Questions About Applying For a Merchant Account

How Do I Apply For A Merchant Account?

You can apply for a merchant account via our online application. It will take about 5 minutes to complete.

What are the Steps Required for an Application?

  • Step 1: Complete the online application.
  • Step 2: Send in the required additional documents.
  • Step 3: You’ll be emailed a full proposal for eSignature.
  • Step 4: Await underwriting approval.

What Additional Documents Are Needed For My Application?

US High Risk Merchant Account
If you are applying for a US merchant account, you will need to submit with your application (or via email or fax: 281-725-6594 the following documents:

Voided Business Check
Detailed Requirements:

For detailed instructions on required documents, download our PDF.

For detailed instructions on required documents, download our PDF.

  • The business check needs to have your company’s name printed on the check. No temporary or personal checks.
  • If you don’t have business bank checks, ask your business’ bank to provide you with a letter, on bank letterhead, with ALL of the following:
    • Name of Your Business
    • Business’ Bank Account Number
    • Business’ Routing Number
    • The statement: “This business’ account is in good standing”
    • The banker’s contact information
    • The banker’s signature

 

Driver's License, Passport, or Government ID

Detailed Requirements:

  • ID must be for the listed owner of the business. This same owner will sign the merchant account application.

3 Months Previous Business or Personal Bank Statements

Detailed Requirements:

  • If your business has been operating, include your last 3 months of business bank statements. If it is a new business (or your bank statements do not show much activity) then include 3 months of the owner’s personal bank statements.

3 Months Previous Credit Card Processing Statements, If Applicable

Detailed Requirements:

  • Need to be downloaded or scanned copies of the full monthly statement, not merely screenshots. These are available through your old merchant account provider’s online login, or by calling your old credit card processor.
  • For new businesses, or if you haven’t accepted credit cards in the past, omit this requirement. If, however, your bank statements indicate you’ve accepted credit cards in the past, you cannot be approved without providing those documents.

Offshore High Risk Merchant Account
In addition to the above, we will also require the following documents if you are applying for an Offshore Merchant Account:

Business License or Articles of Incorporation

Detailed Requirements:

  • None applicable.

 

Document showing shareholder percentage

Detailed Requirements:

  • If your company’s formation documents do not list shareholder percentages, this requirement can be met via a signed and notarized affidavit.

Utility Bill

Detailed Requirements:

  • Either Business’ or Owner’s

Proof of Website Domain Ownership

Detailed Requirements:

  • A Whois registry printout is sufficient.


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Questions About Merchant Account Approvals

How Long After Applying Until I Get Approved?

US high risk merchant accounts: You’ll be pre-approved within 24 hours, and generally fully complete underwriting in 2 to 4 days.

Offshore high risk merchant accounts:, You’ll be pre-approved within 24 hours, and generally fully complete underwriting in 3 to 6 days.

How Long After Applying Before I Can Accept Payments?

US high risk merchant accounts: Once underwriting has approved your account, you’ll be able to accept payments within 24 hours.

Offshore high risk merchant accounts: Once underwriting has approved your account, you’ll be able to accept payments within 24 to 48 hours.


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Questions About Who We Accept For Merchant Accounts

What Types of Businesses Do You Accept?

We accept low, mid and high risk businesses, both in the US and offshore. To be accepted, businesses must be legally operating and in good standing with their bank.

Is My Business Type Considered High Risk?

The category of high risk credit card processing includes any business in an industry with one or more of the following characteristics:

  • irregular or very high-ticket sales,
  • an industry with a history of high chargebacks,
  • in an industry that reputationally large banks are unwilling to support,
  • in a highly regulated industry, or
  • owned by a person with a low credit score, recent bankruptcy, or who is on the MATCH list

Common High Risk Industries

Can I Get Approved For A Merchant Account With Bad Credit?

Yes. We work with dozens of sponsor banks and some are more sensitive to credit scores than others. If you have a bad credit score, have recently declared bankruptcy, etc. we’ll simply establish your merchant account with a sponsor bank which accepts merchants with poor credit scores.

Can I Get Approved For A Merchant Account as a Startup / New Business?

Yes. We work with both US and offshore startup businesses. When applying, simply provide the owner’s personal bank statements in lieu of business bank statements.


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Questions About Pricing & Terms

What is the Discount Rate / Pricing on Soar Payments Merchant Accounts?

It depends. The discount rate is the percentage of each transaction that the acquiring bank and processor charge for the transaction to be processed. This is determined based on the industry type, the previous credit card processing history of the merchant, the credit rating of the business owner, and a host of other factors.

After completing the online application, you will be emailed a contract for your review which will list all pricing details. You can choose to sign and accept the offer, or reject it at that time.

What is the Transaction Fee on Soar Payments’ Merchant Accounts?

It depends. The transaction fee is a flat fee charged on each transaction that the acquiring bank and processor charge for the transaction to be processed. This will vary based upon the industry, credit card processing history and credit score of the business owner.

After completing the online application, you will be emailed a contract for your review which will list all pricing details. You can choose to sign and accept the offer, or reject it at that time.

What is the Rolling Reserve on Soar Payments’ Merchant Accounts?

It depends. The range is anywhere from 0% to 40%. It depends on your industry, your previous processing history, and your credit score. It is entirely determined by underwriting, once they’ve reviewed your account.

Once your merchant account’s rolling reserve has been decided, you’ll be presented with the rolling reserve, at which point you can elect to proceed with the merchant account or decline it.

As to what a rolling reserve is, the rolling reserve is an escrow account that the acquiring bank creates to hold a portion of the funds that your company processes via the merchant account. These funds are typically held for 6 months, and then get released to you monthly thereafter. The processor and acquiring bank use rolling reserves to ensure that they are financially covered in the event that there are fraudulent transactions or unpaid chargebacks through your account.

How Long Does it Take To Get Sales Funded Into My Bank Account on Soar Payments’ Merchant Accounts?

It depends. The time period between when you make a sale and when the money gets deposited into your business’ bank account is known as the “funding period” and each acquiring bank sets their own funding period. For US merchant accounts, it’s typically 24-72 hours. For Offshore merchant accounts it’s typically weekly.


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Questions About Integrations

Do Soar Payment’s Merchant Accounts Integrate With My Shopping Cart?

Yes. We integrate with with over 100 different shopping carts below. Additionally, we do custom integrations for merchants who have developed their own proprietary shopping cart.

Carts 1carts 2 jpegcarts 3Carts 5Carts 6Carts 8Carts 9

Do You Integrate With My WordPress Site?

Yes. We integrate via most major shopping carts, via the Authorize.net gateway, or via the following WordPress plugins:

Wordpress Plugins

Do You Integrate With My Joomla Site?

Yes. We integrate via most major shopping carts, via the Authorize.net gateway, or via the following Joomla plugins:

Joomla

Do You Integrate With My Drupal Site?

Yes. We integrate via most major shopping carts, via the Authorize.net gateway, or via the following Drupal plugins:

Drupal


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Questions About Chargebacks

What is the Chargeback Threshold?

The chargeback threshold is the percentage (either in dollars or in the number of sales) that may be ‘charged back’ by your customers before your merchant account becomes in jeopardy of being closed. For a low risk merchant account, that might be 1%, whereas for a high risk merchant account that is generally 2 to 3% for US merchant accounts, and 3 to 10% for offshore merchant accounts.

The chargeback threshold applicable to your merchant account is set by the sponsor bank, and therefore will depend on which sponsor bank you work through. We will discuss your individual threshold prior to completing the application process.

What is Chargeback Armor?

Chargeback Armor is Soar Payments’ proprietary integrated chargeback prevention system. It consists of a gateway integrated fraud filter, a customer billing support hotline, chargeback alerts, and integrated chargeback fighting / representment. To learn more visit Chargeback Armor.

Do You Fight Chargebacks For Me?

Yes. With Chargeback Armor enabled on your high risk merchant account, you will be provided automatically with chargeback representment services.


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