In the digital age, businesses of all sizes need efficient and reliable payment processing systems to keep up with the competition. Square and Payment Depot are two popular payment processing companies, but when it comes to choosing the best one for your business, it's important to consider the features and benefits of each. In this article, we'll compare Square and Payment Depot and explain why Square is a better choice for most businesses.
About Square
Square is a payment processing company founded in 2009 by Jack Dorsey and Jim McKelvey. It provides a variety of payment processing services, including point-of-sale software, hardware, and payment processing solutions for businesses of all sizes. Square's payment processing solutions include the ability to accept payments in-store, online, and via mobile devices. In addition, Square offers a range of business management tools, including appointment scheduling, invoicing, payroll, and inventory management. Square has become a popular payment processing option for small and medium-sized businesses due to its ease of use, competitive transaction fees, and excellent customer support.
| Products by Square | |
| Product | Description |
| Square Point of Sale | A free app that lets you accept payments, track sales, and manage inventory from your smartphone or tablet. |
| Square Terminal | A portable, all-in-one payment device that lets you accept credit card and mobile payments on the go. |
| Square Register | A complete POS system that includes a touchscreen display, card reader, and receipt printer for your business. |
| Square Online Store | A free online store builder that allows you to create a website and sell products online without any coding. |
| Square Appointments | A scheduling and appointment management app that allows customers to book appointments and pay for services online. |
About Payment Depot
Payment Depot is a payment processing company founded in 2013 that provides payment processing services for businesses of all sizes. It offers a subscription-based payment processing model, where businesses pay a monthly fee in exchange for access to discounted transaction rates. Payment Depot provides a range of payment processing solutions, including credit and debit card processing, mobile payments, and e-commerce payment processing. It also offers a range of tools and features, including virtual terminals, invoicing, and reporting tools, to help businesses manage their payment processing operations. Payment Depot has a strong focus on transparency and providing straightforward pricing, making it a popular option for businesses looking for predictable payment processing costs.
| Products by Payment Depot | |
| Product | Description |
| Payment Processing |
Payment Depot provides payment processing services, including credit and debit card processing, mobile payments, and e-commerce payment processing.
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| Virtual Terminal |
Payment Depot's virtual terminal allows businesses to process payments online or over the phone. It includes features such as invoicing, reporting, and recurring billing.
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| Mobile Payments |
Payment Depot offers mobile payment processing solutions, including mobile card readers that can be used with a smartphone or tablet.
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| E-commerce Payments |
Payment Depot provides payment processing solutions for businesses that operate online, including integration with popular e-commerce platforms.
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Square vs Payment Depot: Ease of Use
First, Square's interface is user-friendly and intuitive, making it easy for businesses to navigate and process payments. The point-of-sale software is designed to be simple and straightforward, allowing even non-technical users to operate it with ease. Additionally, Square offers a variety of payment processing options, including mobile payments and contactless payments, which can be easily accessed through its software.
In contrast, Payment Depot's user interface can be more complex and challenging to navigate. Its subscription-based payment processing model may also be confusing for some businesses, especially those who are not familiar with the payment processing industry.
Square vs Payment Depot: Transaction Fees
Transaction fees are an essential consideration for any business owner, and Square offers a more competitive rate than Payment Depot. Square charges a flat rate of 2.6% + 10¢ per transaction for swiped and chip-card payments, and 3.5% + 15¢ for manually entered transactions. Payment Depot, on the other hand, charges a monthly fee ranging from $49 to $199, in addition to transaction fees that range from 15¢ to 5¢ per transaction. This means that if you're a small business processing fewer transactions, Square is the better option.
Mobile Payments
Square also has an advantage over Payment Depot when it comes to mobile payments. Square's mobile payment app allows businesses to accept payments from anywhere, making it ideal for businesses that operate on the go or at outdoor events. Payment Depot doesn't offer a mobile payment app, which can be limiting for businesses that need to accept payments on the go.
Square vs Payment Depot: Hardware
Square has an advantage over Payment Depot when it comes to hardware for several reasons. Square offers a broader range of hardware options, including mobile card readers, point-of-sale systems, and contactless payment devices. This allows businesses to choose the hardware that best fits their needs and budget. Square's hardware is also known for being sleek, modern, and easy to use, which can be a significant advantage for businesses that want to project a professional image to their customers.
In contrast, Payment Depot's hardware options are more limited. It primarily offers mobile card readers, which are suitable for businesses that need a portable payment processing solution. However, for businesses that require a more comprehensive payment processing solution, Payment Depot's hardware options may not be sufficient.
Square vs Payment Depot: Integration with Other Services
When it comes to integration with other services, Square is better than Payment Depot for several reasons. Square offers a broad range of integration options with other essential services, including accounting software, payroll services, and e-commerce platforms. This allows businesses to use Square as their main payment processor and seamlessly integrate it with other essential services they use to run their operations. Some of the notable integrations that Square offers include QuickBooks, Xero, Shopify, WooCommerce, and BigCommerce.
On the other hand, Payment Depot does offer some integrations with other services, but they are limited compared to Square's offerings. Payment Depot integrates with fewer accounting software options, and it doesn't have any integrations with popular e-commerce platforms like Shopify and WooCommerce. This can be a disadvantage for businesses that rely on a variety of services to run their operations.
Square vs Payment Depot: Customer Service
Customer service is an essential consideration for any payment processing company, and Square has a significant advantage over Payment Depot in this area. Square offers 24/7 phone support, email support, and a comprehensive help center with a variety of resources. Payment Depot, on the other hand, only offers phone and email support during business hours. This can be a problem for businesses that operate outside of standard business hours or need urgent assistance.
Conclusion
While Payment Depot does offer some unique features, such as the ability to negotiate lower transaction fees for high-volume businesses, Square is a better choice for most small to medium-sized businesses. Square's ease of use, competitive transaction fees, broad range of hardware and integration options, and excellent customer service make it an ideal payment processing solution. Whether you're running a brick-and-mortar store or an online business, Square has everything you need to process payments quickly and efficiently.