In this review of Soar Payments, we will provide a detailed overview of the company’s credit card processing services. We will cover the range of services they offer, including high-risk merchant accounts, point-of-sale (POS) systems, mobile payment solutions, and e-commerce capabilities. The review will identify the types of businesses that might benefit from these services. Additionally, we will examine client and customer reviews to highlight common trends and potential concerns. The article will also address the company’s pricing structure, contract terms, and specific services provided. By the end of this review, you will have a clear understanding of whether Soar Payments meets your payment processing needs.
About Soar Payments
Founded in 2015, Soar Payments is a merchant account provider that specializes in high-risk and offshore credit card processing for U.S based businesses.
Sour Payments Homepage
Soar Payments Products and Services
Payment Processing
Soar Payments processes all major debit and credit cards for high-risk merchants. Despite its focus on hard-to-place business types, the company is also capable of serving standard-risk business types. Soar Payments is partnered with Chargeback.com to offer its merchants tools for handling disputed payments.
EMV Card Readers and Swipers
EMV card readers and swipers are tools for businesses that accept credit and debit card payments. These devices enable secure transactions by reading the embedded chip in cards, which is more secure than traditional magnetic stripes.
e-Commerce Solutions
e-Commerce solutions are for businesses looking to operate online or expand their digital presence. These solutions provide a comprehensive platform for setting up online stores, managing product listings, processing payments, and handling customer orders.
Mobile Solutions
Mobile solutions are increasingly important as consumers shift towards using their smartphones for a wide range of activities, including shopping and payments. These solutions enable businesses to offer mobile payment options, mobile-optimized websites, and even dedicated apps.
Virtual Terminals
Virtual terminals provide businesses with a flexible and secure way to process payments remotely. Unlike traditional card readers, virtual terminals allow businesses to accept payments over the phone, via email, or through online forms, making them ideal for businesses that operate in remote or service-based industries.
POS Solutions (Shopping Carts, ACH and e-Check Processing)
POS (Point of Sale) solutions are for in-person retail transactions, but they also extend to online environments with features like shopping carts and ACH (Automated Clearing House) or e-check processing. These solutions allow businesses to manage all aspects of sales, from processing credit card payments in-store to handling electronic payments online.
Soar Payments offers payment processing to high-risk businesses
Soar Payments Customer Reviews
Customer Reviews Summary
Total Online Complaints
<10
Live Customer Support
Yes
Most Common Complaint
N/A
Low Complaint Total
Currently, we have only identified one negative review of Soar Payments, which does not allege any fraudulent activity. In this solitary complaint, the merchant reported unauthorized charges and excessive chargeback fees, although it appears to stem from a misunderstanding regarding their risk exposure as a high-risk business. If you have your own experience with Soar Payments to share, please do so below.
Soar Payments Lawsuits
No class-action lawsuits or FTC complaints have been found against Soar Payments. Merchants dissatisfied with their experiences and seeking resolution outside of litigation can report their issues to relevant regulatory bodies.
Soar Payments Customer Service Options
Soar Payments provides contact information including phone and email on its website, but it’s unclear if these channels are dedicated to customer support. It’s possible that the company delegates certain support responsibilities to its sponsoring banks.
Soar Payments Customer Satisfaction Ratings
Online Ratings Summary
Product & Service Complaints
0
Delivery Complaints
0
No BBB Complaints
The BBB currently awards Soar Payments accreditation and an “A+” rating. The BBB has received 0 complaints filed against the company, but the BBB profile has only been active since July 2018.
What Merchants Say
Soar Payments has had 0 informal reviews posted to its BBB profile. However, a previous review reflects merchant satisfaction with customer service:
Great place to go for high risk merchant services! I love the consistent communication and how each day during the approval process I was updated on the status of my application. There were no surprises or request for more information once the underwriting process started. Soar Payments did an amazing job getting me approved through *** for my merchant account! Would highly recommend for all businesses needing a merchant account for e-commerce services.
Given Soar Payments’ clean complaint record, we agree with the BBB’s rating at this time, but merchants should be aware that there is reason to be skeptical of the BBB’s reviews.
Soar Payments Fees, Rates & Contract
Rates & Fees Summary
ACH Debit Rate (Mid-to-High Rick)
2.50% Per Transaction
Gateway Fee (Mid-to-High Risk)
$15 Per Month + $0.25 Per Transaction
Gateway Fee (Low Risk)
$10 Per Month + $0.10 Per Transaction
Chargeback Fee (Mid-to-High Risk)
$45
Chargeback Fee (Low Risk)
$15
Interchange-Plus (Low Risk)
Interchange + 0.05%
Monthly Minimum Fee
$25+
Early Termination Fee (Mid-to-High Risk)
$495
PCI Non-Compliance Fee
$19.95+
Equipment Lease Terms
$0 (during contract)
Variable Contract Terms
Soar Payments distinguishes its contract terms based on merchant risk levels, offering different conditions for low-risk versus mid to high-risk merchants.
Mid to high-risk merchants are presented with a two-year agreement, which auto-renews for one year. Included is an early termination fee of $495, waived upon completing the initial term. The contract features two-tiered pricing, where mid-qualified merchants may receive rates as favorable as 2.49% per transaction. High-risk merchants incur a gateway fee of $15 monthly and $0.25 per transaction, with ACH debit transactions carrying a $15 monthly fee and a 2.50% transaction rate. A $45 chargeback fee applies to all merchants under this tier, surpassing the common $25 industry charge. Specific fees and terms for Soar Payments may adjust based on the merchant’s risk assessment.
Low-risk merchants benefit from month-to-month agreements with interchange-plus pricing, featuring a base rate of 0.05% for both swiped and keyed-in transactions, without interchange markup. Additional fees include a $10 monthly on-file fee, a $25 minimum processing threshold, $10 per month gateway costs plus $0.10 per transaction, and a $19.95 monthly PCI non-compliance fee. Chargeback fees for low-risk accounts are set at $15, compared to the higher $45 for mid to high-risk accounts.
Virtual Terminal and Payment Gateway Pricing
Soar Payments offers virtual terminal and payment gateway services, with fees structured according to risk level. Mid to high-risk merchants face a $15 monthly gateway fee plus $0.25 per transaction, whereas low-risk merchants are charged $10 monthly plus $0.10 per transaction, in addition to standard rates.
Read Terms Thoroughly
Soar Payments promotes free terminal offerings for standard-risk merchants, suggesting that free terminal use extends for the contract’s duration, with potential fees for non-return as per the company’s guidelines. Merchants are encouraged to fully review and comprehend the terminal agreement terms prior to service commitment.
Merchants seeking competitive options are advised to review our selection of the best merchant services.
No Contract Complaints
Without public merchant complaints regarding Soar Payments’ contract terms, it’s challenging to compare its competitiveness with the most affordable merchant accounts available. However, the absence of negative feedback does not impact its current assessment. Individuals with insights into Soar Payments’ contracts, including details on PCI compliance or monthly minimum fees, are encouraged to contribute in the comments below.
Soar Payments Employee Reviews & Sales Practices
Jobs & Marketing Summary
Employs Independent Resellers
Yes
Advertises Deceptive Rates
Yes
Discloses All Important Terms
No
Soar Payments Sales Approach
Soar Payments appears to primarily market its services through referral partnerships with other ISOs and independent agents. Like many high-risk merchant account providers, the company positions itself as a referral option where ISOs can send their hard-to-place merchants for offshore processing. Soar Payments also pursues its own merchants directly through advertising. We are currently unable to locate any Soar Payments reviews that accuse the company’s sales representatives of unethical conduct. This compares favorably to our list ofbest credit card processors.
An Abundance of Claims
At the time of our previous update, most pages of the Soar Payments website mentioned that the company has been voted the “#1 High Risk Credit Card Processor,” that “98.7% of accounts are approved,” and that the company offers “High Risk Rates as Low as 2.49%.” Merchant should take claims like these with a grain of salt, as they rely either on unvetted third-party reviewers, the company’s own internal metrics, or a “teaser” rate that isn’t close to a merchant’s effective rate. Since that update, Soar Payments appears to have removed much of this language from its site.
“A” Rated For Now
Soar Payments retains its “A” rating due to its clean complaint record, but merchants should remain skeptical when reading its promotional materials. If you suspect that Soar Payments is charging you undisclosed fees, we recommend seeking a third-party statement audit to find and eliminate hidden charges.
Soar Payments Review Summary
Soar Payments is currently considered a reliable high-risk merchant services provider, based on the information available. However, the transparency of its pricing structure and contract terms remains limited, making it challenging to provide a comprehensive evaluation. As of now, this particular credit card processor has not secured a spot on our list of top recommendations for high-risk merchant accounts. Nevertheless, it’s important to note that this assessment could evolve as Soar Payments continues to establish its reputation and track record among merchants. Their ongoing performance and transparency will play a crucial role in determining their standing in this competitive market.
Please note that we only suggest providers that adhere to strict ethical standards and offer top performing support at extremely competitive pricing. We may earn revenue if choose one of our recommendations.
Reader Comments, Testimonials & Complaints
2 User Reviews
James SMith
James
ADAM THE OWNER IS THREATING TO CLOSE OUR ACCOUNT DO NOT DO BUSINESS WITH THIS COMPANY THEY ARE FRUAD DO NOT DO BUSINESS WITH SOAR PAYMENTS
Jimmy A.
I switched my small ecomm business from Infusionsoft Payments (WePay) to Soar Payments a few months ago. And I’ve been happy with the outcome so far.
Technologically speaking, everything at Infusionsoft/WePay was working just fine. But the fees were really high, not to mention opaque.
Soar Payments has done a good job of getting our fees down and the cost is much more transparent, compared to WePay. Also, finding someone who reduced friendly fraud and who made it easy to fight illegitimate chargebacks was important for my business. Soar Payments has done quite well in this regard.
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James SMith
ADAM THE OWNER IS THREATING TO CLOSE OUR ACCOUNT DO NOT DO BUSINESS WITH THIS COMPANY THEY ARE FRUAD DO NOT DO BUSINESS WITH SOAR PAYMENTS
Jimmy A.
I switched my small ecomm business from Infusionsoft Payments (WePay) to Soar Payments a few months ago. And I’ve been happy with the outcome so far.
Technologically speaking, everything at Infusionsoft/WePay was working just fine. But the fees were really high, not to mention opaque.
Soar Payments has done a good job of getting our fees down and the cost is much more transparent, compared to WePay. Also, finding someone who reduced friendly fraud and who made it easy to fight illegitimate chargebacks was important for my business. Soar Payments has done quite well in this regard.