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.
