Payment Depot vs PaySimple: Which Is the Best Fit for Your Business?
The popularity of card-based payments continues to accelerate. Research shows that in 2021, consumers used credit cards for 28% of payments. However, in February 2023, a similar survey showed 54% of consumers used a debit card and 36% used a credit card.
As such, payment service providers play a key role in processing transactions. Here’s a side-by-side comparison of Payment Depot and PaySimple—two providers with a different market focus and operating structure—to help business owners find the best fit for their company’s goals.
About Payment Depot
Payment Depot, owned by Stax, is a small business-friendly merchant services provider. Established in 2013, this US-focused platform accepts all major payment forms. Besides major credit cards and debit cards, payment acceptance includes Apple Pay and Google Pay.
Payment Depot values merchant partnerships. The company enables merchants to save money with membership-based pricing and minimal fees.
Under Payment Depot’s terms, merchants receive a free virtual terminal and a payment gateway. Payment Depot does not require an extended-term contract and does not assess PCI compliance or card fraud detection fees.
PaySimple (or Paysimple.com) is a payment solutions provider established in 2005 in Denver, Colorado. In 2019, the company was acquired by EverCommerce. PaySimple’s services are geared to service-based businesses (including SaaS providers).
The company offers integrated payment solutions plus tools for customers with complex business needs. Business owners benefit from an individual merchant account and cloud-based software. PaySimple handles major credit card and debit card transactions.
PaySimple’s customizable payment screens enable payment methods including eCheck processing and ACH payments. Its payment options include mobile payments, online payments, and recurring payments. PaySimple’s partners can enjoy payment processing functionality without learning specialized skills.
Payment Depot Features
All Payment Depot merchant partners enjoy the same account features. First, the company doesn’t require merchants to sign a long-term contract or pay nuisance fees.
All merchants receive an online virtual terminal for keyed-in card payments. Payment Depot uses the SwipeSimple mobile app and card reader for mobile transactions. The app runs on the iOS and Android operating systems. Merchants receive their funds within 24 to 48 hours.
Payment Depot offers integrations with multiple shopping carts, card terminals, and point-of-sale (or POS) stations. Finally, Payment Depot offers protection for merchant chargebacks and data breaches.
PaySimple enables merchants to accept multiple payment types. These include credit cards and debit cards, eChecks, and ACH payments. Each company receives an individual merchant account.
Although PaySimple lacks its own hardware, the company’s website says its software will “most likely” sync with existing hardware. The PaySimple app works on the iOS and Android operating systems.
Business owners have electronic invoicing capabilities (including recurring payments). By monitoring accounts receivables, the business can improve its cash flow. PaySimple also provides customer management (customer relationship management or CRM) tools. Finally, PaySimple offers a real-time Quickbooks Online accounting integration.
Payment Depot vs PaySimple: Common Features
Payment Depot and PaySimple share two key features. First, both payment processing providers accept major credit cards, debit cards, and contactless payments. The PaySimple mobile app is configured for seamless contactless payments. Both providers offer month-to-month service with no cancellation fee.
Payment Depot vs PaySimple: Integrations
Business owners appreciate a payment processing service compatible with diverse payment hardware. Payment Depot’s service syncs with numerous payment terminals and card readers. Authorize.net’s payment gateway creates a seamless customer experience for online merchants. This payment gateway enables fast, easy shopping cart integrations.
PaySimple offers a direct integration with QuickBooks Online and Salesforce. Merchants who want to develop tailored email marketing programs can use Constant Contact and Mailchimp. PaySimple’s API supports companies’ custom integrations.
Payment Depot vs PaySimple: Comparing Pricing
Merchants frequently consider payment processing providers’ pricing in their decisions. Here’s a snapshot of each company’s pricing structure.
Payment Depot uses a membership-based pricing structure. Each company’s monthly subscription fee reflects its annual processing volume (in USD). The business pays a wholesale interchange fee (with no markup) for each transaction.
Payment Depot’s membership is currently $79/month for companies with up to $250,000 annual transaction volume. Custom rates are available for higher transaction volumes.
PaySimple is transparent about its tiered pricing structure, which includes three “tiers” of processing rates. Each transaction fee depends on the type of card used. This model is unpredictable, making it difficult for small businesses to project expenses. ACH fees apply but are less expensive than card payments.
The PaySimple website also discusses a Starter Plan (better pricing) along with a Standard Plan. Merchants processing over $50,000 per month can receive a volume discount.
PaySimple’s Service Commerce platform is $69.95 per month for all available software. eCommerce transactions are also subject to tiered pricing plus a monthly $49.95 platform service fee. Other fees also apply.
Finally, PaySimple offers optional payment gateway and virtual terminal services. However, pricing is not available for these services. Other fees also apply.
Payment Depot vs PaySimple: Customer Support
Payment services providers should ideally furnish small businesses with timely, top-tier customer service. In fact, business owners often consider customer support quality very important. United States-based small businesses can expect services in English.
Payment Depot provides live US-based customer support via phone, email, and live chat. Overall, Payment Depot is positively regarded for its support team’s know-how and desire to assist its partners.
PaySimple provides business owners with assistance via email, live chat, and customer support tickets.
The PaySimple support center includes articles, FAQs, and community discussions. PaySimple’s website includes a small business resources section containing downloads, guides, webinars, and demo videos.
Payment Depot vs PaySimple: Customer Ratings and Reviews
Learning about a user’s customer experience can be useful for small businesses. Payment Depot and PaySimple each have multiple reviews.
The Capterra platform contains 57 Payment Depot reviews averaging 4.7 of five stars. The positive reviews praised the membership-based pricing structure and excellent customer support.
The G2 platform contains two Payment Depot reviews averaging 4.5 of 5 stars. Both reviewers were happy with their cost savings.
Online forums contain over 30 negative PaySimple reviews. The legitimate reviews relate to hidden fees, fund-holds, substandard customer service, and unexpected account cancellations.
PaySimple has also been criticized for the misleading rate quotes on the company’s website. The PaySimple tiered pricing structure includes Qualified, Mid-qualified, and Non-qualified rates. However, the website only provides the (lowest) Qualified rate without stating the other two higher rates.
The Better Business Bureau (or BBB) accredited PaySimple in February 2015. The company currently has an “A+” rating, formed by 17 business complaints in the past 36 months. PaySimple also has five negative informal reviews on its BBB profile. The company has not had any Federal Trade Commission (FTC) complaints or active class-action lawsuits.
Payment Depot Pros and Cons
Payment Depot’s payment processing services provide multiple advantages.
- No account setup or PCI compliance fee
- User-friendly membership pricing plan
- Free virtual terminal for every business
- Software that syncs with diverse hardware
- Multiple POS systems are available
- Currently limited to US-based small businesses
- Does not accept high-risk companies
PaySimple Pros and Cons
PaySimple focuses on service-based businesses. The company offers multiple advantages for this market, plus several disadvantages.
- Flexible platform with wide-ranging functionality
- Diverse billing solutions (including recurring payments)
- Impressive invoicing and subscription tools
- Affordable ACH and eCheck payments
- Excellent customer support
- Complex, expensive tiered pricing framework
- Murky quote-based pricing structure
- Not designed for high-volume, card-present businesses
- US-based companies and US Dollars only
The Best Solution for Specific Business Types
Payment Depot and PaySimple each represent the best choice for certain business types. However, each payment processing provider isn’t the best option for other companies.
Payment Depot is an ideal choice for businesses that want a membership-based model. Companies with hefty credit card transaction volumes will also benefit from this structure. Businesses that desire non-proprietary, reprogrammable hardware will appreciate Payment Depot.
However, extremely low-volume sellers may not sell enough to counter the membership fees. Finally, Payment Depot does not accept high-risk merchants.
PaySimple is best for companies that handle recurring payments or subscriptions. Examples include fitness centers and businesses that process monthly customer orders (think Fruit-of-the-Month Club).
However, PaySimple provides only minimal support for in-person sales. The company is certainly not the most affordable payment processing provider.
Factors Each Merchant Should Consider
Each merchant should weigh multiple factors before making their decision. First, a merchant should decide on the payment methods needed and the likely transaction volumes. The merchant’s checkout options, and the overall system functionality, are also relevant. Next, each offering’s ability to sync with API integrations and business software is important.
Equally importantly, business owners should consider whether a provider’s customer support services meet the company’s needs. Finally, merchants should consider other business owners’ reviews in a provider decision.
Why Payment Depot is the Best Choice
In a head-to-head comparison of these payment processing providers, Payment Depot is the most cost-effective choice. The company’s membership-based service plan and affordable processing fees are popular with budget-conscious small businesses.
Payment Depot’s reputation for transparency and superb customer support are also important. These advantages make Payment Depot the best payment processing option. Contact our team today to learn more.
FAQs about PaySimple
Q: What are the key features to consider when choosing a payment provider?
The choice should largely depend on your business requirements. Consider the payment methods your customers are most likely to use and the likely transaction volumes. Also, think about the overall system functionality and API integrations the provider offers. Finally, make sure the customer support they provide meets your company’s needs, and check out what other merchants have to say about them on popular review forums.
Q: How do Payment Depot and PaySimple handle security and data protection?
Both Payment Depot and PaySimple prioritize security, adhering to industry-standard encryption protocols to safeguard customer data and payment transactions. Payment Depot’s security measures include PCI DSS compliance and tokenization, ensuring sensitive information remains secure. PaySimple employs similar security standards, ensuring data protection and compliance with regulations, and providing businesses and customers with a secure payment environment.
Q: How do the pricing structures of Payment Depot and PaySimple differ?
Payment Depot employs a subscription-based pricing model, offering wholesale rates and transparent pricing without additional transaction fees. PaySimple, on the other hand, typically uses a tiered pricing structure. This model is unpredictable, often making it difficult for small businesses to project expenses.
Q: Can I integrate Payment Depot and PaySimple with other software and tools?
Yes, both Payment Depot and PaySimple offer integrations with various third-party software and tools. Payment Depot integrates with popular platforms like QuickBooks and WooCommerce, while PaySimple offers a wide array of integrations, including CRM software, accounting systems, and marketing tools. Be sure to check which integrations align with your business needs.
Q: What are the customer reviews and satisfaction levels for Payment Depot and PaySimple?
Payment Depot has numerous positive reviews on several review forums that praise the company’s membership-based pricing structure, cost savings, and excellent customer support. While PaySimple offers a comprehensive suite of features, it has garnered a lot of negative reviews related to hidden fees, fund holds, substandard customer service, unexpected account cancellations, and misleading rate quotes on the company’s website.