Updated June 3, 2023

Payment Depot Review

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Is Payment Depot the best merchant service provider for your business? See how it compares to credit card processors.

5-point scale (the higher, the better)

Pros and Cons

  • Affordable membership pricing
  • Cancel anytime
  • Not ideal for small businesses
  • Equipment return fee

Bottom Line

Cheap merchant account provider for high-volume businesses

Payment Depot by Stax is a full-service merchant account provider ideal for larger, high-volume businesses. It has a unique membership plus fixed-rate pricing model to minimize fees.

With low costs, free cancellation, and 24/7 customer support, Payment Depot is worth considering if you process at least $10,000 in sales each month. However, there are some downsides to consider.

Is it an affordable option for your business? Let's dive into the review.

What Is Payment Depot?

Founded in 2013, Payment Depot is a subscription-based merchant account provider mainly for high volume businesses.

Payment Depot partners with payment processors TSYS and First Data to provide credit card processing services.

It offers processing services for both in-person and online sales. It works on a membership subscription pricing with a small set fee per transaction, regardless of the amount.

Payment Depot is best for:

  • High volume businesses processing $10,000 per month
  • Businesses with large average ticket size
  • Retail, restaurant, B2B, eCommerce, and professional services

Payment Depot fun facts:

  • Used by Subway, Dominos, Sprint, and Boost Mobile.
  • Is a BBB Accredited Business with an A+ rating.
  • Currently processes over 3 million transactions each month, with over $4 billion in sales processed annually.

Visit Payment Depot

Payment Depot Pros & Cons


  • Transparent membership pricing
  • All plans include free gateway and virtual terminal
  • Next day funding
  • Cancel anytime with no cancellation fees
  • 24/7 customer service via phone and email


  • Not ideal for small businesses
  • 20% restocking fee for returned equipment
  • Doesn't accept high risk merchants

Keep reading for the in-depth Payment Depot review.

Pricing & Fees

Payment Depot has a membership based pricing plan. You pay a monthly fee for use of the service.

For each transaction, instead of charging a percentage markup, Payment Depot only charges a small fixed fee, plus the required interchange fees charged by the credit card networks.

Payment processing cost

  • Swipe Rate: Interchange rate + $0.08
  • Online Rate: Interchange rate + $0.18
  • Keyed-in Transaction Fee: Interchange + 18¢

The monthly subscription fee covers stuff like:
  • Set up and administration fees
  • PCI compliance fees
  • IRS reporting fees
  • Statement fees

Payment Depot offers membership pricing plans depending on your monthly processing volume.

  • Pricing Plans start at $79/month (Process up to $250,000/year)
  • Custom quote if you need to process more than $250,000 annually.

The subscription prices are determined by processing volume and do not include cents per transaction.

What if you process more than your plan allows:
If you frequently process more sales than your plans allow, Payment Depot will talk to you about a different membership tier. You can also change memberships as you need throughout the year, so you don't need to feel limited by your plan.

Contract and Termination

Payment Depot operates on a month-to-month basis. You can cancel at any time with no cancellation fees, so you're never locked in.

If you return any equipment after cancellation, there will be a 20% restocking fee. If you choose to keep the equipment, you'll be charged for the value of the terminal.

Products And Services

Here are some features that Payment Depot offers:

Free payment gateway
All accounts get a free payment gateway for processing credit cards online. Payment Depot mostly uses Authorize.net as the payment gateway provider. It can integrate your existing Authorize.net account, or set up a new account for you.

Free virtual terminal
You also get a free virtual terminal that lets you manually key-in orders directly into a web browser. This is necessary for phone orders or if you experience an equipment problem.

Mobile POS
Payment Depot uses SwipeSimple to provide a mobile POS solution for those taking payments on their smart device. You can process mobile payments with the SwipeSimple app.

Next day funding
You can get your funds in your bank account the next day if you process your batch by 5 PM Central time.

Equipment Options

Payment Depot gives you the option to purchase equipment, OR to reprogram your existing equipment for free.

If you're purchasing equipment, Payment Depot offers these equipment options:

Standard Terminals

  • First Data FD150
  • Dejavoo Z11 TriComm
  • SwipeSimple Terminal

Smart Terminals

  • Clover Flex
  • Poynt Smart Terminal

POS Solutions

  • Clover Mini LTE
  • Clover Station Pro
  • Clover Station POS


  • SwipeSimple B250


Not for smaller businesses
Payment Depot only works with larger businesses averaging sales of at least $15,000.00 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.

Doesn't accept high-risk accounts
Payment Depot doesn't work with high-risk merchants. So if your business falls under that category, you'll have to look for another provider. Some high-risk industries include travel, medical, and financial services.

Payment Depot may also deny you if you have bad personal credit or if your business has an unfavorable reputation.

How to Get Started with Payment Depot

To get started, you can either fill out the form online or speak with a rep at 1-866-676-0771. You'll be sent a link to the official application.

Some things you'll need to provide include:

  • Physical business address (store front, office, or even home)
  • Federal Tax ID number (not needed for sole proprietors)
  • Social Security Number
  • Voided business check to confirm your correct banking information

Then you'll go through an approval process to make sure that your business is trustworthy and meet basic standards. A credit check will be run as part of the approval process, as well as other things like business verification, chargeback history, etc.

Payment Depot does not accept businesses deemed as high risk.

Approval will be typically in 24 hours. A representative will contact you about equipment options. You'll get your machine in a couple of days and can start swiping cards.

If you're not approved, Payment Depot will even recommend other options better suited for you.

How It Compares

Square lets you accept credit card payments without your own merchant account. It's most suitable for new and small businesses because of its perks and pricing model. There are no monthly fees. And swiped transactions cost 2.6% + $0.10, while online transactions cost 2.9% + $0.30.

Square also provides one free swipe reader (chip and contactless reader costs extra). And it comes with a free online store and free virtual terminal.

Square also has a powerful all-in-one POS app. It has many functions including employee and inventory management, invoicing, gift cards, customer installment plan, and loyalty program. All in all, Square provides a comprehensive solution for small business owners.

Helcim is another merchant services account provider that uses interchange-plus pricing. It's best for high-volume businesses because the more transactions you process, the less you'll pay per transaction. But note that there's a fee of $15/mo for retail and $35/mo for online businesses.

It also offers month-to-month contracts with no cancellation fees.

PayPal Here
PayPal Here is great if you want to accept PayPal payments, which gives your customers more options. You can add a PayPal button on your site or even accept PayPal payments in-person on the mobile POS.

It has a flat-fee pricing of 2.7% for swiped and 2.9% + $0.30 for online transactions. This pricing model works best for small, low-volume businesses.

Bottom Line

Payment Depot may be one of the cheapest processing options for businesses that make large amounts of transactions. Despite the monthly membership fee, the very low per-transaction fee with no percentage markup can save you a lot in the long run.

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.

Payment Depot

Save 40% or More

  • Wholesale Rates
  • Membership Fee Model
  • No Cancellation Fees
Square Reader: Free Mobile Credit Card Reader

Square Reader: Free Mobile Credit Card Reader

  • Pay 2.6% + 10¢ Per Swipe for Visa, Mastercard, Discover, and American Express
  • Accept Credit Cards Anywhere
  • Fast Setup, No Commitments
Stax by fattmerchant

Save Up to 40%

  • Flat Monthly Subscription Price, Starting at $99
  • 0% Markup on Direct-Cost Interchange
  • 24/7 Support

Eliminate Credit Card Processing Fees With Surcharging

Accept Credit Cards at 0% Cost and Increase Your Margins Instantly

Chase Payment Solutions

Chase Payment Solutions℠

  • Never miss a sale with powerful new ways to accept credit cards, anytime, anywhere. Accept payments multiple ways – in person, online or over the phone.
  • Fast funding at no additional cost. Get deposits as soon as same day.
  • Get fair and transparent pricing with no hidden fees. 2.6% rate +10¢ per tap, dip and swiped transaction. 2.90% + 25¢ per eCommerce transaction and monthly fee starting at $9.95. 3.5% rate +10¢ per keyed transaction.
  • Trusted security – As technology advances, our industry-leading systems help keep your payments and customers safe.
  • Get paid fast and manage your business from anywhere with the Chase Point of Sale system. Use our mobile app, reader and terminal to take payments via tap, dip and swipe.
  • Accept cards online or over the phone with our payment gateway or use our pre-built payment integrations to leading eCommerce platforms and virtual terminal options.
  • Process payments with Chase Payment Solutions, the #1 merchant acquirer in the U.S.
  • Tap to Pay on iPhone offers you the ability to accept contactless cards, Apple Pay and other digital wallets on your iPhone – no additional hardware required.
  • Chase Customer Insights is a complimentary business intelligence platform that offers simple, actionable analytics and reports to help you make better business decisions and reach more customers.

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Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.


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