Soarpay with Scott Hawksworth (SMD) | E104

Summary:In this 104th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Scott Hawksworth, Sales and Marketing Director at Soar Payments. Soar Payments is a company that focuses on providing payment solutions to higher risk businesses in the United States. Scott Hawksworth explains chargebacks, examples of high-risk businesses that banks tend to have trouble with, and the value that Soar Payments offers to its clients. Episode Highlights: ● 00:33: – Scott Hawksworth defines Soar Payments. ● 01:11: – Soar Pay was launched in 2015 in Houston, Texas. ● 03:10: – What are examples of higher-risk industries from the standpoint of payment processing companies and banks? ● 06:38: – Scott explains a chargeback and why the threshold is a small number. ● 10:51: – How is Soar Payments solving this problem? ● 12:11: – Soar Payments’ goal is to present merchants in places where they have the best chance of getting approved. ● 14:22: – How do they implement the tech solution into their business? ● 16:16: – How does their pricing to the end-user differ from other options? ● 20:45: – Soar Payment is not a technology company. They’re a company that provides tech to users to fill a gap in the market. ● 22:41: – What would Scott change in his business or his industry? ● 23:48: – What has been the biggest challenge in his business? ● 25:25: – Soar Payments has an underwriting process that every business goes through to get approved. ● 26:11: – What is the most exciting thing Jamie Hale is working on? 3 Key Points 1. Soar Payments focuses on business in the high-risk space that needs payment solutions. 2. High-risk companies from bank perspectives include: credit repair companies, document preparation, online marketing/SEO services, subscription services, the adult industry, E-Cig/vape/smoking accessories, nutraceuticals, moving companies, and transportation services. 3. The bank threshold percentage for low-risk businesses is 1% or less, calculated based on the dollar amount that you’re having charged back. Tweetable Quotes: ● “We offer merchant services to businesses of all kinds to help them get set up to accept payments, mostly for credit card processing. But we also offer ECheck and ACH options.” – Scott Hawksworth ● “If you have a business and you are having lots and lots of chargebacks, that is a problem for the bank because they are having to give that money back and that doesn’t reflect well on your business itself.” – Scott Hawksworth ● “The merchant comes to us and then we take a look at your business. We look at your documentation and all of that and we have these established relationships so we can pass you along to the best possible option.” – Scott Hawksworth Resources Mentioned: ● Facebook – Jason Pereira’s Facebook ● LinkedIn – Jason Pereira’s LinkedIn ● FintechImpact.co – Website for Fintech Impact ● Linkedin –Scott Hawksworth ● Soarpay.com – Website for Soar PaymentsFull Transcript Hosted on Acast. See acast.com/privacy for more information.