High precision Global Navigation Satellite Systems (GNSS) positioning and time transfer require correcting signal delays, in particular higher‐order ionospheric (I2+) terms. We present a consolidated model to correct second‐ and third‐order terms, geometric bending and differential STEC bending effects in GNSS data. The model has been implemented in an online service correcting observations from submitted RINEX files for I2+ effects. We performed GNSS data processing with and without including I2+ corrections, in order to investigate the impact of I2+ corrections on GNSS products. We selected three time periods representing different ionospheric conditions. We used GPS and GLONASS observations from a global network and two regional networks in Poland and Brazil. We estimated satellite orbits, satellite clock corrections, Earth rotation parameters, troposphere delays, horizontal gradients, and receiver positions using global GNSS solution, Real‐Time Kinematic (RTK), and Precise Point Positioning (PPP) techniques. The satellite‐related products captured most of the impact of I2+ corrections, with the magnitude up to 2 cm for clock corrections, 1 cm for the along‐ and cross‐track orbit components, and below 5 mm for the radial component. The impact of I2+ on troposphere products turned out to be insignificant in general. I2+ corrections had limited influence on the performance of ambiguity resolution and the reliability of RTK positioning. Finally, we found that I2+ corrections caused a systematic shift in the coordinate domain that was time‐ and region‐dependent and reached up to −11 mm for the north component of the Brazilian stations during the most active ionospheric conditions.