Shark Payment Solutions Overview

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High Risk Payment Processing

Founded in 2016, Shark Processing. is a merchant account provider that specializes in serving high risk business types. The company is capable of processing payments for U.S.- and Canada-based businesses as well as merchants who require merchant accounts through offshore banks.

Headquartered in Alberta, Canada

Shark Processing does not list its acquiring banks on its website, but it states that it is partnered with 8 different banks in order to serve a wide range of businesses. Shark Processing is located in Calgary, Alberta, but its precise address is not listed on its website or on any third-party websites. Gus Hanger is the CEO of Shark Processing.

Shark Processing Review Table of Contents

  • Costs & Contract: Shark Processing appears to offer variable contract terms that will depend on each merchant’s risk profile and processing history.
  • Complaints & Service: Shark Processing has received fewer than 10 public complaints.
  • BBB Rating: Shark Processing does not have a profile with the Better Business Bureau at this time.
  • Sales & Marketing: Shark Processing does not appear to hire independent sales representatives and has not received any complaints about its sales practices.
  • Rates & Fees: How Merchants Got The Best Rates With Shark Processing.
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Products & Services Offered

Types of Businesses Served

  • E-commerce
  • High risk
  • International
  • Nutraceutical
  • Online gambling
  • Adult

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Shark Payment Solutions Rates, Fees, and Costs

Key Points

Swipe Rate 5.49%+
Keyed-in Rate 5.49%+
Kratom Processing 6.99% - 8.99%
Setup Fee $100 or $1,000
Rolling Reserve 10% Of Sales Volume
Early Termination Fee Undisclosed
PCI Compliance Fee Undisclosed
Equipment Lease Terms Undisclosed

Shark Processing Contract Terms

There is very little public information about the standard Shark Processing contract. The company does not provide its contract terms on its website, and only one merchant complaint- found below this review- cites a setup fee of either $100 or $1000. The company’s website advertises that its transaction rates start at 5.49%. The Shark Processing website does mention some sample conditions such as a per-transaction fee of 6.99% to 8.99%, a rolling reserve of 10%, but these will only apply to a very specific type of merchant.

High Risk Merchant Rates

In general, merchants in very high risk industries should expect higher-than-average fees and potential rolling reserves with strict limits on the number of chargebacks they receive. This eliminates the likelihood that Shark Processing’s contract terms are competitive with the cheapest merchant accounts. Shark Processing can find more competitive rates and fee structures for merchants in low-risk, brick-and-mortar sectors.

Carefully Review Contracts

The lack of complaints about the company’s pricing and fees is a strong indication that most of its merchants are satisfied with their contracts at this time. However, Shark Processing is a new enough business that merchants should read and review all documentation before signing up. If you have any specific knowledge of the standard Shark Processing contract (including any early termination fees or PCI compliance fees), please share that information in the comment section below this review.

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Response from Shark Payment Solutions

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Shark Payment Solutions Complaints & Customer Reviews

Key Points

Total Online Complaints <10
Live Customer Support Unknown
Most Common Complaint N/A

Low Overall Complaint Total

We are currently able to locate only 1 negative Shark Processing review, and it appears in the comment section of this review. The complainant seems to suggest that the company is a scam due to a wayward sales agent, but it appears to be an isolated incident. A major contributing factor to Shark Processing’s otherwise clean complaint record may be the fact that the company was founded in January 2016. There simply might not have been enough time yet for merchants to open accounts, process payments for a period of time, and weigh in on their experiences in a public forum. Merchants should be aware that, in this case, the general absence of complaints is neither good nor bad; it is just a lack of information.

Shark Processing Lawsuits

We have not found any outstanding class-action lawsuits or FTC complaints filed against Shark Processing. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.

Shark Processing Customer Support Options

The Shark Processing encourages prospective merchants to contact the company via an online form in order to set up a call, but it also includes a toll-free phone number. It is unclear whether this number is specifically dedicated to customer support, but we have not seen any complaints about poor service from the company. Even so, Shark Processing’s support options aren’t enough to qualify it as a top-rated credit card processor for customer service at this time.

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Response from Shark Payment Solutions

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Shark Payment Solutions BBB Rating Summary

The Better Business Bureau does not currently maintain a profile for Shark Processing. We therefore will not factor a BBB rating into this review.

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Truth In Marketing & Advertising

Key Points

Employs Independent Resellers No
Advertises Deceptive Rates No
Discloses All Important Terms No

No Sales Complaints

Shark Processing appears to primarily market its services via strategic partnerships and online advertising. There is no evidence at this time that the company employs a team of independently contracted sales agents, and we are unable to locate any Shark Processing complaints that describe unethical conduct by the company’s sales team. Shark Processing is a relatively new company and may still be honing its marketing approach, so merchant experiences could vary wildly.

No Misleading Quotes

The Shark Processing website occasionally provides some sample rates (such as “6.99%-8.99%” for kratom vendors), but these rates are probably realistic price ranges for high risk merchant types. Overall, there appears to be little cause for concern in terms of the company’s sales approach. If you suspect that Shark Processing  is charging you undisclosed fees, we recommend seeking a third-party statement audit to find and eliminate hidden charges.

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Response from Shark Payment Solutions

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Shark Processing Logo

Our Opinion of Shark Payment Solutions

Solid Option for High Risk Merchants

Shark Processing rates as a reliable high risk merchant services provider according to our rating criteria. We are able to locate only one complaint about the company, and there does not appear to be anything that strongly suggests the company is a ripoff. Merchants should still be sure to request full disclosure of all rates and to compare Shark Processing’s contract terms to the top-rated high-risk merchant accounts. We will continue to monitor merchant feedback about this relatively new company and adjust our rating as necessary.

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Thank you for reading my review. I hope that it has helped you with your research.

Why I'm Qualified to Write About Credit Card Processing and Merchant Account Services

I'm a former credit card processing sales director who left the industry because I didn't like how it takes advantage of small business owners. It feeds like a leech on businesses and thrives by imposing fees that are nearly impossible to comprehend. Seeing a need for change, I left and built this website help business owners better understand the industry, research merchant services providers, and get refunds of excessive merchant account fees. My experience of working "behind the curtain" in the industry, and using that knowledge for good, has resulted in millions of dollars returned to hard-working small business owners as well as enterprise-level companies.

From the time that I starting working in the merchant services industry to when I left to create this website, I've been on the pulse of payments for nearly 15 years. It didn't seem fair to keep this "insider" knowledge to myself. To lift the fog, I've reviewed hundreds of companies, read thousands of user reviews, and learned the pricing tricks of every provider. If you have questions about credit card processing, you can find the answers on this website.

How I Can Help You

I specialize in helping businesses get refunds of excessive fees and have recovered $1,567,184 this year alone! Submit a recent statement below to find out if you are getting overcharged. I'll take a look at it for free. If I find fees that can be refunded, hire me on contigency. I only get compensated if I put money back into your pocket.

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1 Review Leave Your Review for Shark Payment Solutions Below

  1. Ahmed Salama says:

    This is my story with Shark Processing
    Actually i have a bad reviews about Shark Processing , This Guy is a Big Scammer , his name is Jared and his phone number is [REDACTED – personal contact information], and his Skype : [REDACTED – personal contact information] He told me you will pay me 1000$ as setup cost i refused to pay that amount , we agreed to pay him 100$ as setup cost , i paid this amount after a couple of days he disappear and after 3 months he came back with a lot’s of apologizes, then he disappeared again.until now ,
    Don’t deal with that Idiot because he is a big scammer will steel your money

    Please don’t hesitate to contact me if you have any questions

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