From The People Behind Central Payment Corporation
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.
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 Location and Ownership
SpotOn Transact is headquartered at 300 California St, San Francisco, CA, and is a registered ISO/MSP of Merrick Bank, South Jordan, UT. Zachary and Matthew Hyman are the co-founders of SpotOn Transact.
SpotOn Transact Review Table of Contents
- Costs & Contract: SpotOn Transact offers a month-to-month contract with variable rates and additional monthly fees.
- Complaints & Service: SpotOn Transact has received more than 20 public complaints.
- BBB Rating: SpotOn Transact currently has an “A+” rating and has received 12 complaints and 13 reviews in the last 3 years. The company has been accredited by the Better Business Bureau since 2018.
- Sales & Marketing: SpotOn Transact does not hire independent sales agents.
- Rates & Fees: How Merchants Got The Best Rates With SpotOn Transact