Soar Payments Review

Pros

• Well suited for high-risk merchants
• Automated custom price quoting
• Automated application process
• Fast underwriting
• No application fees

Cons

• Only available for US-based businesses
• Pricing not disclosed on the site

What Is Soar Payments?

Soar Payments specializes in finding card processing homes for hard-to-place businesses that most merchant account providers typically won’t work with. With an impressive array of features and its ability to place high-risk businesses, Soar scored a spot on our list of the best high-risk merchant services providers for small businesses.

However, like other high-risk payment solutions, pricing isn’t disclosed, and a high early termination fee may apply.

Products & Services

Soar Payments offers merchant accounts, payment gateways, ACH processing, and related services for many high-risk, regulated, and eCommerce businesses.

Features Overview

• Merchant Accounts: Soar offers merchant accounts for low-risk, high-risk, and regulated businesses. Applications are submitted online, and Soar says many accounts are approved within 48–72 hours, although underwriting times vary.
• Hardware Options: Soar indicates that multiple hardware options are available, but it does not publish a current equipment catalog or pricing. Ask which terminals are compatible with your assigned processor before signing an agreement.
• Payment Gateways: Soar works with several high-risk-compatible payment gateways, including NMI and Authorize.Net. Gateway availability may depend on your processing account and business platform.
• eCommerce Integrations: Soar supports eCommerce integrations through its available payment gateways, including options for popular platforms such as Shopify and WooCommerce. Confirm compatibility with your website before applying.
• ACH & eCheck Processing: Soar offers ACH processing for many high-risk and regulated businesses, although approval, limits, and pricing depend on underwriting.
• Chargeback Management & Fraud Prevention: High-risk accounts may include gateway-based fraud screening, chargeback alerts, and other risk-management tools. Available features depend on the gateway and processing partner assigned to the account.
• Acceptance Of High-Risk Merchants: Soar Payments takes many different types of high-risk industries, but it doesn’t take them all. Some industries it does accept include firearms, travel, CBD products, subscription businesses, credit repair, debt collection, and vape businesses.

Fees & Rates

Like most high-risk specialists, Soar Payments does not disclose any specific pricing information. You’ll need to obtain a rate quote from the company to get a more accurate idea of your overall costs. Soar makes this easy with its Instant Online Quote system, which will automatically generate a customized quote for your business once you provide the required information.

Pricing Overview

Soar advertises interchange-plus pricing for low-risk merchants, with rates based on industry and processing volume. Specific rates and equipment costs are not publicly disclosed.

Pricing for high-risk accounts is customized and may vary substantially based on the business, processing history, chargeback exposure, and acquiring bank.

Other Fees

Potential other fees may include:

• Monthly minimums
• Merchant on-file fees
• Gateway fees
• Chargeback fees and services
• ACH debit
• Early termination fees

Sales & Advertising Transparency

Soar provides useful information about supported industries, underwriting, ACH processing, and payment gateways. However, it does not disclose standard processing rates, contract lengths, early termination fees, reserve terms, or equipment pricing. Merchants must review their customized agreement carefully before signing.

Contract Length & Early Termination Fee

Soar does not publicly disclose standard contract lengths, renewal clauses, early termination fees, or reserve terms. These conditions may vary by merchant, acquiring bank, and processing partner. Review the merchant agreement for the initial term, automatic renewal, cancellation deadline, early termination fee, reserve policy, and any liquidated-damages clause before signing.

If you’re high-risk, note that a rolling reserve account will probably be required to protect your processor. Soar pointed out that its rolling reserves have predetermined caps, at which point no more funds will be held from your daily batches regardless of the established percentage that usually comes out. Funds in a rolling reserve will be released on the pre-established schedule if you end your contract.

Now, if you’re low-risk, the outlook is much brighter:

• Month-to-month plans with no contracts
• No early termination fee (ETF)

Customer Service & Technical Support

Soar provides phone and email support through a US-based team. Because accounts may involve third-party gateways, processors, and acquiring banks, merchants may also need to contact those providers for certain technical or funding issues.

Soar’s website has a general FAQ section that covers a few common questions for all risk levels.

Soar Payments has also replaced its blog with Merchant Accounts Explained, a podcast dedicated to discussing payments with numerous leaders from throughout the processing industry. If you want to learn more about how the processing industry works, this is an excellent resource.

User Reviews

Since our last update, Soar Payments has received some feedback online from users. While generally mixed, most users are pleased with the service they have received. Soar Payments currently holds a 3.7/5 rating on Trustpilot, based on 20+ reviews.

Negative Reviews & Complaints

While reviews are somewhat limited, here’s what users didn’t like about Soar Payments:

• Funding holds
• Delayed application response
• Difficulties reaching customer support

Positive Reviews & Testimonials

There’s a lot to like about Soar Payments, including:

• Helpful customer support reps
• Fast underwriting and approval
• Responsive support
• Experience with high-risk industries

Final Verdict On Soar Payments

Soar Payments is worth considering for US-based high-risk and regulated businesses that don’t qualify for a mainstream processor. Its broad industry coverage, online application, ACH options, and gateway support are positives.

However, rates, contract terms, equipment costs, reserves, and many account fees are not publicly disclosed. Recent reviews are mixed, so merchants should compare multiple quotes and read the full agreement carefully.

Be sure to check out some other top merchant account providers to make direct comparisons based on your situation.