Company Profile
The merchant services provider known as Payment Depot by Stax tries to make a difference in the credit card processing niche by implementing a membership approach that is cost-saving for the clients. The company is working with a monthly membership fee structure as well as a low transaction fee structure which is based on the client’s yearly processing volume. The company charges almost no fees and does not impose a long-term contract. In this review, we will be diving deeper into what Payment Depot can offer to businesses and whether or not it could be a suitable solution for you.
Why Choose Payment Depot
You should choose to work with Payment Depot if you are a business that processes over $125,000 per year. This is because when it comes to costs, small-volume businesses might be at a disadvantage. You should also choose this company if you are a US merchant who doesn’t necessarily want to be bound by a long-term contract and that isn’t at high risk. Last but not least, if you want an easy-to-use POS system with high compatibility, this could be the right choice for you and your business.
What Payment Depot Offers - Features and Functionality
Features and uses
- Processing services: Payment Depot is not a direct processor in itself which is why it’s partnering with Fiserv and TSYS to offer those processing services. Still, the company will not only be responsible for setting up your account but it will also manage it. However, there might be instances when you will have to deal with your processor directly. Unless you are a Clover client (which works on a Fiserv account), the company will place you on the TSYS platform
- POS systems: because it works with Fiserv, this company offers Clover POS systems like the Clover Station Pro and the Mini LTE. If you onboard using the TSYS platform, you will work with the Vital Select POS system;
- Credit card terminals: Payment Depot offers an entire line of standard terminals for credit card payment processing such as Dejavoo, Ingenico, SwipeSimple, etc. Among the accepted payment methods are magstripe, EMV, and NFC-based. You can buy the terminals along with a software load and a warranty
- Smart credit card terminals: as for smart credit card terminals, the company offers the Poynt Smart Terminals and Clover Flex if you want to benefit from the possibility to install extra apps and use color touch screens.
- Mobile payments: SwipeSimple is the third-party app that Payment Depot uses for mobile payment processing. You can get it from both the iOS and Android app stores and works on both tablets and smartphones. However, you will also need a card reader for this task and the company offers the SwipeSimple B250 that accepts all aforementioned smart pay methods and can be connected to your device via Bluetooth.
- Virtual terminal: regardless of what payment plan you pick, you will also get a free virtual terminal that will allow you to use your Windows computer as a terminal for credit cards. You can also get an actual card reader if you prefer swiping but that is optional.
- Payment gateway: in case you run an eCommerce business, you will need a payment gateway and Authorize.Net is the most used one. However, there are many other options available and it seems that you will pay the fee for the chosen payment gateway with the monthly membership.
- Business funding: the company also offers merchant cash advances in case your business needs some financial help at some point. Funding usually takes about 24 hours and it can be as high as $500,000. The repayment terms for it can go for as long as 18 months.
Plans & Pricing
There are three standard membership plans that businesses can pick from when working with Payment Depot.
- Starter: this is mostly for small and medium-sized businesses with a maximum annual processing limit of $125,000. The monthly fee is $59, the per transaction fee is intercharge plus 0% plus $0.15 and it comes with a mobile card reader or basic terminal, access to the main payment gateway, and a virtual terminal;
- Starter Plus: this is mostly for medium to bigger-sized businesses that are omnichannel. The maximum annual processing limit for this plan is $250,000. The monthly fee is $79 and the per transaction fee is intercharge plus 0% plus $0.10;
- Growth: this is mostly for large and very large businesses. The maximum annual processing limit for this plan is $500,000. The monthly fee is $99 and the per transaction fee is intercharge plus 0% plus $0.7 and it also includes a dedicated manager for customer support as well as data breach protection. Payment Depot also offers a 90-day trial during which you can see whether or not any of the aforementioned plans are good for you. There is also the possibility to pay annually instead of monthly and you might even save some cash.
- Custom: last but not least, you can also contact the team and ask for a completely customized plan. The staff members will help you choose the equipment that you need and will do everything in their power to create a plan that will suit your business model, growth rate, and annual processing limit.
Ease of Use
The Payment Depot POS system is very easy to use even for inexperienced customers. The systems in general as well as the hardware equipment come with clear instructions and an intuitive interface. Plus, there are service representatives who can help you out when it comes to choosing the right equipment for your business needs. If you already own hardware equipment, the team will help you reprogram it so it becomes compatible with the new software.
Customer Support
Anyone can get in contact with the Payment Depot team by calling the number on the website which is (877) 877-7668. The preferred time to call is between 8 AM and 5 PM PT and from Monday to Friday if you want to get a hold of an employee. They also have a few different numbers such as a toll-free one that you can also call. Customers can also send the company an e-mail at support@paymentdepot.com and ask for support. There is also a FAQ section on the website which offers answers to some of the most popular and basic questions that a client might have.
Contract Terms
Payment Depot is one of the few payment processing companies that truly offer monthly subscriptions to its clients. The company does not impose long-term contracts on its clients and doesn’t have automatic contract renewal clauses which could make things difficult if you ever want to give up. However, there is a merchant agreement that will cover your collaboration with Payment Depot which is why everyone should review the terms and conditions that are present there before jumping in this boat. There are no cancellation fees to be paid and the company will immediately start processing your request. However, if you have already completed some transactions during that specific month, the cancellation will take effect at the end of the month. When it comes to chargeback, you have 120 days to file for one.
Conclusion
To sum it all up, Payment Depot can be an astonishing collaborator if you run a business that fits within its limitations, especially the annual processing limits. The company has an A+ rating from the Better Business Bureau and mostly positive feedback online. Plus, the fact that you are not required to have a long-term contract, that you can pay on a monthly basis and cancel anytime you want, and that the overall hardware and software offer is attractive makes Payment Depot worth trying.
However, keep in mind that for a small business with an annual processing limit that’s below $10,000, the amount that you will need to pay may be too much. Still, the company makes these limitations very clear and doesn’t say that its solutions fit all businesses, big and small. As for its customer service, most online reviews are praising this aspect of the company and recommend it based on the dedication and professionalism level of the support team. Last but not least, make sure that you know that Payment Depot does not accept high-risk merchants and that it can also offer completely custom-made plans that will fit your business like a glove.