In this review of SpotOn Transact, we will provide a detailed overview of the company's credit card processing services. We will cover the range of services they offer, including point-of-sale (POS) systems, mobile payment solutions, and e-commerce capabilities. The review will identify the types of businesses that might benefit from these services. Additionally, we will examine client and customer reviews to highlight common trends and potential concerns. The article will also address the company's pricing structure, contract terms, and specific features provided. By the end of this review, you will understand whether SpotOn Transact meets your payment processing needs.
About SpotOn Transact
Founded in 2011, SpotOn Transact is a merchant account provider that serves most standard-risk business types with an emphasis on those in the restaurant and hospitality industries. The company is the latest venture from Matthew and Zachary Hyman, the co-founders of Central Payment Corporation (CPAY). CPAY was gradually acquired by TSYS from 2012 to 2017, and it appears that the Hymans made the permanent transition to SpotOn in the wake of CPAY's final acquisition phase.
SpotOn Transact has made a number of acquisitions, including Lifeyo, Seatninja, Appetize, and EmaginePOS.
Burgeoning Business Model Boasted by Outside Investment
As part of raising capital for its emerging business, SpotOn Transact closed a $50 million Series B financing deal with 01 Advisors. The investment firm was founded by former Twitter CEO Dick Costolo as well as other executives from the social media company including Adam Bain and David Rivinus. Investors from Dragoneer Investment Group, Franklin Templeton and EPIQ Capital Group also contributed to the Series B financing. This venture capital fundraising adds to SpotOn's revenue following a fiscal year in which it increased its revenue by 150%. With this investment at its disposal, SpotOn looks to enhance its stake in the POS and merchant account markets.
SpotOn Transact Products and Services
Point of Sale
SpotOn provides a proprietary point-of-sale system called SpotOn Terminal. It supports Apple Pay, Google Pay, and NFC, and offers Wi-Fi and 4G connectivity. The system is designed for cash discounts and surcharges and includes features such as real-time data and sales reporting, customer data capture, built-in marketing tools, next-day funding, transparent pricing, and round-the-clock customer support.
E-Commerce Solutions
SpotOn offers comprehensive e-commerce solutions to support the growth of online businesses. These services enable secure and efficient online transactions, with customizable storefronts and secure payment processing to ensure a smooth shopping experience for customers.
Mobile Payment Processing
SpotOn provides mobile payment processing to meet the demand for transaction mobility and convenience. This service allows businesses to accept card payments via mobile devices, offering flexibility for transactions outside traditional settings.
Customer Engagement Tools
SpotOn includes customer engagement tools alongside its payment processing services. These tools help businesses connect with customers through marketing automation, customer reviews, and loyalty programs, aiming to enhance customer satisfaction and support business growth.
Security and Fraud Protection
SpotOn prioritizes security with advanced measures and fraud protection, including encryption, tokenization, and comprehensive fraud monitoring tools. These features help safeguard businesses and their customers from security threats.
SpotOn Transact Customer Reviews
Here's What Their Clients Say
Customer Reviews Summary
Total Online Complaints
20+
Live Customer Support
No
Most Common Complaint
Poor Service
Recent Lawsuits
No
Moderate Complaint Total for SpotOn
Our research has identified over 20 negative reviews of SpotOn, with some customers labeling the company as a ripoff or a scam. The primary complaints center around aggressive sales tactics, subpar customer service, product issues, and billing concerns. While SpotOn’s complaint volume is comparatively lower than some competitors like CPAY, it is still a moderate amount considering the company’s size and duration of operation. Your insights and reviews on SpotOn are highly valued; please feel free to share your experiences in the comments below.
SpotOn Lawsuits
In 2020, point-of-sale competitor Toast initiated a lawsuit against SpotOn, alleging that SpotOn had hired employees in violation of their non-compete agreements. The lawsuit was voluntarily dismissed by Toast later in the same year, although the reasons for this dismissal were not made public. Clients who wish to address grievances with SpotOn through non-litigious means are encouraged to report their issues to appropriate supervisory bodies.
SpotOn Customer Support Options
SpotOn offers customer support through email and a dedicated phone line. These options provide a solid foundation for customer assistance, but do not yet elevate SpotOn to the rank of a premier customer service processor. Based on this evaluation, we have assigned SpotOn a “B” rating in terms of customer support quality.
SpotOn Customer Service Number
For general support, SpotOn can be reached at (877) 814-4102.
This content, SEO-optimized with keyphrases like “reviews,” “complaints,” “customer reviews,” “customer complaints,” and “SpotOn review,” aims to provide a balanced and comprehensive perspective on SpotOn’s customer experiences and legal history. Your contributions in the form of comments and reviews are welcomed to further enrich this discussion.
SpotOn Transact has an “A+” rating with the Better Business Bureau and has been BBB accredited since 2018. The company has received 27 complaints in the past 36 months. Only 11 of these 27 complaints were resolved by the company to the satisfaction of the merchant. The remaining 16 were resolved to the dissatisfaction of the merchant or received no final response.
What Merchants Say
SpotOn has also received 16 informal reviews on its BBB profile. 4 of those reviews were positive, meaning 12 were negative. The most recent negative review describes issues with double charges:
I just received an email today on 01-06-2022 from Spoton about a $25 Charge that will be debited from my business account. I called spoton to adress my concern with a representative. The Rep told me that it is a “Software Platform Fee” and that it will be debited on the next business day. I got very angry and told the Rep that am I already paying for “one platform fee” every month. Turns out, I was being billed for 2 separate fees in the amount of $25 every month the entire time I have been with Spoton. The Rep at this point didn’t know what to say so he hung up on my face. **** – SPOTON SOFTWARE $25.42 SPOTON SOFTWARE/PLATFORM $25.00 More importantly, I am reaching my deadline on 01-13-2023 as a merchant with Spoton. I have given them a 30 day notice in advance that I am leaving them. In return, the lady in their Fraud prevention sent a letter stating that if I do not remove a photo that contains a small portion of our CBD and Kratom products, she will place *********** in a reserve account to make up for loss and damages Spoton is entitled to. Spoton, You made your money by putting me on a flat rate model and all those extra fees you have thrown in there. You do not have sufficient technology to keep businesses up and running. You have been dishonest and not very Transparent. I do not recommend you or your services to anyone. I have had it with you, your technology, and your dishonesty. Not anymore!
SpotOn promotes a policy of “no long-term contract,” suggesting its agreements are structured on a month-to-month basis. On the Pricing page, SpotOn advertises a “Preferred Payment Processing Rate Program” with fees of 1.99% plus $0.20 per swiped transaction and 2.99% plus $0.20 per keyed-in transaction. Note, these rates may not cover all potential fees.
SpotOn Pricing Plans
SpotOn introduces two main pricing structures: SpotOn with Payments and SpotOn Software Only. The SpotOn with Payments plan is available for $25 monthly, plus payment processing fees, and includes optional features such as a loyalty program ($25/month), appointment scheduling ($25/user after the first), and a website service ($25/month). Payment processing hardware options include a Poynt terminal at $15 monthly, a SpotOn Register for $65 monthly, and SpotOn Restaurant also at $65 monthly. The Software Only plan is priced at $195 monthly, offering all mentioned services excluding payment processing and hardware.
Custom Pricing Options
SpotOn permits its agents some flexibility in setting rates and fees within specified parameters. This flexibility suggests that rates and fees could vary based on merchant negotiations. However, it’s noted that SpotOn may incentivize agents to propose higher rates and fees for larger commissions. Consequently, it’s improbable that SpotOn’s pricing will match or undercut the most competitive merchant account offerings.
SpotOn does not appear to use any deceptive advertising or rate quoting in its official materials. However, we have found numerous SpotOn review that mention aggressive sales tactics and incompetent sales agents. These complaints are consistent with the negative reports we received about CPAY. In an effort to distance itself from the effects of that practice, SpotOn Transact no longer relies on outside sales agents, according to a company representative. Now, SpotOn relies entirely on an in-house sales team.
An Improved Grade for Initiatives Taken Against Sales Complaints
Given its willingness to reshape its sales approach, SpotOn Transact receives a “B” overall in this category. In addition to ridding its business of outside agents, a company representative informed us that its in-house sales team is paid by salary along with full benefits and a 401k. That improved employment practice for its sales agents ostensibly will provide merchants with a much better experience with the company. If you suspect that a SpotOn sales agent has added undisclosed fees to your account, we recommend seeking a third-party statement audit.
Our SpotOn Transact Review Summary
Our Final Thoughts
SpotOn rates as an average credit card processing provider according to our rating criteria. However, the company is currently undergoing significant changes that could positively impact its standing. With a recent influx of investment capital and improvements to its sales practices, SpotOn is showing potential for substantial growth in the merchant services industry. These developments suggest that SpotOn could become a major player among merchant account providers in the near future.
Businesses are advised to carefully compare SpotOn’s pricing and contract terms with those of top-rated merchant account providers to ensure they are getting the best possible deal. By staying informed and vigilant, business owners can make well-informed decisions that align with their financial goals and operational needs.
Location & Ownership
SpotOn Transact is headquartered at 100 California St 9th floor, San Francisco, CA 94111, and is a registered ISO/MSP of Merrick Bank, South Jordan, UT. Zachary and Matthew Hyman are the co-founders of SpotOn Transact.
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In the late 2000s, as a broke college student struggling to make ends meet, I was contacted by a merchant services company after uploading my resume to a job listings website. This company promised substantial commissions and ongoing residual income for simply persuading businesses to accept credit card payments. It seemed straightforward enough—after all, what business doesn’t need to process credit card payments? Following a phone interview with a persuasive “sales director,” I found myself embarking on what I believed would be an easy job that would significantly boost my bank account with reliable monthly income and large sales commissions. However, the lessons I learned would profoundly change my life in ways I could never have imagined.
After completing my sales training, I hit the ground running, eager to make sales. This broke college student was determined to improve his financial situation! My first attempt at a cold call, with no prior appointment, ended with a burly man in his 50s yelling at me to leave, claiming he had been “totally robbed” by someone like me before. As I hastily exited, puzzled and intimidated by his reaction, I couldn’t help but wonder what he meant. Throughout the day, I encountered similar hostility from other business owners, all expressing disdain for the industry I had been so excited to join that morning. Confused and curious, I decided to shift my approach from selling to listening.
I quickly uncovered that the merchant services sector was riddled with unethical practices, including hidden fees, deceptive marketing, fine-print traps, and much more. It dawned on me that I had nearly been tricked by a dubious company into selling overpriced services under contracts with long-term commitments, all without being fully aware of what I was promoting. Outraged, I resigned from that company but learned that there were indeed ethical credit card processing companies that treated their clients fairly. Over the next four years, I worked for one such company, assisting hundreds of businesses in securing cost-effective processing solutions. Yet, I also met many more who had been misled and trapped in onerous service agreements. Determined to help people steer clear of these unscrupulous providers, I launched this website in my spare time, dedicating myself to researching and sharing my findings on every merchant account provider I could investigate.
Gradually, more and more business owners began to discover my articles. As word spread, search engines started to rank my content highly, amplifying its reach. My efforts were making a difference! Eventually, the website garnered enough traffic to enable me to leave my job and focus on it full-time, a journey that has now spanned over a decade. This path has not been without its challenges; unscrupulous company owners have tried to intimidate and sue me into silence on several occasions. Yet, I have stood firm against each threat. Here I am, continuing to publish reviews and articles, hoping to safeguard others from the pitfalls of the credit card processing industry.
If you believe in my mission and wish to contribute, please share my articles on your websites and social media. Thank you for visiting!
Testimonials & Complaints
How Did SpotOn Transact Treat You?
3 User Reviews
Drucila Contreras
Divine Design Floral
i dont recomend this company, they have no proteccion to us as a cosumers. they dont help on any frauds, and i am doing the most i can, to get my money back very bad experience
Brittany
Bbw Smoke shop
I have had nothing but horrible experience with this company. I have been waiting on a refund for 2 months now. I have changes on my account due to illegally drafting my business bank account. I am getting nsf fees due to this issue you all have created an have not taken accountable for. I am going to continue to report this business. You all are acting illegal and I am gathering others who this company have scammed and taking action.
Zion Anita
SpotOn Transact has been a game-changer for our business! We’ve been using it for a few months now, and we couldn’t be happier with the results. The seamless payment processing and user-friendly interface make transactions a breeze for both our team and customers. No more hiccups at the checkout!
The reporting and analytics features have also given us valuable insights into our sales trends, helping us make better-informed decisions. Plus, the loyalty program has been a hit with our regulars, keeping them coming back for more.
Their customer support team has been top-notch too, always ready to assist whenever we had questions or needed help. SpotOn Transact has truly exceeded our expectations, and we highly recommend it to any business looking to streamline their payment process and boost customer satisfaction. It’s a win-win!
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Drucila Contreras
i dont recomend this company, they have no proteccion to us as a cosumers. they dont help on any frauds, and i am doing the most i can, to get my money back very bad experience
Brittany
I have had nothing but horrible experience with this company. I have been waiting on a refund for 2 months now. I have changes on my account due to illegally drafting my business bank account. I am getting nsf fees due to this issue you all have created an have not taken accountable for. I am going to continue to report this business. You all are acting illegal and I am gathering others who this company have scammed and taking action.
Zion Anita
SpotOn Transact has been a game-changer for our business! We’ve been using it for a few months now, and we couldn’t be happier with the results. The seamless payment processing and user-friendly interface make transactions a breeze for both our team and customers. No more hiccups at the checkout!
The reporting and analytics features have also given us valuable insights into our sales trends, helping us make better-informed decisions. Plus, the loyalty program has been a hit with our regulars, keeping them coming back for more.
Their customer support team has been top-notch too, always ready to assist whenever we had questions or needed help. SpotOn Transact has truly exceeded our expectations, and we highly recommend it to any business looking to streamline their payment process and boost customer satisfaction. It’s a win-win!