Deposyt vs. Other Card Processors: Which One Should You Choose for Your Business?
“We Put A Percentage Back In Your Pocket.” - Deposyt
Introduction:
In today's competitive market, choosing the right payment processor is crucial for any business. With so many options available, it’s essential to understand how each one stacks up in terms of fees, features, and suitability for different types of merchants.
In this blog post, we’ll compare Deposyt with some of the most popular card processors like Stripe, PayPal, and Square, so you can make an informed decision that benefits your business.
Overview of Deposyt and Other Card Processors
Deposyt
A relatively new player in the payment processing space, Deposyt offers a unique proposition: lower credit card processing fees. It is designed to cater to a wide range of businesses, including those deemed "high-risk" (such as CBD, adult products, and travel services), ensuring they don’t face unexpected account shutdowns.
Stripe
Stripe is a popular payment gateway known for its developer-friendly API, making it a go-to for online businesses. It supports a variety of payment methods and is particularly strong in e-commerce integration.3. Become an authority
PayPal
One of the oldest and most trusted payment processors, PayPal offers both a payment gateway and a comprehensive merchant account service. It’s widely used for online transactions and provides additional buyer protection features.
Square
Square is a versatile payment processor, ideal for small businesses that need a simple and affordable way to accept payments. It is particularly strong in point-of-sale (POS) solutions for in-person transactions.
Fee Comparison
Deposyt
In-Person Payments: 2.5% + 10 cents per transaction
Card-Not-Present Transactions: Lower rates compared to Stripe and PayPal, making it cost-effective for businesses with online and over-the-phone transactions.
Stripe
In-Person Payments: Not a primary feature, but available through Stripe Terminal.
Online Payments: 2.9% + 30 cents per transaction, making it slightly more expensive than Deposyt for e-commerce businesses.
PayPal
In-Person Payments: 2.7% per transaction with PayPal Here.
Online Payments: 2.9% + 30 cents per transaction, similar to Stripe, but with additional fees for international transactions.
Square
In-Person Payments: 2.6% + 10 cents per transaction.
Online Payments: 2.9% + 30 cents per transaction.
Deposyt clearly stands out in terms of fees, especially for businesses that process a high volume of transactions, as the savings on processing fees can add up significantly over time.
Support for High-Risk Merchants
Deposyt: A major advantage of Deposyt is its willingness to work with high-risk merchants. If your business falls into a category that PayPal or Stripe might consider too risky, such as selling CBD products or adult content, Deposyt guarantees that your account won’t be unexpectedly shut down.
Stripe and PayPal: Both are known for strict compliance policies and often refuse to work with high-risk industries. Merchants in these categories may face account suspensions or permanent shutdowns without warning, which can be devastating to their business operations.
Square: Square is more lenient than Stripe and PayPal but still may not be the best option for high-risk merchants.
If you operate in a high-risk industry, Deposyt is a more reliable choice, offering the peace of mind that your account will remain active.
Feature Comparison
Deposyt
E-commerce Integration: Works seamlessly with platforms like Shopify, WooCommerce, ClickFunnels, and more.
Retail Focus: Retail merchants can eliminate processing fees entirely, which is a unique feature in the industry.
Stripe
Developer Tools: Exceptional API for customization, making it ideal for tech-savvy businesses.
Wide Range of Integrations: Supports numerous e-commerce platforms and payment methods, including Apple Pay, Google Pay, and more.
PayPal
Universal Acceptance: PayPal is widely recognized and trusted by consumers, which can boost customer confidence and sales.
Comprehensive Features: Includes invoicing, recurring billing, and business loans.
Square
POS System: Robust point-of-sale systems that are easy to use and integrate with inventory management.
Hardware Options: Offers a range of hardware, including card readers and registers, ideal for retail and in-person businesses.
While Stripe and PayPal offer more extensive features for online businesses, Deposyt’s competitive advantage lies in its cost-saving potential and support for high-risk merchants. Square remains the best option for small brick-and-mortar businesses that prioritize in-person sales.
Ease of Use and Customer Support
Deposyt: Setting up Deposyt is straightforward, and the company offers personalized consultations to ensure it’s the right fit for your business. Their customer support is readily available to help with any issues.
Stripe: Stripe’s setup requires some technical knowledge, but their extensive documentation and support make it manageable. They offer 24/7 support, though some users have reported longer wait times.
PayPal: PayPal is easy to set up, but their customer support can be slow, especially for account issues. However, the user interface is intuitive, making it accessible for most business owners.
Square: Square is incredibly user-friendly, with an intuitive interface and excellent customer support. Setup is quick and easy, even for those with limited tech experience.
Verdict
If you prioritize ease of use, Square and Deposyt are the top choices. However, Deposyt’s personalized consultation service may give it an edge, especially for businesses looking to lower their processing fees.
Final Thoughts: Which Processor is Right for You?
Choosing the right payment processor depends on your business’s specific needs:
If you’re looking to minimize processing fees: Deposyt is the best choice, especially for high-volume or high-risk merchants.
If you need extensive online integrations and customization: Stripe may be the best option, provided your business isn’t in a high-risk category.
If you want a trusted, widely recognized brand: PayPal’s extensive features and consumer trust make it a strong contender, though at a higher cost.
If you operate a small retail business: Square’s robust POS system and user-friendly interface make it ideal for in-person transactions.
Ultimately, Deposyt’s promise of lower fees and support for high-risk industries makes it a compelling option for many businesses, especially those looking to maximize profitability and avoid the pitfalls of stricter processors. Before making your final decision, consider your business’s specific needs, volume, and risk profile, and choose the processor that aligns with your goals.
Frequently Asked Questions
1. What is Deposyt?
Deposyt is a payment gateway similar to Stripe, PayPal, and Square. It is designed to offer lower credit card processing fees and supports both e-commerce and in-person transactions. Additionally, Deposyt is particularly advantageous for high-risk merchants, such as those selling CBD or adult products, as it guarantees that their accounts won’t be shut down.
2. How does Deposyt compare to Stripe, PayPal, and Square in terms of fees?
Deposyt offers lower fees compared to other major processors:
- Deposyt: 2.5% + 10 cents per transaction for in-person payments.
- Stripe and PayPal: Typically charge 2.9% + 30 cents per transaction for online payments.
- Square: Charges 2.6% + 10 cents per transaction for in-person payments.
3. Can Deposyt integrate with my e-commerce platform?
Yes, Deposyt integrates with a wide range of e-commerce platforms, including Shopify, WooCommerce, ClickFunnels, SamCart, and Infusionsoft, among others. This makes it a versatile choice for businesses operating online.
4. Is Deposyt suitable for high-risk merchants?
Absolutely. Deposyt is one of the few payment processors that openly supports high-risk industries such as CBD, adult products, and travel services. Unlike Stripe and PayPal, Deposyt guarantees that your account won’t be shut down due to the nature of your business.
5. What are the key advantages of using Deposyt?
- Lower Fees: Deposyt offers competitive rates, particularly for in-person and online transactions, which can lead to significant savings.
- High-Risk Merchant Support: Deposyt guarantees account stability for businesses in high-risk industries.
- Elimination of Fees: Retail merchants may eliminate their processing fees entirely, keeping 100% of their sales revenue.
- Seamless Integration: Deposyt works with a variety of e-commerce platforms, making it a flexible option for businesses.
6. How does Deposyt handle customer support?
Deposyt offers personalized customer support, including consultations to determine if their service is the right fit for your business. You can easily schedule an appointment through their website to discuss your needs with a representative.
7. Can I eliminate my credit card processing fees with Deposyt?
Yes, Deposyt offers a unique option for retail merchants to eliminate processing fees entirely. This means that if your business processes, for example, $30,000 in sales per month, you could potentially keep the entire $30,000 without paying any processing fees.
8. Is Deposyt easy to set up?
Yes, setting up Deposyt is straightforward. The company also provides support throughout the setup process and offers consultations to help ensure that their service meets your business needs.
9. What types of businesses benefit most from using Deposyt?
- High-Volume Businesses: Due to its lower fees, Deposyt is ideal for businesses that process a large volume of transactions.
- High-Risk Merchants: Businesses in industries often considered high-risk by other processors, such as CBD, adult products, or travel, will benefit from Deposyt’s guarantee of account stability.
- Retail Merchants: Those who want to eliminate their processing fees entirely will find Deposyt particularly advantageous.
10. How do I get started with Deposyt?
You can start by visiting Deposyt’s website and scheduling a consultation. A representative will help you determine if Deposyt is a good fit for your business and guide you through the setup process. Be sure to use any referral links you may have to ensure you receive the best possible rates.
If you have any additional questions or need further clarification, feel free to reach out to Deposyt’s customer support for personalized assistance.
