SpotOn caters to standard-risk small and medium-sized businesses in the hospitality and restaurant industries.
SpotOn Transact is a payments processor and software company offering a suite of products to simplify operations for small and mid-sized businesses in the restaurant and hospitality sectors. SpotOn offers merchant account services, Point-of-Sale systems, and tertiary services such as payroll, website development hosting, and marketing services.
Setup Fee: Variable
Monthly Fee: $25
Swipe Rate: 1.99% + $0.20
Keyed-in Rate: 2.99% + $0.20
Early Termination Fee : $0
SpotOn caters to the restaurant, hospitality, and services sector offering standard-risk businesses payment processing services via virtual terminals, point-of-sale systems, mobile card readers, etc. SpotOn is a registered ISO/MSP of Merrick Bank of South Jordan, Utah.
SpotOn Transact is a San Francisco, California-based company founded by serial entrepreneurs Matthew and Zachary Hyman in 2017. The brothers' last venture was also a payment processor, Central Payment Corporation, which they sold to TSYS.
SpotOn had funding rounds completed from very high profile investors such as Dick Costolo's 01 Advisors, EPIQ Capital Group, Dragoneer Investment Group, and Franklin Templeton. The company has had numerous high profile investments and has gained prominence for taking on specific high-profile digital payment processors. The company looks to use the funding to ramp up hiring and build out the company's products and continue to grow their revenue and the customer base.
The company still has room to improve its customer experience capabilities as it has limited options to reach out to the company's cnt services team.lie Most of the complaints against SpotOn are for billing issues merchants were unable to resolve with the company. Nonetheless, SpotOn has looked to answer and resolve these complaints and took action to remedy the root causes. The company continues to serve merchants as a one-stop-shop with modular and a la carte pricing.
San Francisco, CA
Zachary and Matthew Hyman
Merchant Provider Risk Tolerance
SpotOn looks to serve as a one-stop-shop for merchants. The company offers a payment processing service, POS systems, and tertiary services such as marketing, loyalty program, customer reviews, appointment setting and order taking tools, website development and hosting, virtual terminals, and payroll administration.
POS systems – SpotOn has various POS options, including mobile card readers, registers, and different payment devices.
SpotOn also aims to create an ecosystem with its app, which is available to download for merchants and consumers. Consumers can use the app to get alerts of specific discounts and deals. Merchants can benefit by using the app for customer engagement, offering discounts, a loyalty program, and easily integrating appointments.
Discloses All Important Terms
Public Pricing Available
Spoton mentions that it does not have any hidden charges or a long-term contract. It seems that the client does have a month-to-month billing option for merchants with the breakout of services as follows;
SpotOn's payment processing rates:
1.99% + $0.20/ swiped transaction
2.99% + $0.20/ corporate, international, AMEX, or keyed card transaction
The caveated for these rates is that other interchange categories or card types may be applicable
SpotOn with Payments – $25/month + 0.10% – The company waives the additional 0.10% monthly surcharge in the first year. This plan includes services for marketing, reviews management, and payment analytics.
Merchants can add additional services a la carte such as loyalty program, appointment management, and Website development and host at $65/ add-on.
SpotOn Software Only – $195/month – This plan includes packages services for marketing, reviews management, loyalty program, appointments management, and Website development and hosting. The package does not include payment analytics.
The pricing does not include any equipment that merchants purchase.
1.99% + $0.20
2.99% + $0.20
Mobile Payment Rate
Virtual Terminal Rate
Payment Gateway Fee
Early Termination Fee
PCI Compliance Fee
Equipment Lease Terms
Address Verification Service (AVS)
Account Setup Fee
Gateway Setup Fee
SpotOn asserts that it has "no long-term contract," indicating that it only offers month-to-month billing. SpotOn's Pricing page shows a "Preferred Payment Processing Rate Program" and a "Custom Payment Processing Rate," which proposes to either match or beat competitor rates. It appears that rates may vary based on how merchants decide to request SpotOn services, with a competitor bid or not. Furthermore, it seems that the SpotOn Sales team holds some sway in negotiating rates to a certain degree. In that case, sales teams may resort to a higher price for higher commissions, if not negotiated down.
Early Termination Fee
SpotOn has an A+ rating with the Better Business Bureau (BBB). The company had 13 complaints filed with the BBB in the last three years, seven in the previous year. SpotOn has been accredited with the BBB since 2018. Most complaints are regarding difficulties in resolving billing issues and seem to be further evidence of their lacking support.
Total Online Reviews
Total Online Complaints
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