Soarpay Alternatives For High-Risk

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Last Updated on September 19, 2024 by Corepay

Finding reliable payment processing for hard-to-place merchants has become increasingly difficult since the VIRP updates on April 1. Whether you’re currently processing with SoarPay, have recently moved on, or are a startup looking for alternatives, you’ve come to the right place.

At Corepay, we’ve spent nearly a decade supporting high-risk merchants. In this article, we’ll discuss why we’re an ideal partner and introduce you to several other options to consider.

Key Takeaways

  • All payment processors partner with various acquiring banks, which is why it’s wise to diversify your Merchant IDs (MIDs).
  • We believe Corepay stands out as the top alternative to SoarPay.
  • Select a payment processor that provides a comprehensive range of payment options along with robust chargeback management solutions.

What Is Soarpay Payments?

SoarPay is a payment processing solution designed to cater to high-risk merchants and businesses that may face challenges with traditional payment processors. It offers a range of services, including online payment processing, subscription billing, and chargeback management. Soarpay launched in 2015 and has been serving the high-space since.

What Industries Does Soarpay Serve?

Soarpay focuses on high-risk industries and has an established online presence in 2024.

Here are some of the industries Soarpay serves

  • Adult Entertainment
  • Digital Products
  • High-Ticket E-Commerce
  • Subscription Services
  • Online Gambling
  • CBD
  • Credit Repair
  • Vape Products
  • Nutraceuticals
  • Health and Wellness
  • Travel

Rates

Rates for high-risk merchant accounts through SoarPay usually involve a range of fees, including transaction fees, monthly fees, chargeback fees, and potentially other costs based on your business’s risk profile.

Pricing with SoarPay varies depending on the industry and the merchant’s previous processing history, but it is generally competitive within the market.

Pros Of Soarpay

  • Competitive Pricing
  • Payment Aggregation
  • Subscription and Recurring Billing Support
  • Multi-Currency Support

Cons of Soarpay

  • Doesn’t have as strong of a European bank presence as other processors

Here are our top recommendations for alternatives to SoarPay. Since SoarPay specializes in high-risk merchants, you’ll find that we emphasize companies that cater to hard-to-place businesses, including Corepay.

Corepay 

Corepay allows businesses to customize their payment processes to meet specific needs and preferences, providing seamless integration with mobile applications for an improved user experience. Recognized for our reliability, Corepay is a trusted choice for high-risk payments, with a strong focus on securing customer data and transactions. With over 8 years of experience, we have partnered with a wide range of adult and high-risk merchants. Corepay distinguishes itself as a leading alternative, offering competitive rates that set us apart from others in the industry.

Pros of Corepay

  • Competitive Pricing
  • Swift Pre-approve – done in-house
  • High-Volume Handling
  • Multi-Currency Support
  • Advanced Security
  • Mobile Payment Integration
  • Waived fees
  • 24/7 Support
  • Chargeback solutions

Cons of Corepay

  • Potential bank approval time from the acquiring bank (This happens with all direct merchant accounts).

Verotel

Founded in 1998, Verotel is a leading payment processing provider that specializes in high-risk industries, including adult entertainment and digital goods. It offers flexible payment solutions, advanced fraud protection, and a secure gateway, making it suitable for international businesses with support for multiple currencies.

This being said, Verotel’s services come with relatively high processing fees, often exceeding 12%, and a complex fee structure. Despite these challenges, its strong security measures and extensive capabilities make it a viable choice for many merchants.

Advantages of Verotel

  • Flexible Payment Solutions: A range of options tailored to high-risk industries.
  • Advanced Fraud Prevention: Comprehensive measures to combat fraudulent transactions.
  • Wide Merchant Acceptance: Support for a broad spectrum of merchants.
  • Global Accessibility: Services available for businesses worldwide.
  • Multi-Currency Support: Ability to process payments in various currencies.
  • Strong Security Measures: Enhanced protocols to protect transactions.

Disadvantages of Verotel

  • High Processing Fees: Costs can be higher than average.
  • Complex Fee Structure: Pricing may be difficult to navigate.
  • Limited Customization: Less flexibility in tailoring services.
  • Potential Setup Delays: Initial setup may take time.
  • Service Availability Issues: Not all services are available in every region.

CC Bill

CC Bill was founded in 1998 as well and is a well-known payment processing provider specializing in high-risk industries. The company offers solutions tailored for adult entertainment, digital goods, and subscription services.

CCBill is noted for its transparent, fixed-rate pricing and its capacity to support a diverse range of legal merchants. While it effectively caters to high-risk businesses and facilitates international transactions, CCBill does come with higher processing fees and a mandatory rolling reserve.

CC Bill Pros

  • Suited for specialized high-risk industries
  • Transparent, fixed-rate fees
  • Accepts a broad range of legal merchants
  • No recurring monthly fees
  • No early termination penalties
  • Multi-currency support for international transactions

Cons of CC Bill

  • High processing rates
  • Non-negotiable rolling reserve required
  • Minimum six-month hold on account payouts upon cancellation

Why Corepay Is The Best Payment Cloud Alternative

Corepay stands out as the ideal choice for several compelling reasons:

  • Competitive Pricing: We provide cost-effective processing rates designed to enhance your profitability and foster business growth.
  • Swift Approval Process: Our streamlined approval system allows merchants to begin processing transactions quickly, typically within 24 to 72 hours.
  • High-Volume Transaction Handling: Our specialized payment gateway is built to effectively manage substantial transaction volumes for high-risk businesses.
  • Multi-Currency Support: We accommodate payments in various currencies, enabling you to reach a global audience.
  • Robust Security: Our PCI Level 1 secure payment gateway undergoes rigorous testing and continuous monitoring to maintain the highest security standards.
  • Mobile Payment Integration: Seamlessly accept payments via mobile devices, catering to today’s tech-savvy consumers.
  • No Hidden Fees: Enjoy a transparent pricing model with no application, setup, or annual fees, allowing you to concentrate on growing your business without added financial stress.
  • 24/7 Customer Support: Our dedicated support team is available around the clock to assist with any questions or concerns, ensuring your satisfaction and success.

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