Best for
Merchants that own and operate high-risk businesses that are located in either the United States or Canada, or merchants that need accounts through offshore banks.
Specializes in
Shark Processing specializes in working with high-risk merchants in either the U.S. or Canada, or merchants that need offshore merchant accounts. This company can offer additional payment processing options for high-risk businesses, including ACH processing.
Pricing Summary
Setup Fee: $100 or $1,000
Monthly Fee: N/A
Swipe Rate: 5.49%+
Keyed-in Rate: 5.49%+
Early Termination Fee : Undisclosed
Contract Terms:
Shark Processing was founded in 2016 as a merchant account provider and payment processing company.
The company does not list its acquiring banks, but has partnered with eight different financial institutions, which allows it to offer its services to a wide variety of high-risk merchants.
Shark Processing is headquartered in Sheridan, Wyoming, and Gus Hanger is the company’s CEO.
Shark Processing is a merchant account provider and ISO that was founded in 2016. This company was started for the purpose of offering payment processing options to high-risk merchants. While it does not mention its acquiring banks, the company partners with several in order to offer as many options to its merchant customers as possible.
Shark Processing advertises fast approvals and no setup fees for most merchants. It is located in Sheridan Wyoming, and Gus Hanger is the company’s CEO.
Shark Processing has merchant customers located in both the United States and Canada, and can also assist merchants in need of accounts with offshore banks. The company sets itself apart by offering high-risk ACH services as well as credit card processing.
Head Quarters
Calgary, Alberta
Year Founded
2016
CEO
Gus Hanger
Employees
Unknown
Merchant Provider Risk Tolerance
Provides fast approvals.
Available to service merchants in the United States and Canada.
Provides services for those that need accounts with offshore banks.
No contract needed.
Uses multiple financial institutions in order to assist more clients.
Early termination fee not disclosed.
Supports only mobile and online businesses.
Accepts high risk clients.
Does not offer hardware or payment processing equipment.
Rates are higher than normal.
Hardware & Software
The Shark Processing website does not make mention of offering hardware and other types of payment processing equipment. It can be assumed that its main focus is on virtual terminals and online payment gateways, though it does not mention any partnerships for these services.
Value Added Services
Most payment processors that service high-risk merchants have limited payment acceptance options. However, what sets Shark Processing apart is its ability to accept ACH payments for high-risk transactions.
This company works with many high-risk merchants, including:
Alcohol merchants
CBD merchants
Debt collection agencies
Delta 8 merchants
Hemp merchants
Kratom merchants
High ticket merchants
Student loan companies
Shark Processing also offers international and offshore merchant accounts.
Supported Payment Types & Services
Merchants doing business with Shark Processing will be able to accept the following forms of payment:
Visa
Mastercard
American Express
Discover
ACH
Debit cards
Discloses All Important Terms
No
Public Pricing Available
Unknown
Because Shark Processing offers its services to high-risk merchants, higher than normal rates are to be expected. Some rates that are published include:
Swipe rate - 5.49% or more
Keyed-in rate - 5.49% or more
Kratom processing rate - 6.99% - 8.99%
Setup fee - Ranging from $100 - $1,000
Rolling reserve - 10% of sales volume
As in most high-risk merchant accounts, Shark Processing likely customizes its prices for its merchant customers based on their risk levels, average monthly volume, and other factors.
Pricing Model
Unknown
Swiped Rate
5.49%+
Keyed-in Rate
5.49%+
Mobile Payment Rate
N/A
Virtual Terminal Rate
N/A
Monthly Fee
N/A
Payment Gateway Fee
N/A
Batch Fee
N/A
Early Termination Fee
Undisclosed
PCI Compliance Fee
Undisclosed
Equipment Lease Terms
Undisclosed
Address Verification Service (AVS)
Unknown
Application Fee
N/A
Account Setup Fee
$100 or $1,000
Gateway Setup Fee
N/A
Annual Fee
N/A
Monthly Minimum
N/A
Statement Fee
N/A
There is no information available on the Shark Processing website regarding contracts and terms. Because this company does not appear to offer POS systems, credit card terminals or other types of hardware, it likely only has contracts for its payment gateways, virtual terminals and merchant account services.
It is possible that contract lengths are variable, based on each merchant’s needs and risk level.
Contract Length
No Contract Required
Early Termination Fee
Undisclosed
There is no indication on the Shark Processing website how long it might take to get merchants set up to begin accepting and processing payments with this company. Traditionally, there is an underwriting process that must be gone through. Although this company does advertise that it offers payment aggregator services as well, which do not require underwriting, but carry a lot more risk.
Once a merchant has been approved for an account, they may be able to begin accepting payments in as little as a few days.
The company website has a Contact page that provides a contact form, an email address, and a phone number for customer support. For merchants applying for services, the company promises to respond to all inquiries within 24 hours of receiving them.
BBB Rating
Shark Processing does not have a profile with the Better Business Bureau, so it is not rated and it has no reviews on the BBB website.
Other Online Reviews
There is only one available review online for Shark Processing and it suggests that the company is a scam because of the actions of one sales agent. The complaint appears to be an isolated incident that involved requiring a higher amount for account setup than normal.
The lack of additional reviews indicates that Shark Processing has done a good job with its customer service and that it is transparent in its interactions with its merchant customers.
BBB
N/A
N/A
N/A
Yelp
N/A
Total Online Reviews
Unknown
Total Online Complaints
Lawsuits
Unknown
If you're in the market for a merchant account provider, be sure to check out our user reviews, our merchant accounts guide and our top popular merchant provider picks