Is Shark Processing Right for High-Risk Merchants? Full Contract & Fee Analysis

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.

High Risk Payment Processing

Shark Processing specializes in providing payment processing solutions tailored to the unique needs of high-risk business types. Their expertise in this area ensures that businesses operating in industries with higher levels of risk can process payments securely and efficiently.

International Payment Processing

In addition to catering to high-risk businesses, Shark Processing extends its services to international enterprises. They offer solutions that facilitate cross-border transactions, enabling businesses to operate on a global scale and accept payments from customers worldwide.

ACH Processing Services

Shark Processing also offers ACH processing services, allowing businesses to accept electronic checks and direct debit transactions.

Minimal Complaints

Currently, we’ve found only one negative Shark Processing review, which appears in the comment section below this article. The complaint seems to stem from a single incident involving a sales agent, suggesting it may be an isolated occurrence. Given that Shark Processing was founded in January 2016, its low complaint total could be attributed to its relatively short time in the industry, with fewer opportunities for clients to provide feedback. It’s important for readers to recognize that the limited complaints don’t necessarily indicate exceptional service; rather, it reflects a lack of extensive feedback. Share your own experience with Shark Processing in the comments section below.

Legal Standing

No class-action lawsuits or FTC complaints have been reported against Shark Processing. Clients dissatisfied with the company’s services can explore reporting concerns to relevant supervisory organizations.

Customer Support

Shark Processing encourages potential merchants to initiate contact through an online form to schedule a call. Additionally, they provide a toll-free phone number. While it’s unclear if this number is dedicated to customer support, there have been no significant complaints regarding service quality.

PaymentPop Rating for Shark Processing

Negative Feedback

There are no negative reviews published about Shark Processing on the PaymentPop website.

Positive Feedback

Getting started with Shark Payment Solutions was more straightforward than I expected. They explained the approval process clearly and kept us updated the whole way. We’ve had steady processing and no surprise fees. It’s been a reliable setup for our business.

No BBB Profile

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

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 client 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% and a rolling reserve of 10%, but these will only apply to a very specific type of merchant.

High-Risk Merchant Rates

In general, businesses 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 businesses 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 clients are satisfied with their contracts at this time. However, Shark Processing is a new enough business that readers 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.

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 reviews 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 client 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 business 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.

Shark Processing is rated as a reliable high-risk credit card processing provider. The company has only received a single complaint, and nothing indicates that it engages in fraudulent practices. Despite its strong reputation, prospective clients should ensure they receive full disclosure of all rates and compare Shark Processing’s contract terms with those of top-rated high-risk merchant account providers.

Being relatively new, Shark Processing requires ongoing monitoring, and we will continue to evaluate client feedback to update our rating as needed. This approach ensures that businesses can make informed decisions and secure the most favorable terms for their high-risk payment processing needs.