diff --git a/contracts/src/interfaces/IPaymentVault.sol b/contracts/src/interfaces/IPaymentVault.sol
index 84993306ba..bbdb25f396 100644
--- a/contracts/src/interfaces/IPaymentVault.sol
+++ b/contracts/src/interfaces/IPaymentVault.sol
@@ -15,12 +15,19 @@ interface IPaymentVault {
     event ReservationUpdated(address indexed account, Reservation reservation);
     /// @notice Emitted when an on-demand payment is created or updated
     event OnDemandPaymentUpdated(address indexed account, uint256 onDemandPayment, uint256 totalDeposit);
-    /// @notice Emitted when minChargeableSize is updated
-    event MinChargeableSizeUpdated(uint256 previousValue, uint256 newValue);
     /// @notice Emitted when globalSymbolsPerSecond is updated
     event GlobalSymbolsPerSecondUpdated(uint256 previousValue, uint256 newValue);
-    /// @notice Emitted when pricePerSymbol is updated
-    event PricePerSymbolUpdated(uint256 previousValue, uint256 newValue);
+    /// @notice Emitted when reservationBinInterval is updated
+    event ReservationBinIntervalUpdated(uint256 previousValue, uint256 newValue);
+    /// @notice Emitted when priceParams are updated
+    event PriceParamsUpdated(
+        uint256 previousMinChargeableSize, 
+        uint256 newMinChargeableSize, 
+        uint256 previousPricePerSymbol, 
+        uint256 newPricePerSymbol, 
+        uint256 previousPriceUpdateCooldown, 
+        uint256 newPriceUpdateCooldown
+    );
 
     /**
      * @notice This function is called by EigenDA governance to store reservations
diff --git a/contracts/src/payments/PaymentVault.sol b/contracts/src/payments/PaymentVault.sol
index 39fb865623..9841a38050 100644
--- a/contracts/src/payments/PaymentVault.sol
+++ b/contracts/src/payments/PaymentVault.sol
@@ -11,28 +11,35 @@ import {IERC20} from "@openzeppelin/contracts/token/ERC20/IERC20.sol";
 **/
 contract PaymentVault is PaymentVaultStorage, OwnableUpgradeable {
  
-    constructor(
-        uint256 _reservationBinInterval,
-        uint256 _reservationBinStartTimestamp,
-        uint256 _priceUpdateCooldown
-    ) PaymentVaultStorage(
-        _reservationBinInterval,
-        _reservationBinStartTimestamp,
-        _priceUpdateCooldown
-    ){
+    constructor() {
         _disableInitializers();
     }
 
+    receive() external payable {
+        _deposit(msg.sender, msg.value);
+    }
+
+    fallback() external payable {
+        _deposit(msg.sender, msg.value);
+    }
+
     function initialize(
         address _initialOwner,
         uint256 _minChargeableSize,
         uint256 _globalSymbolsPerSecond,
-        uint256 _pricePerSymbol
+        uint256 _pricePerSymbol,
+        uint256 _reservationBinInterval,
+        uint256 _priceUpdateCooldown
     ) public initializer {
         transferOwnership(_initialOwner);
+        
         minChargeableSize = _minChargeableSize;
         globalSymbolsPerSecond = _globalSymbolsPerSecond;
         pricePerSymbol = _pricePerSymbol;
+        reservationBinInterval = _reservationBinInterval;
+        priceUpdateCooldown = _priceUpdateCooldown;
+
+        lastPriceUpdateTime = block.timestamp;
     }
 
     /**
@@ -54,15 +61,24 @@ contract PaymentVault is PaymentVaultStorage, OwnableUpgradeable {
      * @param _account is the address to deposit the funds for
      */
     function depositOnDemand(address _account) external payable {
-		onDemandPayments[_account] += msg.value;
-        emit OnDemandPaymentUpdated(_account, msg.value, onDemandPayments[_account]);
+		_deposit(_account, msg.value);
     }
 
-    function setMinChargeableSize(uint256 _minChargeableSize) external onlyOwner {
+    function setPriceParams(
+        uint256 _minChargeableSize,
+        uint256 _pricePerSymbol,
+        uint256 _priceUpdateCooldown
+    ) external onlyOwner {
         require(block.timestamp >= lastPriceUpdateTime + priceUpdateCooldown, "price update cooldown not surpassed");
-        emit MinChargeableSizeUpdated(minChargeableSize, _minChargeableSize);
-        lastPriceUpdateTime = block.timestamp;
+        emit PriceParamsUpdated(
+            minChargeableSize, _minChargeableSize, 
+            pricePerSymbol, _pricePerSymbol, 
+            priceUpdateCooldown, _priceUpdateCooldown
+        );
+        pricePerSymbol = _pricePerSymbol;
         minChargeableSize = _minChargeableSize;
+        priceUpdateCooldown = _priceUpdateCooldown;
+        lastPriceUpdateTime = block.timestamp;
     }
 
     function setGlobalSymbolsPerSecond(uint256 _globalSymbolsPerSecond) external onlyOwner {
@@ -70,9 +86,9 @@ contract PaymentVault is PaymentVaultStorage, OwnableUpgradeable {
         globalSymbolsPerSecond = _globalSymbolsPerSecond;
     }
 
-    function setPricePerSymbol(uint256 _pricePerSymbol) external onlyOwner {
-        emit PricePerSymbolUpdated(pricePerSymbol, _pricePerSymbol);
-        pricePerSymbol = _pricePerSymbol;
+    function setReservationBinInterval(uint256 _reservationBinInterval) external onlyOwner {
+        emit ReservationBinIntervalUpdated(reservationBinInterval, _reservationBinInterval);
+        reservationBinInterval = _reservationBinInterval;
     }
 
     function withdraw(uint256 _amount) external onlyOwner {
@@ -91,6 +107,11 @@ contract PaymentVault is PaymentVaultStorage, OwnableUpgradeable {
         require(total == 100, "sum of quorumSplits must be 100");
     }
 
+    function _deposit(address _account, uint256 _amount) internal {
+        onDemandPayments[_account] += _amount;
+        emit OnDemandPaymentUpdated(_account, _amount, onDemandPayments[_account]);
+    }
+
     /// @notice Fetches the current reservation for an account
     function getReservation(address _account) external view returns (Reservation memory) {
         return reservations[_account];
diff --git a/contracts/src/payments/PaymentVaultStorage.sol b/contracts/src/payments/PaymentVaultStorage.sol
index 977b852092..e4f686c2ce 100644
--- a/contracts/src/payments/PaymentVaultStorage.sol
+++ b/contracts/src/payments/PaymentVaultStorage.sol
@@ -4,37 +4,25 @@ pragma solidity ^0.8.9;
 import {IPaymentVault} from "../interfaces/IPaymentVault.sol";
 
 abstract contract PaymentVaultStorage is IPaymentVault {
-    
-    /// @notice reservation bin duration 
-    uint256 public immutable reservationBinInterval; 
-    /// @notice start timestamp of reservation bins
-    uint256 public immutable reservationBinStartTimestamp;
-    /// @notice cooldown period before the price can be updated again
-    uint256 public immutable priceUpdateCooldown; 
-
-    constructor(
-        uint256 _reservationBinInterval,
-        uint256 _reservationBinStartTimestamp,
-        uint256 _priceUpdateCooldown
-    ){
-        reservationBinInterval = _reservationBinInterval;
-        reservationBinStartTimestamp = _reservationBinStartTimestamp;
-        priceUpdateCooldown = _priceUpdateCooldown;
-    }
 
     /// @notice minimum chargeable size for on-demand payments
-    uint256 public minChargeableSize;    
-    /// @notice maximum number of symbols to disperse per second network-wide for on-demand payments (applied to only ETH and EIGEN)
-    uint256 public globalSymbolsPerSecond;     
+    uint256 public minChargeableSize; 
     /// @notice price per symbol in wei
     uint256 public pricePerSymbol; 
+    /// @notice cooldown period before the price can be updated again
+    uint256 public priceUpdateCooldown;    
+    /// @notice maximum number of symbols to disperse per second network-wide for on-demand payments (applied to only ETH and EIGEN)
+    uint256 public globalSymbolsPerSecond;  
+    /// @notice reservation bin duration 
+    uint256 public reservationBinInterval;  
+
     /// @notice timestamp of the last price update
-    uint256 public lastPriceUpdateTime;             
+    uint256 public lastPriceUpdateTime; 
 
     /// @notice mapping from user address to current reservation 
     mapping(address => Reservation) public reservations;
     /// @notice mapping from user address to current on-demand payment
     mapping(address => uint256) public onDemandPayments;
 
-    uint256[44] private __GAP;
+    uint256[42] private __GAP;
 }
\ No newline at end of file