Payment depot

Discussion in 'The Think Tank' started by RobT, Dec 15, 2015.

  1. RobT

    RobT Active Member

    Joined:
    Jun 14, 2006
    Messages:
    840
    Likes Received:
    120
    Location:
    Long Island, NY
    Anyone have any experience with this company?

    No markup on fees .
    Pay a membership fee based on volume.

    1) Pay interchange plus 25 cents for up to $20,000 in monthly volume. $299 membership fee .

    2) pay interchange plus 15 cents for up to $40,000 in monthly volume. $399 membership fee.

    3) pay interchange plus 10 cents for up to $100,000 in monthly volume. $599 membership fee



    Sent from my iPhone using Tapatalk
     
  2. paul7979

    paul7979 Well-Known Member

    Joined:
    Jun 12, 2006
    Messages:
    2,463
    Likes Received:
    178
    Location:
    gainesville, florida
    Those prices don't seem very good to me. I'm paying interchange +6 cents with Heartland and processing 70-80K monthly. Other franchises in our company are paying 3 cents over with a different company. I will be looking to change as soon as my contract is up.
     
    GotRocks likes this.
  3. Registered Guest

    Registered Guest Well-Known Member

    Joined:
    Feb 28, 2007
    Messages:
    1,078
    Likes Received:
    68
    Is that membership fee per month or per year?

    Even if yearly, as Paul said the rates more than 10 times what we pay.
     
  4. RobT

    RobT Active Member

    Joined:
    Jun 14, 2006
    Messages:
    840
    Likes Received:
    120
    Location:
    Long Island, NY

    It's a yearly fee.....


    I contacted them and they can save me $30 a month. Not worthy of a switch.....


    Sent from my iPhone using Tapatalk
     
  5. bodegahwy

    bodegahwy Well-Known Member

    Joined:
    Jun 16, 2007
    Messages:
    4,194
    Likes Received:
    873
    Location:
    Colorado Ski Town
    We are also with Heartland. Interchange plus 6 cents. No annual fees.
     
  6. brad randall

    brad randall Active Member

    Joined:
    Jul 24, 2007
    Messages:
    962
    Likes Received:
    95
    Location:
    Bloomington, IN
    So what does your bottom line percentage work out to be at the end of the month? For November I paid 3.88% at my busiest location for in-store credit card processing, and a brutal 6.0% for our online web orders.
     
  7. RobT

    RobT Active Member

    Joined:
    Jun 14, 2006
    Messages:
    840
    Likes Received:
    120
    Location:
    Long Island, NY

    Yikes. That seems extremely high Brad.

    Are you on interchange plus (cost plus) pricing? Sounds like your on the mid-qual, non qual tiered pricing .....


    I'm hovering around 2.8-3.0 % ......


    Sent from my iPhone using Tapatalk
     
  8. RobT

    RobT Active Member

    Joined:
    Jun 14, 2006
    Messages:
    840
    Likes Received:
    120
    Location:
    Long Island, NY
    They actually are not pressuring me and disclosing all the costs.
    I'm probably going to move forward with them.
    I will post my results ....


    Sent from my iPhone using Tapatalk
     
    Last edited: Dec 17, 2015
  9. paul7979

    paul7979 Well-Known Member

    Joined:
    Jun 12, 2006
    Messages:
    2,463
    Likes Received:
    178
    Location:
    gainesville, florida
    My monthly percentage is about 2.6-2.7%. My web orders are processed with the same software as my regular orders so they are not separated on my statement and are part of the 2.6-2.7%
     
  10. bodegahwy

    bodegahwy Well-Known Member

    Joined:
    Jun 16, 2007
    Messages:
    4,194
    Likes Received:
    873
    Location:
    Colorado Ski Town
    Same for us. Total costs of CC processing / CC sales comes in around 2.7-2.8%. Regardless of the bizarre Chinese menu of CC processing costs... it is the total of fees / sales that matters. Simply take 2-3 months processor statements and add together the total costs shown and divide by the total CC billing from those statements to see what you are paying. Since different companies charge a different mix of monthly fees, swiping fees, mark-up on pass through costs etc I think this is the best way to get a real comparison.

    In our retail business we pay about 1.9% but almost 100% of transactions are "card present" and the average transaction is about $180 vs our pizza delivery business which is about 20% card present with an average of around $35.
     
    durbancic likes this.
  11. brad randall

    brad randall Active Member

    Joined:
    Jul 24, 2007
    Messages:
    962
    Likes Received:
    95
    Location:
    Bloomington, IN
    Are you swiping the cards at the door, like the orders come to you "pay upon delivery/pickup"? My web orders process online and then come into the store paid. What PoS system are you using... I'm thinking about shopping around again.
     
  12. paul7979

    paul7979 Well-Known Member

    Joined:
    Jun 12, 2006
    Messages:
    2,463
    Likes Received:
    178
    Location:
    gainesville, florida
    No, I'm not processing at the door. I'm using Prism by Microworks. When a customer orders online, it processes online and comes into store as paid but the card processes via my software, the same that runs the credit cards we key in on phone orders. In the end of day credit card detail report, there is no indication of which transactions were keyed in the store and which were submitted via online order.
     
  13. paul7979

    paul7979 Well-Known Member

    Joined:
    Jun 12, 2006
    Messages:
    2,463
    Likes Received:
    178
    Location:
    gainesville, florida
    Rob, from what little bit I know of your business, I'm assuming you will be in their middle tier, between 40K and 100K monthly volume. At this volume, you really should be able to beat those rates by a lot. For my business those rates would move me .3%. It doesn't sound like much but would amount to well over $2500 for the year.
     
  14. RobT

    RobT Active Member

    Joined:
    Jun 14, 2006
    Messages:
    840
    Likes Received:
    120
    Location:
    Long Island, NY

    Paul, I process $25,000 a month.

    I scrutinized my last statement and am shocked that my processor is adding a half a percent onto interchange. I'm supposed to be on interchange plus 5 cents.

    Payment depot sent my a clients statement with similar volume and 50% keyed in / 50% swiped transactions. The significant savings will be there now.
    They also gave me their best membership plan (interchange plus 5) for a discounted price to help me recoup my processor change fee my pos company gets






    Sent from my iPhone using Tapatalk
     
  15. brad randall

    brad randall Active Member

    Joined:
    Jul 24, 2007
    Messages:
    962
    Likes Received:
    95
    Location:
    Bloomington, IN
    I'm shopping around hard at the moment. Would you mind sharing who that different company is?
     
  16. RobT

    RobT Active Member

    Joined:
    Jun 14, 2006
    Messages:
    840
    Likes Received:
    120
    Location:
    Long Island, NY
    I received my first statement yesterday.

    Visa, MasterCard, Discover total % = 2.05%

    Amex = 3.39%

    Total processing % for January for all cards = 2.11%

    Very worthy of the switch for me.




    Sent from my iPhone using Tapatalk
     
  17. PizzaProdigy

    PizzaProdigy Member

    Joined:
    Dec 6, 2014
    Messages:
    49
    Likes Received:
    13
    Location:
    Illinois
    Robt,

    Are you still satisfied with payment depot? I am looking to switch.

    Thanks
     
  18. RobT

    RobT Active Member

    Joined:
    Jun 14, 2006
    Messages:
    840
    Likes Received:
    120
    Location:
    Long Island, NY

    I am saving a ton of money since the switch. I'm talking over $100 a month.

    Very satisfied.

    If you want, pm me for my account reps contact info. She was extremely accommodating .


    Sent from my iPhone using Tapatalk
     
  19. PizzaProdigy

    PizzaProdigy Member

    Joined:
    Dec 6, 2014
    Messages:
    49
    Likes Received:
    13
    Location:
    Illinois
    Rob, are you still happy with Payment Depot?

    Thanks