Twelve different banks, some of which are overseas, support Soar Payments. The CEO of Soar Payments is Adam Carlson. The company’s main office is located at 21 Waterway Avenue, Suite 300, The Woodlands, Texas 77380. Read more about our reliable Soar Payments review and their fees, rates, customer feedback, and complaints.
Soar Payments, a merchant account service with a focus on high-risk and offshore credit card processing for U.S.-based businesses, was established in 2015.
Encourage Superior Traders
If you were given a high-risk designation, you presumably possess a few of the qualities listed below:
For high-risk retailers, Soar Payments processes all common debit and credit cards. The company can support standard-risk business kinds despite its focus on difficult-to-place business types. Soar Payments and Chargeback.com have teamed up to provide businesses with tools for managing disputed payments. EMV card readers and swipers, POS systems, mobile solutions, virtual terminals, e-commerce solutions including shopping carts, and ACH and e-check processing are just a few of the services offered by Soar Payments.
A high-risk classification for a given industry is frequently due to the likelihood of numerous chargebacks. If your chargeback ratio climbs too high, your account can be terminated. To incorporate chargeback mitigating elements into the NMI payment gateway, Soar Payments collaborates with Chargeback.com. The resulting package, known as Chargeback Armor, consists of the iSpyFraud filter to identify fraud, screen suspicious transactions, and block suspicious activities, as well as chargeback alert emails that represent services for combating erroneous chargebacks.
There is only one bad review of Soar Payments that we can find right now, and it does not call the business a swindle or a fraud. Although the merchant claims unauthorized charges and exorbitant chargeback costs in this one complaint, the case in question seems to be more about the merchant’s misconception of their risk exposure as a high-risk business type.
There are no pending civil lawsuit cases or FTC complaints against Soar Payments that we could find. Disgruntled customers who want to take the firm to court should think about reporting the corporation to the appropriate regulatory bodies.
Soar Payments currently has an “A+” rating and accreditation from the BBB. Although the company’s BBB profile has only been live since July 2018, it has received no complaints.
Soar Payments’ BBB page contains 5 unofficial reviews, all of which are good. The most recent review shows that the business is pleased with its customers’ service:
Outstanding location to find high-risk merchant services! I appreciate the regular communication and the daily updates on the status of my application during the approval process. Once the underwriting process began, there were no surprises or requests for additional information. The work that Soar Payments did to get my merchant account approved by *** was incredible! I would strongly advise it to any company that requires a merchant account for e-commerce services.
A few months ago, I converted the little comm business I run from Infusionsoft Payments (WePay) to Soar Payments. And I’ve been happy with the outcomes thus far. Everything else at Infusionsoft/WePay was operating well in terms of technology. But the costs were quite costly and confusing.
In comparison to WePay, Soar Payments has done a wonderful job of lowering our costs and making the cost much more obvious. Finding someone who decreased friendly fraud and made it simple to combat erroneous chargebacks was also crucial for my company. In this aspect, Soar Payments has performed fairly well.
Note: This evaluation demonstrates the distinct caliber of service necessary to cater to high-risk merchant account issuers.
Low-risk and moderate-to-high-risk merchants fall into two categories under Soar Payments’ terms and conditions.
The contract length for mid to high-risk merchants is two years, with automatic one-year renewal. This includes a $495 early termination fee, which is waived after the first month of the contract has passed. Pricing is divided into two tiers in this contract for mid-qualified and non-qualified merchants. Mid-qualified merchants can get a rate for all transactions as low as 2.49%.
Gateway fees for high-risk merchants are $15 per month and $0.25 for each transaction. A $15 monthly fee and a 2.50% transaction fee are added to ACH debit transactions. All merchants, whether mid-qualified or not, must pay a chargeback cost of $45—much higher than the $25 industry average. Depending on how serious the risk is to the merchant, other charges and terms might change.
Monthly agreements with interchange-plus pricing are available to merchants who meet the company’s low-risk standards. For swiped and keyed-in transactions, the rate under this pricing scheme is 0.05% with no interchange markup. Additional fees include a $10 monthly merchant on-file fee, a $25 monthly minimum processing threshold, $10 monthly low-risk gateway fees, and a $19.95 monthly PCI non-compliance fee. Chargeback fees are $15 for low-risk merchants as opposed to $45 for mid to high-risk merchants.
Soar Payments advertises its virtual terminal and payment gateway services on its website in addition to providing storefront payment processing services. Low-risk merchants pay $10 per month and $0.10 for each transaction in addition to the company’s usual rates, while mid-to-high-risk merchants pay an entry point fee of $15 per month and $0.25 per purchase.
It’s possible that Soar Payments does offer free terminals for the duration of the merchant account contract and that it will charge merchants a fee if the equipment is not returned under the company’s preferred schedule because it advertises free terminals for its standard-risk merchants. Before registering for service, merchants are urged to read and comprehend all of the terms of this terminal agreement. We urge business owners to review the list of the top merchant service providers.
Although we are unable to evaluate whether Soar Payments’ conditions are comparable with the most affordable merchant accounts because there are currently no known public merchant complaints about the company’s contract terms, we will not lower the company’s score in this category. Please let us know if you know anything particular about the terms of the typical Soar Payments contract (such as any PCI compliance fees or monthly minimum payments).
It appears that Soar Payments markets its services primarily through referral alliances with other ISOs and independent sales representatives. The business promotes itself as a referral alternative where ISOs can send their challenging-to-place merchants for offshore processing, similar to numerous high-risk merchant account providers. Additionally, Soar Payments actively chases its merchants through advertising. We have not yet found any Soar Payments complaints alleging unethical behavior on the part of the company’s sales staff.
Most pages of the Soar Payments website stated that the business has been voted the “#1 High-Risk Credit Card Processor,” that “98.7% of accounts are authorized,” and that the business offered “High-Risk Rates as Low as 2.49%” at the time of our recent update. These kinds of statements should be treated with caution by merchants because they either rely on unverified third-party reviewers, internal corporate metrics, or a “teaser” rate that isn’t very close to a merchant’s actual rate. Since that revision, Soar Payments’ website appears to have largely been cleared of this language.
Despite maintaining an “A” rating thanks to its absence of complaints, businesses should exercise caution when reading Soar Payments’ marketing materials. We advise requesting a third-party statement audit to identify and remove hidden charges if you believe Soar Payments is billing you for unauthorized costs.
On its website, Soar Payments provides phone and email contact information, but it’s not apparent if these avenues are reserved for customer service. The corporation delegated some customer care activities to its sponsored banks.
Several Soar Payments customer support numbers have been found:
Call-Free General Customer Service: (888) 225-9405 Fax: (281) 725-6594
At [email protected], Soar also provides a sales email address.
The number of support options offered by Soar Payments is insufficient to place them among the best merchant account service providers.
Considering all the data, Soar Payments is rated as a trustworthy high-risk merchant services supplier. The credit card processor is not one of our top picks for the finest high-risk merchant accounts because the specifics of its price and contract terms are currently ambiguous. As Soar continues to function and establish a name for itself among merchants, our ranking could alter.