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.
|Swipe Rate||1.99% + $0.20|
|Keyed-in Rate||2.99% + $0.20|
|Early Termination Fee||$0|
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.
SpotOn Pros & Cons
SpotOn Products & Services
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.
SpotOn Advertising & Sales
SpotOn lists an option for custom pricing, alluding to the fact that the company’s sales team has some leeway in setting prices. In that case, unless one aggressively negotiates down rates, the sales team is incentivized to price at a higher rate for higher commissions. Therefore, their pricing isn’t as transparent nor as competitive as the company may suggest.
SpotOn Transact received an “A+” rating from the BBB, which accredited it in 2018. The BBB has received 13 complaints against SpotOn in the last three years, seven of which are from the previous 12 months. Most complaints are regarding billing issues that merchants haven’t able to resolve with the company. To SpotOn’s credit, all claims have either been answered or resolved.
The company does not seem to be using any deceptive sales or advertising tactics. However, there were complaints with the BBB about its sales staff overpromising and then changing terms after the merchant ended the agreement with a termination fee with another payment processor. SpotOn has made headway with these issues as the company does not use independent sales agents anymore and only uses an inside sales team.
Truth in Marketing
|Advertises Deceptive Rates|
|Discloses All Important Terms|
|Public Pricing Available|
SpotOn Pricing, Rates & Fees
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.
Pricing At A Glance
|Swiped Rate||1.99% + $0.20|
|Keyed-in Rate||2.99% + $0.20|
|Mobile Payment Rate|
|Virtual Terminal Rate|
|Payment Gateway Fee|
|Early Termination Fee||$0|
|PCI Compliance Fee|
|Equipment Lease Terms|
|Address Verification Service (AVS)|
|Account Setup Fee||Variable|
|Gateway Setup Fee|
SpotOn Contract & Terms
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.
SpotOn Setup & Support
There isn’t much information available on the setup process from SpotOn; however, the company’s customer support options are minimal. Although SpotOn states that merchants get 24/7 support and the ‘Contact Us’ webpage does have a phone number listed, it is unclear if that number is for support or sales inquiries. SpotOn does not have a live chat option. The company has a dedicated email address for support.
The company does not offer any merchant education or tutorial guides. SpotOn’s website has an FAQ section with only 11 questions, mainly around why they would need merchants’ personal information and the company’s deals and rewards.
The Video Hub section of the company’s website is merely promotional material for its various offerings. Its blog is similarly full of blatant promotional material without an emphasis on improving novice merchants’ understanding.
SpotOn does have a phone number listed on its ‘Contact Us’ webpage, but it is unclear if that number is for support or sales inquiries. Spoton also does not have any live chat option. The company has listed a dedicated email address for support.
SpotOn Complaints, Ratings & Reviews
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|