Launched back in 2015, Soar is a merchant account provider with its head offices in Houston, Texas. Soar payments specialize in getting card processing homes for businesses that are hard to place that most merchant account providers will not work with typically. If you need a feature-rich and high-risk card processor, Soar payments will be a perfect fit.
We will be looking at what Soar Pay offers.
Product and Services
When you want to try Soar Pay for high-risk merchant transcations, it is crucial to know that it offers a wide range of products and services that meets the needs of many types of business, including:
Merchant Account:
Soar Pay offers merchant accounts to low, mid, and high-risk merchants. After choosing the type of bank that fits your business depending on the risk profile, Soar Pay will approve the account within 24 hours.
Within 3-5 business days, you can be through with the approval process with an underwritten contract and ready to start receiving payments. However, the process is a bit faster for low-risk merchants.
Hardware Options
Soar Pay provides a mobile credit card processor and Verifone VX520 credit card terminal and will always ship any equipment one needs. However, you must contact their support for a price quote.
Payment Gateways
Soar Pay provides merchants an option between USAePay and the popular Authorize.Net for processing via eCommerce or MOTO.
eCommerce Integrations
Be ready for plentiful and standard shopping cart integrations that come with the gateways above. There are also custom integrations.
ACH and eCheck Processing
High-risk businesses can access the eCheck and ACH processing services.
Fraud Prevention and Chargeback Management
The possibility of several chargebacks is one of the reasons why a particular industry is at high risk. There are chances of shutting down your account when the chargeback ratio is too high.
High-Risk Merchants Acceptance
When using Soar pay for high-risk merchant transactions, you will have one or more of the following features:
- High ticket or irregular sales
- Taking part in an industry with a history of high chargebacks
- Working in an industry large banks do not support due to various political reasons
- Taking part in a highly regulated industry
Soar Pay takes different types of high-risk business models. Below are some of the industries it accepts:
- Fantasy sports
- Pawnbrokers
- Firearms and ammunition
- Subscription boxes
- Web design and development
Fees and Rates
Soar Pay seems to have done away with several pricing disclosures from its website. One will have to get a rate quote from one of the sales representatives from the company to get an accurate idea of the overall cost.
Low-Risk Pricing
Soar Pay provides a very transparent interchange together with pricing for low-risk businesses. The rates are never clear upfront, but they will depend on the volume of sales. Soar Pay will offer an instant price quote for low-risk accounts.
Mid and High-Risk Pricing
The standard model is the tiered pricing with the mid and non-qualified rates, which vary depending on the volume, risk, etc.
One has to keep in mind that high-risk pricing is variable depending on their situation. You will never know how it stacks up against competitors unless you compare multiple quotes.
Length of Contract and Early Termination Fee
When outlining the Soar Pay contract stipulations, you will start with mid to high-risk accounts and summarize the low-risk ones fast. You have to read through the contract to determine if there are any fees for early termination together with contract length.
Although the Soar high-risk terms are sustainable, the hefty early termination fee is never fun.
Advertising and Sales Transparency
Soar Pay relies on its website to market sign-up merchants and accounts. The site has an online application feature that allows you to submit information about your business and get a quote after sending it in. It will take five minutes to complete filling the application form.
Soar Pay will never send you a rate quote whenever you submit an online application. Instead, it sends you a complete contract which you can sign electronically.
You should take your time and review the contract carefully before you sign anything. If it comes with an initial two-year term, it means you will be legally committed to it immediately after you sign it.
Technical Support and Customer Service
Soar Pay’s regular business hours are from 8 am to 8 pm Eastern Time. All the employees at the company have a direct line. If you cannot get to your representative, it will direct you to the back-end processor.
The Soar Pay website also has a FAQ section covering all the frequently asked questions for all the risk levels.
Conclusion
High-risk merchants will, in most cases, not have lots of trustworthy options. High-risk credit card processors offer gateways that will enable merchants to handle their payments efficiently. However, it is vital to understand that credit card fees are a bit high. It is due to the nature of high-risk businesses. On the same note, you need a binding contract to register your merchant account on Soar Pay.
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