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Soar Payments Review

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Soar Payments Review

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Date Established
2015
Location
Houston, TX
Emily Hale

Emily Hale

Emily is a writer, strategist, and freelance consultant based in Indianapolis. She is driven to create content that empowers her readers and her clients to make better choices in their business and their lives. When she's not in the thick of researching and developing blogs for Merchant Maverick, she likes to cook from scratch for her family or escape outdoors and meander through nature with her rescue pup.



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2 Comments

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    Joe Duarte

    Hi Rose – Is that ACH figure correct? 2.5 percent? That’s an amazingly expensive ACH fee, the highest I’ve ever seen. Normally ACH is priced as a flat fee of around 25 cents per transaction, so 2.5 percent is just incredible.

    The big hit with tiered pricing is that you don’t get the benefit of low cost debit card purchases. Interchange on most debit cards is only 0.05 percent (the so called “regulated” debit rate). So a 2.49 percent flat rate is obscene for debit card purchases.

      This comment refers to an earlier version of this review and may be outdated.

      Rose Holman

      Hi, Joe. Thanks for your question. You are correct that 2.5% is on the high side for ACH, but it’s not out of the realm of “normal” for high-risk ACH. Also, keep in mind that with high-risk providers, we often collect a sample rate for the review, since the rates for high-risk processing are generally not as standardized as for normal risk levels. I’d recommend reaching out to Soar directly to confirm the ACH rates that would apply to your business. If you’re not high-risk at all, your rates should be much lower.

      Meanwhile, it’s also not that uncommon for ACH to be charged as a percentage, particularly for high-risk accounts. However, we definitely recommend a flat rate if you can get it, especially if your average transaction size is on the larger side. I’ve seen flat rates typically range between around $0.20 to $1.50. Of course, there are other costs to consider besides the rate itself (e.g. is there a monthly fee for the account, and is ACH processing bundled with credit card processing or stand-alone.). Check out this article for more on ACH fees and rates, and this article for more on high-risk ACH processing in particular. Best of luck!

        This comment refers to an earlier version of this review and may be outdated.

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