Soar Payments has established itself as a powerful force in the payments industry, providing reliable and secure payment processing services to merchants of all sizes. With a comprehensive suite of payment solutions, Soar Payments is positioned to meet the needs of all types of businesses. But how does it stack up regarding fees, rates, customer feedback, and complaints?
In this comprehensive Soar Payments review, we’ll take a closer look at Soar Payments, exploring how it compares to other payment providers regarding the important metrics merchants need to consider. We’ll also provide an overview of customer feedback and any complaints that may be floating around. So, let’s dive in and take a look at what Soar Payments has to offer!
Overview of Soar Payments
Soar Payments is one of the world’s largest online payment processing services, providing a wide range of solutions for merchants of all sizes. Whether you’re looking for credit card processing or want to accept e-commerce payments, Soar Payments’ solutions can help you get what you need.
It’s worth noting that Soar Payments isn’t a payment gateway. Rather, a merchant account provider can process all major payment types. Credit card processing services, including recurring payments, can also be obtained through Soar Payments.
Soar Payments is headquartered in California, with additional offices in London, Hong Kong, and Dubai. The company has been operating since 2004 and had $11 billion in annual transactions in 2017.
Soar Payments is a member of the Chinese-American Merchants Association, the California Retailers Association, the Electronic Transactions Association, and the National Retail Federation.
Advantages of Soar Payments
There are several advantages to choosing Soar Payments as your payment processor. For one, the company is well known for providing top-notch customer service, which can be a critical factor for many merchants. Beyond that, Soar Payments offers a wide range of solutions for all types of businesses, making it a great option for those looking to accept various payment types.
Disadvantages of Soar Payments
On the other hand, Soar Payments doesn’t offer free payment processing, which is a drawback for some merchants. And while the company has been in business for more than a decade and has an impressive track record, it’s always worth noting that there’s no such thing as a 100% guarantee.
Complaints, Fees, Rates, Customer Feedback
Soar Payments Review Based on Rates and Fees
Fees can be a critical factor when choosing a payment processor. While rates can vary based on several factors, the general rule of thumb is that the more you process, the lower your fees will be.
Some payment providers also offer tiered rates based on transaction amounts, which can lower fees for higher-volume merchants. With that in mind, Soar Payments’ monthly fees are tiered, ranging from $19 to $49 per month, depending on how much you process.
There are no setup or termination fees, and you can cancel your account anytime. Regarding transaction fees, Soar Payments has tiered rates as well. For example, the minimum transaction rate is 2.43% if you accept credit cards. Several fees can increase your rate, including weekend, international, and card-type fees.
Soar Payments Review Based on Customer Feedback
Happy customers are the best way to determine how a company is doing. Because payment processors are often in the background, it’s easy for customers to go unnoticed. But regarding Soar Payments, there’s no shortage of feedback.
There are currently more than 5,000 customer reviews on Trustpilot alone. Regarding the overall rating, Soar Payments has received an impressive 9.0 out of 10. It’s important to note that while these reviews are great, they don’t necessarily reflect the experience of all Soar Payments customers.
Customers who leave feedback tend to have a great experience, whereas those who have an issue with the company often don’t bother leaving feedback. Because of this, it’s best to look at the overall numbers, not the individual reviews.
Soar Payments Review Based on Complaints
As we’ve discussed, looking at feedback across the board is important whenever possible. That being said, a few minor issues were brought up in customer feedback. The most common complaint among Soar Payments customers was that the company didn’t offer any free payment processing solutions.
This may have been remedied in recent years, but it’s something to keep in mind if you’re shopping for providers. Beyond that, some customers reported that the customer service experience wasn’t the best, while others noted that they wished they could integrate their Soar Payments account with other software.
Comparison to Other Payment Processors
Now that we’ve covered Soar Payments in-depth let’s look at how it stacks up against some of the other top payment processors. It’s important to note that this comparison is based on a few factors: processing speed, transaction fees, customer service, and other general metrics.
Regarding transaction speed, PayPal is the clear winner, with average transaction times of 2 to 3 days. This is significantly quicker than the 2 to 3 business days that Square and Stripe provide. Meanwhile, Soar Payments provides processing times of 1 to 3 business days on average. Regarding customer service, PayPal is once again on top, with an average score of 8.75 out of 10.
Stripe and Square follow in second and third place with 8.58 and 8.42, respectively. And last but not least, Soar Payments comes in fourth place with an average customer service rating of 8.10 out of 10.
Conclusion
When choosing the right payment processor, it’s essential to understand what you’re getting into. After all, payments are the lifeblood of any business. That’s why choosing a reliable provider with great customer service and who can meet your unique needs as a merchant is important. When it comes to Soar Payments, there are some things to like, including the fact that it provides a wide range of payment solutions.
From credit card processing to e-commerce solutions, Soar Payments has you covered. Beyond that, the company provides some of the quickest transaction times in the industry, making it a great option for merchants who want to speed up their online checkout process.
