Payment Depot vs. Riverside Payments
The payment solutions market worldwide is expected to reach a valuation of $116.17 by 2027. The rapid growth of this sector is a key reason why finding the right payment processor is usually a lot like finding a needle in a haystack—you have to spend a lot of time searching and sifting through options.
And we know it can be a bit overwhelming when comparing options out there. Fortunately, at Payment Depot, we’re committed to offering comparisons of our solutions to others in the market, thus saving you time and effort sifting through hundreds of websites.
This article compares Payment Depot to Riverside Payments and discusses features, ratings, pricing, and much more.
Riverside Payments Overview
Riverside Payments, Inc., is a payment processor located in Portland, Oregon, that offers point-of-sale hardware and payment processing solutions to “Portland, Vancouver, and beyond.”
Founded in 2014 and under the leadership of CEO Brandon Skinner, Riverside Payments works within the United States and specializes in a few specific industries. According to their website, Riverside Payments is best suited for restaurants, breweries, fast casual and cafe eateries, vape shops, mobile processing, auto repair, retail, and eCommerce.
Payment Depot Overview
Payment Depot offers a comprehensive suite of payment processing software and hardware and is now owned by fellow payment processing company, Stax.
Operating with a membership-based pricing structure, Payment Depot is a top-rated payment processor with lower transaction fees than most competitors on the market. Payment Depot services a variety of industries and uses Authorize.net to facilitate online payment gateways so that you can operate both in-person and online.
Features Comparison
When it comes to payment processing, businesses should consider the right balance of pricing, features, and supporting information when choosing their partner. Here, we’ll break down the features of both Riverside Payments and Payment Depot.
To begin, one feature both payment processors have in common is PCI compliance, an important standard that is considered table stakes for payment processing solutions. Both are also EMV chip card compliant and have equipment that can accept NFC-enabled contactless cards.
Riverside Payments
Because of its focus on restaurants, retail, and other small businesses, Riverside Payments provides a basic suite of point-of-sale systems and processing services. However, they do have a few other differentiators that could be beneficial depending on your payment processing needs.
One of the more unique offerings is ATM products and equipment. These products are listed as “for purchase,” so it is unclear if they can be purchased outside of the payment processing solutions that Riverside Payments offers.
Riverside Payments also has business loans and cash advance options available from $5,000 up to $1 million. They offer financing based on annual gross sales and have a fixed repayment structure.
Another feature Riverside Payments delivers is reusable custom gift cards which can be a great fit for many of the industries they service. Further, Riverside Payments does not list any available integrations on its website, so compatibility with popular business tools is unknown.
Riverside Payments also briefly mentions the ability to access reporting tools and analytics, but the information and capabilities are not mentioned. They state the reporting tools provide “information, options, and opportunities you need…” but nothing else on what those capabilities are. When it comes to customer service, the Riverside Payments contact page lists an email and phone number, but their hours of support and response times are unclear.
The equipment you use is important to providing a smooth customer and employee experience. Riverside Payments offers several card reader options from Clover, Ovvi, TouchBistro, and Revel credit card processing and POS system equipment.
Payment Depot
Payment Depot also specializes in similar industries as Riverside Payments. Small, medium, and enterprise-sized businesses, including hair and beauty salons, healthcare, restaurants and bars, retail, and professional services are all a great fit.
Reporting and analytics are vital to tracking the financial health of your small business. We offer an online dashboard to help you track and manage charges, as well as an online virtual terminal for keyed-in payments. We also offer chargeback prevention solutions, risk monitoring, and data breach protection to ensure the security of your business’ finances.
Payment Depot funds merchant accounts within 24 to 48 hours and also offers 24/7 customer service via phone, live chat, and email. We also offer several helpful integrations with leading software such as QuickBooks, Shopify, WooCommerce, and more.
There is also a variety of POS system equipment available with Payment Depot. Our offerings include Clover mobile and stationary terminals, and several Smart Terminal varieties for mobile payment processing.
Customer Support and Rating Comparison
Merchant service provider reviews for customer support help you understand who you’re doing business with. After all, this partnership is more than just a credit card machine. Here, let’s compare Payment Depot and Riverside Payments reviews from customers.
To begin, let’s talk about the Better Business Bureau (BBB). Ratings for any company are often fraught, and reviews and complaints can also seem out of proportion. It is critical to do other due diligence when evaluating financial services partners, but this is one place to start.
Riverside Payments is not accredited by the BBB and has a range of negative and positive reviews on the website. They’ve had 68 complaints closed in the past three years, with 40 of them being closed in the last 12 months.
Payment Depot, on the other hand, is accredited by the BBB but has very few ratings on the website. We’ve had 20 complaints closed in the past three years, with 16 being resolved in the past 12 months. That staggering difference is worth noting and Riverside Payments is mentioned as having an above average amount of complaints.
Let’s look at some other ratings and reviews to get a bit more balance on both payment processing solutions.
Forbes Advisor lists Payment Depot as their most popular, top-ranked payment processing solution, with excellent 9.7/10 rankings and an “excellent” rating. While we are still acquiring reviews on the software review site, G2, we have a rating of 4.5/5 stars, with customer service and cost savings listed as a pro for our customers.
Riverside Payments does not have a profile on G2 or Forbes Advisor, so making a direct comparison is difficult. However, the website, Card Payment Options, does have some ratings on Riverside Payments. Per this review site, there are over 100 complaints, many of which reference bullish sales representative interactions and aggressive sales tactics. Some reviews state they received frequent and unwanted outreach from sales reps.
There are also several complaints from business owners about cancellation with grievances about the early termination fee. Reports from business owners who are stuck with an unwanted equipment lease for credit card processing equipment are also common.
All this to say, there are some concerning reviews about Riverside Payments that should be cause for caution if pursuing them as a payment processing solution. Another consideration regarding Riverside Payments is the stark difference between positive and negative reviews. While all companies will have a mix of both, the glowing positive mixed with the scathing negative are cause for scrutiny.
Price Comparison
Price is where the rubber meets the road, especially for small business owners looking to save on credit card processing fees.
Payment Depot is a leader in membership-based pricing, with membership starting at $79 per month for payment processing up to $250,000 per year. For payment processing above that amount, we work with you on a custom quote.
On average, our members save about $400 per month. We save you money by not marking up the interchange fee, and our no contract and no hidden fee structure makes Payment Depot an excellent hassle-free solution.
Riverside Payments does not list its pricing information on its website, so transparency is lacking in this area. Several reviews cite its early termination fee as up to $695 and its processing rates as variable.
Further, Riverside Payments charges monthly and annual fees and also has equipment leasing fees. Card Payment Options mentions a “reg product fee,” an “annual comp svc fee,” a monthly minimum fee, and a monthly statement fee as well. For the equipment lease fee, it appears that it could be upwards of $200 per month as well.
Virtual payment processing, run through First Data Global Gateway and Authorize.net, come with additional fees to use that payment gateway. These fees include monthly and transaction fees which are variable.
As such, Riverside Payments’ non-disclosure of pricing on their website may be a red flag as it appears there are several fees that can add up to a costly expense.
Final Verdict
If you’re on a quest to find the world’s best merchant service provider for your payment processing needs, you started in the right place.
While it would be quite boastful to proclaim that we are the best fit for all businesses, between the two options compared here, there is a clear winner. Between customer complaints and opaque pricing, Riverside Payments may end up costing you more than you should spend on payment processing solutions.
Payment Depot, on the other hand, offers similar services, greater transparency, and competitive and straightforward pricing. Ready to learn how Payment Depot can save your company money and provide best-in-class payment processing? Contact us to learn more.
FAQs about Riverside Payments
Q: What are Payment Depot and Riverside Payments?
Payment Depot and Riverside Payments are both payment processing solution providers. They offer payment processing software and hardware to a variety of industries, enabling businesses to facilitate online and in-person transactions effectively and securely.
Q: What industries do Riverside Payments specialize in?
Riverside Payments specializes in servicing restaurants, breweries, fast casual and cafe eateries, vape shops, mobile processing, auto repair, retail, and eCommerce businesses primarily within the United States.
Q: What is the business model of Payment Depot?
Payment Depot operates on a membership-based pricing structure with lower transaction fees than most competitors in the market. They provide payment processing solutions across a variety of industries.
Q: What features are common between Payment Depot and Riverside Payments?
Both companies are PCI-compliant and EMV chip card-compliant, with equipment capable of accepting NFC-enabled contactless cards. They offer point-of-sale systems and payment processing services.
Q: What are the unique features offered by Riverside Payments?
Riverside Payments offers ATM products and equipment, business loans, and cash advance options from $5,000 up to $1 million. They also provide reusable custom gift cards, although they do not list any available integrations on their website. The nature of their reporting tools and customer service also appear to be a bit unclear.
Q: How does Payment Depot ensure the financial health and security of a business?
Payment Depot offers chargeback prevention solutions, risk monitoring, and data breach protection along with an online dashboard and virtual terminal for tracking and managing charges and processing keyed-in payments.
Q: What is the customer service availability with Payment Depot?
Payment Depot provides 24/7 customer service via phone, live chat, and email. They also offer several integrations with leading software such as QuickBooks, Shopify, WooCommerce, and more.
Q: What do customer reviews say about Payment Depot and Riverside Payments?
Forbes Advisor lists Payment Depot as a top-ranked payment processing solution with a 9.7/10 ranking and an “excellent” rating. Riverside Payments, on the other hand, reportedly has over 100 complaints on the Card Payment Options site, with many citing aggressive sales tactics, issues with early termination fees, and trouble with equipment leases.
Q: How does Payment Depot’s pricing compare to Riverside Payments’ pricing?
Payment Depot operates on membership-based pricing starting at $79 per month for payment processing up to $250,000 per year. On average, members reportedly save about $400 per month. Riverside Payments, however, does not list its pricing information on its website, with reports suggesting various fees that may add up to a considerable expense.
Q: Between Payment Depot and Riverside Payments, which one is generally considered a better choice?
While it depends on individual business needs, the article suggests that Payment Depot offers similar services with more transparency and competitive, straightforward pricing compared to Riverside Payments which has had numerous complaints and less transparency on pricing.