Soar Payments Overview

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High Risk Specialists

Founded in 2015, Soar Payments (soarpay.com) is a merchant account provider that specializes in high risk and offshore credit card processing for US based businesses. 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.

Headquartered in Houston, Texas

Soar Payments is sponsored by 12 different banks, some of which are offshore. Adam Carlson is the CEO of Soar Payments, which is headquartered at 507 North Sam Houston Pkwy E #520, Houston, Texas 77060.

Soar Payments Review Table of Contents

  • Costs & Contract: Soar Payments appears to offer variable contract terms based on each merchant’s risk profile.
  • Complaints & Service: Soar Payments has received fewer than 10 public complaints.
  • BBB Rating: Soar Payments has an “A+” rating and has received 0 complaints and 5 reviews in the past three years. The company has been accredited by the BBB since 2018.
  • Sales & Marketing: Soar Payments 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 Soar Payments

Soar Payments Statement Analyzer

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Products & Services Offered

Types of Businesses Served

  • Retail
  • E-commerce
  • International
  • High risk
  • Adult
  • Nutraceutical

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Soar Payments Rates, Fees, and Costs

Key Points

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 bifurcates it terms and conditions between two tiers; low-risk and mid-to-high risk merchants.

Mid-to-high risk merchants are offered two year contract which automatically renews for 1 year. This includes an early termination fee of $495, which is voided after the completion of the initial contract period. This contract includes two tiered pricing for mid-qualified and non-qualified merchants. Mid-qualified merchants are offered a rate as low as 2.49% for all transactions. High risk merchants are charged a gateway fee of $15 per month and $0.25 per transaction. ACH debit transactions include a $15 monthly fee and 2.50% per transaction. All merchants, whether mid-qualified or non-qualified are subject to a $45 chargeback fee, well above the industry standard of $25. Other fees and terms may vary depending on the severity of the merchant’s risk.

Merchants who fit the company’s low risk qualifications are offered month-to-month contracts with interchange-plus pricing. The rate for this pricing model are 0.05% without any interchange markup for swiped and keyed-in transactions. A merchant on-file fee or $10 per month, monthly minimum processing threshold of $25, low risk gateway costs of $10 per month/$0.10 per transaction, and PCI non-compliance fee of $19.95 per month are also applicable. Low risk merchants pay a chargeback fee of $15 as opposed to the $45 charged to mid-to-high risk merchants.

Read Terms Thoroughly

Soar Payments advertises free terminals for its standard-risk merchants, which may indicate that it actually offers free terminals for the duration of the merchant account contract and that it will charge merchants a fee if the equipment is not returned in accordance with the company’s preferred schedule. Merchants are advised to read and understand all provisions of this terminal agreement before signing up for service.

No Contract Complaints

There are currently no public merchant complaints about Soar Payments’s contract terms, so we are unable to determine if the company’s terms are competitive with the cheapest merchant accounts, but we will not lower its score in this section. If you have any specific knowledge of the standard Soar Payments contract (including any PCI compliance fees or monthly minimum fees), please share that information in the comment section below this review.

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Response from Soar Payments

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Soar Payments Complaints & Customer Reviews

Key Points

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

Low Complaint Total

We are currently able to locate only one negative Soar Payments review, and this complaint does not accuse the company of being a scam or a ripoff. In this sole complaint, the merchant describes unauthorized charges and excessive chargeback fees, but this particular case appears to be more related to the merchant’s misunderstanding about their risk exposure as a high risk business type.

Soar Payments Lawsuits

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

Soar Payments Customer Support Options

As noted above, we do not place much (if any) emphasis on accolades dished out by unvetted third-party reviewers. Soar Payments offers phone and email contact information on its website, but it’s unclear whether these channels are dedicated to customer support. It may be that the company tasks its sponsoring banks with handling customer support for some issues. Soar Payments’ support options are not enough to qualify it as a top-rated merchant account provider for customer service.

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Response from Soar Payments

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Soar Payments BBB Rating Summary

Key Points - BBB

Product & Service Complaints 0
Billing & Collection Complaints 0
Advertising & Sales Complaints 0
Guarantee & Warranty Complaints 0
Delivery Complaints 0

No BBB Complaints

The BBB currently awards Soar Payments accreditation and an “A+” rating. The BBB has received no formal complaints filed against the company, but the BBB profile has only been active since July 2018. There four two positive reviews filed on the company, although it should be noted that these reviews are not subject to verification by the BBB.

What Merchants Say

Soar Payments has had 5 informal reviews posted to its BBB profile, all of which are positive in tone. The most recent review reflects merchant satisfaction with customer service:

I’m happy to work with Soar Payments! Application process was hassle free and customer service is excellent. I would recommend Soar to any business, especially those in the firearms industry. Thank You!

Customer service is an important consideration for any business, especially high risk merchants. Companies in the fire-arms industry are presented with a unique set of challenges which Soar Payments seems to address effectively.

An “A” Performance Overall

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.

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Response from Soar Payments

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Truth In Marketing & Advertising

Key Points

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 complaints that accuse the company’s sales representatives of unethical conduct.

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.

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Response from Soar Payments

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Soar Payments Marketing Example

Soar Payments Logo

Our Opinion of Soar Payments

One Option for High-Risk Businesses

Soar Payments rates as a reliable high risk merchant services provider according to all available information. However, the details of its pricing and contract terms remain vague at this time and the credit card processor is not among our choices for the best high risk merchant accounts. Our rating may be subject to change as Soar continues to operate and build a reputation for itself among merchants.

We rely on your feedback about Soar Payments to keep this review accurate and up-to-date. Please take a minute to tell us about your experience. We and the small business owners of this world thank you!

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

My Qualifications

I'm a former credit card processing sales director who left the industry to start my own a small business. From the time that I starting working in the merchant services industry to when I left to write about it, I've been on the pulse of payments for nearly 15 years. It didn't seem fair to keep this insider knowledge to myself, so decided to build this website to help you research which providers to use and how to save money on rates and fees. 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 here. Simply scroll to the top of the page to find the search bar. You can also message me if you need any guidance.

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1 Review Leave Your Review for Soar Payments Below

  1. Jimmy A. says:

    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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