Premium plan.
- Custom pricing for Square Retail plan.
- 2.6% plus 10 cents for in-person transactions.
- 2.9% plus 30 cents for online transactions.
- 3.5% plus 15 cents for manually keyed transactions.
- 3.3% plus 30 cents for invoices.
- $0 for Square magstripe-only card reader ($10 for each additional reader) or if using Tap to Pay for iPhone (iPhone not included).
- $59 for Square Reader contactless and chip card reader.
- $149 for Square Stand iPad POS or Square Stand Mount (iPad not included; monthly financing available).
- $299 for Square Terminal mobile card reader with built-in printer (monthly financing available).
- $799 for Square Register two-screen system (monthly financing available).
Payline
- $10 for in-person sales.
- $20 for online sales.
- Interchange plus 0.4% and 10 cents for in-person transactions.
- Interchange plus 0.75% and 20 cents for online transactions.
on Payment Depot's website