Payment Depot is an up and comer with their out-of-the-box methods

10-second breakdown:

Payment Depot might be the new kid on the block, but their ease of setup, innovative pricing structures and remarkably low rates make them an easy choice for number one credit card processor. Payment Depot charges a flat monthly membership fee and a per transaction fee which can translate into serious savings for your business.

The good:

Payment Depot’s unusual pricing structure can have a big payoff for businesses. The monthly membership that they charge covers a variety of fees that other processors charge extra for. By being a member you avoid the PCI compliance fee, Statement/admin fee, Interchange markup rates, IRS reporting fee, and other service fees.

Payment Depot want you to be happy with their services. They are so sure that you will be that they offer a 90 day satisfaction guarantee. This is almost unheard of in this industry. They will refund your monthly account fees, but not transaction fees. This is a very fair offer and should make it easy to give Payment Depot a try.

Payment Depot has a good customer service record. Customers can get help 24/7 through the traditional channels of phone and email. Those looking for a quick response can also reach out to service reps through social media. Payment Depot has a good record of responding through Twitter, Facebook, and Google Plus.

The bad:

Payment Depot’s pricing structure doesn’t equal savings for small businesses that have few or low dollar transactions. A better deal can be found through other processors.

Currently Payment Depot only services businesses and payments inside the United States. International sellers will have to find another processor.

How it works:

Running a business is stressful enough as it is, you might have to manage employees, inventory and marketing all on your own. Getting the proper equipment and pricing to take credit cards can be just as stressful, there are tons of hidden fees that will hit you where it hurts – your bottom line.

That’s where Payment Depot comes in. They offer a pricing plan that’s unique from everyone else. Normally, you’d be charged a percentage markup on each of your sales. This causes fees to balloon faster than you can do a double take. Not only that, but it means you’re going to have to negotiate with the provider and haggle down your rate.

Payment Depot left all of that behind, instead they offer a flat monthly membership fee, and a standard transaction fee. That’s it. You still pay interchange rates set directly by the cards, but don’t pay a penny for interchange markup by any middlemen. Too good to be true? Not at all, Payment Depot teamed up with industry goliath First Data to back their transactions.

The monthly membership fee takes care of your PCI compliance fee, an admin fee, the IRS reporting fee and extra gateways or terminals. What really sets Payment Depot’s pricing apart is how predictable the costs are. It doesn’t matter what you sell, or what the value of your products are. With interchange plans or standard tiered plans, the monthly cost can vary greatly but Payment Depot cuts out all the uncertainty.

There are a few other perks Payment Depot offers that are worth considering. They pledge to give you ‘next-day deposits,’ all of your funds are deposited into your bank account within 24 to 48 hours. It’s not unheard of for payment processors to hold it longer than that.

Payment Depot also includes a free gateway and virtual terminal with all membership accounts. While the functionality may not wow you, it does have a solid feature-set including recurring payments and the ability to store card info. If you run an online store with a shopping cart or need an integration with a specific billing or POS system, no problem, you can opt for a plan that includes advanced gateway options. These include integrations with Authorize.net, First Data Global Gateway E4, USAePay and more.

There are two downsides to keep in mind, Payment Depot is a very new credit card processor – they were founded in mid-2013. While they get impeccable reviews online, there really aren’t any long term customers because they haven’t been around that long. In addition, since they teamed up with First Data to run their transactions, First Data is the one to approve or reject your application – there really isn’t much Payment Depot can do in that regard. If First Data thinks you’re a high risk and needs a large security deposit, you’re out of luck.

So what are these innovative payment plans? Payment Depot offers 4 different membership tiers, and all of them come with a 90-day refund if you’re not completely satisfied. You won’t get your transaction fees back of course, but they will refund you all of your membership fees and take the terminal back.

First up is their ‘Basic Membership’ plan. Membership costs $29 a month or $299 a year, there’s a 25¢ transaction fee with the interchange set by the card brand – Visa, Amex etc. It comes with all of the standard features you would expect, and can process up to $20,000 each month.

Next up is Payment Depot’s ‘Most Popular Membership.’ It has a membership fee of $49 per month or $399 for the entire year. You’ll pay only a 15¢ transaction fee on top of the wholesale interchange rate. It comes with everything Basic does, but allows up to $40,000 worth of transactions each month.

The third plan is dubbed ‘Best Value Membership.’ It has a monthly membership fee of $69 per month or $599 per year. Best Value has a 10¢ transaction fee and you can charge up to $100,000 a month.

Last but not least is the ‘Premiere Membership.’ Membership is $99 per month or $999 per year. For that buy-in, you get Payment Depot’s best transaction fee, only 5¢ a transaction. Premiere comes with a few additional perks, there’s no limit to your processing volume and you get your own dedicated account representative if you ever have any questions or concerns.

Offering incredibly low rates, the highest transparency in the industry and excellent pricing structure, Payment Depot by far the best credit card processor and easily wins the gold medal. If you’re looking for clear pricing and quick setup, read no further and give them a call.

For complete rankings of all credit card processors, go here.

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