High Risk ACH & eCheck Processing

An Overview

The Best Choice For High Risk ACH And eCheck Processing.

Why are we a top ACH or eCheck choice? Because every client gets three guarantees (whether you sell online, over the phone, or in a retail location):

1. Instant Online Quote.
   When you submit your application, you’ll get an instant price quote to DocuSign. No offline paperwork, no faxes, no waiting.
2. Industry Minimum Pricing.
   You will automatically receive Industry Minimum Pricing in your online quote. No more frustrating haggling with sales reps.
3. Friendly Client Support.
   When you call or email, you’ll always speak with our friendly, in-house client support team.

Frequently Asked Questions

Here are some of the most frequently asked questions about high risk ACH and e-check processing at Soar Payments.

• What Industries Does SoarPay Accept As Clients for eCheck or ACH?

  SoarPay 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 offer both ACH and eCheck services, but ACH is typically reserved for businesses defined as “low risk” by the banks. If your business is “high risk” we can offer eCheck processing options. We are proud to serve the following industries with the combined coverage of our e-Check and ACH services:

  • Antiques & Collectibles
  • Apparel & Clothing
  • Bad Credit
  • Bus Lines
  • Cannabis Support Businesses
  • Caterers
  • CBD Oil & CBD Products
  • Continuity Products and Subscription Boxes
  • Credit Repair
  • Credit Monitoring
  • Debt Collection
  • Digital Streaming
  • Document Preparation
  • Fantasy Sports
  • Firearms & Ammunition
  • Furniture & Home Furnishings
  • Health & Beauty
  • Hotels & Lodging
  • Insurance / Warranty
  • Legal Services
  • Magazine Subscriptions
  • Medical Billing & Coding
  • Medical Supplies
  • Membership & Recurring Billing
  • MLM Companies
  • Transportation & Moving
  • Non-Profit
  • Nutraceuticals
  • Pawnbrokers & Pawn Shops
  • Pet Products
  • Precious Metals
  • Property Management
  • SaaS Companies
  • Seminars & Coaching
  • SEO / SEM / Ad Agency
  • Smoking Accessories
  • Survivalist & Tactical Gear
  • Telemedicine
  • Tobacco & Cigar
  • Travel & Timeshare
  • Vape / e-Cig / eJuice
  • Veterinarians
  • Web Design & Development
  • Other Mid & High Risk

  Please note, this is NOT a complete list; SoarPay serves 50+ additional mid and high risk industries, too.

• What Is ACH, What Is eCheck, and What’s the Difference Between ACH and eCheck Processing?

  ACH (Automated Clearing House) is a network established by US banks that enables efficient transactions between checking and savings accounts held at those banks. A high risk ACH account is simply an account for ACH processing, for a business that is categorized as high risk.

  eCheck (or electronic check) is an electronic version of a paper check used to make payments online. Anyone with a checking account can pay by eCheck.

  To make a payment with an eCheck, customers simply provide their bank routing number, account number, and name on their bank account in a secure online portal. From there, a check is generated and sent to the merchant’s bank, where the funds are deposited.

  eCheck is slightly different than ACH, as the funds are not directly wired between accounts. Put another way, ACH refers to the process used to move money electronically between bank accounts. An eCheck is an abbreviation of the term “electronic check,” and is a payment method.

• What Are The Advantages Of ACH Processing?

  Businesses use ACH payments to automatically debit money from their customers’ checking or savings accounts, and as a result ACH is popular with businesses that accept recurring or subscription based payments. Additionally, because ACH payments do not use the credit card processing system, they are much cheaper for businesses to accept, and consequently are attractive to merchants who want to save on credit card processing fees.

• What Are The Benefits Of eCheck Processing For A High Risk Merchant?

  Like ACH, eCheck is popular because eCheck payments do not use the credit card processing system. Unlike ACH, eCheck is much more widely available for businesses that are deemed “high risk”.

  For high risk merchants, obtaining a high risk eCheck account is often attractive for a few reasons. eCheck processing implies:

  1. Lower cost: because eCheck payments are intra-bank, as opposed to using the credit card processing system, businesses with a high risk eCheck account avoid interchange rates and typically pay much lower rates for accepting funds.
  2. Fewer transaction restrictions: high risk merchants often have a number of restrictions placed on their credit card merchant account. These include monthly processing limits and transaction size limits, among others. Typically a high risk eCheck account has fewer restrictions, enabling the business owner to run their business as they see fit.
  3. Higher likelihood of approval: for many high risk businesses, obtaining a merchant account is very difficult, whereas they can far more often be approved for a high risk ACH or eCheck merchant account with little trouble. Once an ACH account is in place for a few months, merchants can often use their ACH processing track record to obtain a merchant account for credit card transactions.

Want more information? Click here to read our extended list of our FAQ.

The Payments & Fintech Podcast : Industry Spotlight

Exploring Alternative Payment Methods with Scott Hawksworth and Jarrod Wright

While credit card payments are still crucial for many merchants to accept, alternative payment methods continue to grow in importance.

A business may not be eligible for a credit card processing merchant account, or their customers may desire other convenient ways to pay that aren't cash or via credit card.

On this podcast episode, a re-broadcast of a Chargeback911 webinar hosted by Jarrod Wright, Scott Hawksworth breaks down the types of alternative payment methods and what makes them powerful.

Listen To This Episode

Our podcast explores the fast-changing world of payments and fintech through interviews with thought leaders around the world. From credit card processing to bitcoin, and digital banks to finance software… we cover it all!