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cover art for Soarpay with Scott Hawksworth (SMD) | E104

Fintech Impact

Soarpay with Scott Hawksworth (SMD) | E104

Ep. 104
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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 Payments


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