Frequently Asked Questions
Accepted & Prohibited Businesses
- What Industries Does Soar Payments Accept As Clients?
- What Industries Does Soar Payments NOT Accept As Clients?
- Do You Provide Merchant Services For Non-USA Clients?
- I Have a Startup / Brand New Business, Can I Be Approved?
- I Have Bad Credit, Can I Be Approved?
- Is My Industry Considered Low Risk, Mid Risk, Or High Risk?
Equipment & Payment Gateways
What Industries Does Soar Payments Accept As Clients?
Soar Payments specializes in mid risk as well as specific high risk industries (the terms “mid risk” and “high risk” are used here, from the perspective of the merchant services industry). We are proud to serve the following industries:
– Antiques & Collectibles
– Credit Repair
– Debt Consolidation
– Document Preparation
– Fantasy Sports
– Firearms & Ammunition
– Magazine Subscriptions
– Moving Companies
– Precious Metals
– Travel & Timeshare
– Seminars & Coaching
– Vape / e-Cig / eJuice
– Other Mid & High Risk
What Industries Does Soar Payments NOT Accept As Clients? (Prohibited Businesses)
There are several “high risk” industries or business classifications that we are unfortunately unable to serve. Soar Payments is unable to serve offshore & foreign businesses, or any business that is headquartered, or operates, outside of the USA.
Additionally, Soar Payments does not provide merchant accounts for the following industries:
– Ad Agency / SEM / SEO
– Any Illegal Activity
– CBD Oil
– Debt Collection
– Gambling & Casino
– Hate or Racial Content
– Jewelry / High Ticket
– Offshore & Non-USA Businesses
– Payday Loan / Cash Advance
– Tech Support
– Underage Adult
– Very Poor Credit
– MATCH List
Some of the above industries may be sometimes called “high risk,” but are actually classified as UHR (Ultra High Risk) within the merchant services industry. Soar Payments is unable to provide merchant services to businesses in UHR (Ultra High Risk) industries.
Do You Provide Merchant Services For Non-USA Clients?
I Have A Startup / Brand New Business, Can I Be Approved?
Yes, your startup or new business can be approved by Soar Payments for a merchant account. We love startups!
I Have Bad Credit, Can I Be Approved?
If you have a low credit score, your business can still be approved by Soar Payments for a merchant account. We will simply establish your merchant account at a sponsor bank which specializes in this.
Is My Industry Considered Low Risk, Mid Risk, Or High Risk?
The category of high risk (as it pertains to credit card processing) includes businesses that meet one or more of the following characteristics:
(1.) irregular or very high-ticket sales;
(2.) in an industry with a history of high chargebacks;
(3.) in an industry that large banks are “politically” unwilling to support; or
(4.) in a highly regulated industry.
The category of mid risk (as it pertains to credit card processing) includes some (but not all) of these factors, but to a lesser degree. Your instant price quote from Soar Payments will reflect the classification of your unique business; based on your industry and application, your business may be classified as low risk, mid risk, or high risk.
How Do I Apply For A Merchant Account?
Step 1: Complete the online application (it takes 5 minutes).
Step 2: Upload or email the required additional documents.
Step 3: Review the full proposal (including pricing), and when ready, DocuSign it.
Step 4: Await underwriting approval; once approved, you can begin processing payments.
What Additional Documents Are Needed For My Application?
You will need to upload or email the following documents to finalize your merchant account application:
(1.) Voided Business Check: The voided check should match the business bank account where you want your customer’s credit card payments deposited. As an alternative to a voided check, underwriting will accept a letter signed or stamped by a bank representative, which lists your full or complete bank account and routing number, as well as the name on the account.
(2.) Driver’s Driver’s License, Passport, Or Government ID: This ID must be for the listed owner of the business. This same owner will DocuSign the merchant account application.
(3.) 3 Months Previous Business Or Personal Bank Statements: If your business has been operating, include your last 3 months of business bank statements. If it is a new business then instead include 3 months of the owner’s personal bank statements.
(4.) 3 Months Previous Credit Card Processing Statements (If Applicable): These 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.
Am I Required To Have A Website When I Apply?
Yes, if you’re applying for a merchant account to sell products or services via a website.
If your business is selling a tangible product, your website will need to show the pricing and products available for purchase. If you are only providing a service, a website or social media page with your business contact information will suffice.
How Long Until I Get Approved?
You’ll be pre-approved within 24 hours.
Next, you will usually be fully approved (that is, through underwriting) within 3 to 5 business days. In certain highly regulated industries, the underwriting process may take a few additional days.
How Long Until I Can Accept Payments?
Once your application is fully approved (that is, through underwriting), you can begin accepting payments within 24 hours.
Our Houston, Texas based customer support team will guide you through the set up process so you can start accepting payments as fast as possible.
Do You Provide Credit Card Processing Equipment With A Merchant Account?
Yes, once your merchant account application is approved for retail processing, we will ship out your credit card processing equipment. Please let your Sales Representative know if you have specific equipment needs or prefer to have your existing equipment simply reprogrammed.
Do You Provide Payment Gateways With A Merchant Account?
Which Payment Gateways Do You Work or Integrate With?
We primarily work with the NMI, Authorize.net and USAepay gateways, however, if there is a specific payment gateway you need to use, we can accomodate that.
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