Soar Payments – High-Risk Merchant Account Processing

  • You get a full merchant account
  • Can accept high risk credit card payments
  • Applications receive an instant quote
  • Suitable for hard to place businesses
  • Only deal with US-based merchants

Soar Payments Overview

Soar Payments is a high-risk merchant account provider based in the US. It specializes in hard-to-place businesses that many banks won’t work with. If you are having a problem securing high-risk merchant services, Soar Payments may be ideal for you. They treat each application on a case-by-case basis. So you need to make an online application before getting a quote. But they offer industry minimum pricing, and you get a quote as soon as you apply.

Once they accept your application, you can be up and trading within a few days. Regardless of your contract, the service and support Soar Payments offers is excellent. But take the time to read your contract carefully, especially if you are a high-risk business. High-risk merchant services are always more expensive as they come with greater risks to the banks. Make sure you check the contract length and also the terms and conditions.

Soar Payments

Products & Services

The products and services Soar Payments offers are top-notch. Being high risk is a very broad term, so your individual needs will vary. But Soar Payments specialize in high-risk merchant accounts. And that is very important if you’re a high-risk business as you need added protection and services. You receive your own merchant-ID and access to a wide range of products. Retail stores can use credit card terminals, wireless, or point of sale systems. And for e-commerce sites, Soar Payment gateways are easy to integrate and compatible with most shopping carts.

Merchant Accounts

Soar Payments place all businesses in one of three categories. You are either low risk, mid risk, or high risk. Your particular level is decided when you make your application. But regardless of your risk level, all businesses get their own merchant accounts. Once you make your application, Soar Payments will determine which bank best suits your needs. That is especially important for high-risk business owners. You will need account stability as you will be facing a lot more chargebacks. Your individual level of risk will also depend on your products and credit history. Your contract rates will depend on all of these factors.

Payment Gateways

If you have an online store, you will need to provide your website details in your application. You must also have approval for processing via MOTO or eCommerce. Once you get your approval, you can then accept payments within 24 hours. Soar Payments primarily works with the NMI,, and USAePay gateways. If you have another payment gateway in mind, they will help you with the integration. Once everything is in place, you then need to select your monthly credit card volume. We recommend you go 20% above your prediction to avoid penalties if you exceed your monthly sales volume.

Soar Payments

eCommerce Integrations

Soar Payments offers easy integration with most software platforms. Their accounting & CRM software integrates with Quickbooks, Salesforce, and ZohoCRM. If you have a shopping cart with any of the big-name providers, you can expect easy integration. Their software works well with 3DCart, BigCommerce, and Shopify stores. They also integrate easily with Magento, Volusion, and WooCommerce. They add new platforms all the time, so make sure to mention your preferences on your application. Custom integrations are also available, depending on your setup. Your sales representative will give you all the information when you make your application.

ACH & eCheck Processing

ACH & eCheck processing are popular as they do not use the credit card processing system. That makes them a cheaper payment method for customers instead of using credit cards. And they are perfectly suited for recurring payments. But while eCheck and ACH payments are similar, ACH is often unavailable to a high-risk business. Not all high-risk businesses are the same, so it depends on your exact sector and what services you offer. Soar Payments will tell you when you make your application. Some high-risk businesses can access both ACH and eCheck processing services, but others will only have eCheck processing. Their website also provides more information on what each industry can expect.

Chargeback Management & Fraud Prevention

Credit card processing is more difficult for high-risk companies. For this reason, many banks shy away from certain high-risk businesses. Soar Payments deals with several banks. That helps them to find the ideal one for you. But you will need to keep your chargebacks under a certain ratio. Typically, you need less than 2% to maintain your account. And they will also help you with their fraud protection technology. The cost will depend on what payment methods you choose and what products you sell. Retail and mobile accounts have lower risks of fraud compared to payment gateway merchant accounts.

High-Risk Merchants

High-Risk Merchants

Soar Payments specialize in high-risk merchant accounts. The definition of high risk differs between each merchant account provider. It depends on your industry type, your chargeback ratio, and how you take payments. To help some business owners, Soar Payments also uses a mid-risk category. If you are low risk but have one high-risk trait, you may qualify under the mid-risk category. You get high-risk protection but at a better rate. But they will not accept offshore, adult, or Bitcoin businesses. They also will not accept any business that operates outside of the US.

Soar Payments Fees & Rates

When dealing with high-risk merchant accounts, credit card processing is more costly. For that reason, every business gets a unique quote depending on several factors. Your industry type and the payments Soar has to deal with will determine your rates and fees. While it is usually easy to tell if your business is a low or high risk, Soar Payments also has a mid-risk category. This is a compromise if you are technically low risk but get classified as high risk. All accounts have gateway fees, chargeback fees, and early termination fees, regardless of risk.

Low-Risk Pricing

Low-Risk Pricing

Since credit card payments with a low-risk business are safer, low-risk merchants get the best rates. To qualify as low risk, you need to have low to mid-ticket sales. You must also have a less than 1% chargeback rate and not be highly regulated. Bookstores, coffee shops, and restaurants are common examples of low-risk businesses. There are many other benefits afforded to low-risk merchants. Low-risk accounts get free equipment regardless of whether they are retail or mobile merchants.

New retail stores get free credit card processing terminals or mobile swiping devices. If you have an existing point of sale system, you can remotely transition to their credit card processing platform for free. The biggest plus is that you get transparent, low interchange-plus pricing. And Soar Payments give industry minimum pricing to every client. The rate will depend on your particular sales volume.

High-Risk Pricing

The most obvious downside to needing high-risk merchant accounts is the higher rates. While you get a transparent rate with a low-risk account, it is much harder to cost a high-risk account. Rather than interchange-plus pricing, you will have to pay tiered pricing. That is probably the most unpopular pricing model, but it’s hard to avoid. With so many different industries labeled as high risk, Soar Payments cannot offer a set rate.

Your application will determine your rates and fees. But make sure to be upfront with them during your application. The contract terms are strict, and you need to be sure they pair you with the right bank. There is also likely to be an early termination fee included. But the application process is free, so they are a good processor to make an application with. You will get an idea of rates and can then evaluate the terms from there.

Contract Length and Termination Conditions

Contract Length and Termination Conditions

If you are a low-risk merchant, Soar Payments contract terms are ideal. Your contract renews on a monthly basis, and you can close your account with 30 days’ notice. And there are no early termination fees. However, if you are high risk, then Soar Payments merchant accounts usually have a minimum 2-year contract. There is also an early termination fee, so read your contract thoroughly. The bank may also require a rolling reserve, so you may have to account for extra funds. But the contract terms are fair and pretty standard for merchant accounts.

Soar Payments Technical & Customer Support

It is vital to have a reliable support from any credit card processor. Especially so, if those credit card payments are high risk. Soar Payments has direct support during normal office hours Monday to Friday. They can help with anything from credit card problems to software or hardware issues. After-hours technical support is also available through your account representative. You receive a representative’s number with your account approval. For general inquiries, they have email and several social media channels. They also feature podcasts on their homepage for added information.

Is Soar Payments Right for Your Business?

There are a few reasons that Soar Payments may be the ideal credit card processor for you. They provide competitive rates and transparent pricing for low-risk businesses. And they also offer free terminals and easy integration. They are more suited to hard-to-place or high-risk businesses, and they have a high acceptance rate. That does not mean they accept all businesses though. There are certain high-risk industries that they will not take on. But if they accept you, their rates are competitive. However, each business is different, and you must make an online application to get a rate.

Is Soar Payments Right for Your Business?

Our Verdict

Overall, we highly recommend Soar Payments. They will particularly suit high-risk and hard-to-place businesses. The only downside is that they do not advertise their processing rates. But you receive an instant quote when you complete your application. That makes them an ideal merchant account provider to make an application with. You get a free quote and will have a ballpark figure for competitive rates. The fact that you get a unique merchant account makes their services very attractive. And their rates are competitive no matter what your risk level. We recommend them for low-risk companies because of their rates and free equipment. But we rate them as best for high-risk companies with mid to high monthly sales volume.