SpotOn Transact Review

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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

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

Moderate Complaint Total

We are currently able to locate over 20 negative SpotOn reviews, some of which accuse the company of being a ripoff or a scam. Complainants primarily mention pushy sales tactics, poor customer service, dysfunctional products, and billing issues. SpotOn’s complaint rate is lower than CPAY’s, but the company still has a moderate complaint volume for its size and time in business.

SpotOn Lawsuits

We have not found any outstanding class-action lawsuits or FTC complaints filed against SpotOn. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.

SpotOn Customer Support Options

The SpotOn website provides email support contact information but does not list a dedicated customer support number. This level of support does not qualify it as a top-rated customer service processor, and we have accordingly assigned the company a “B” rating.

SpotOn Transact Online Ratings

Here's How They Rate Online

Online Ratings Summary
Product & Service Complaints 6
Billing & Collection Complaints 5
Advertising & Sales Complaints 1
Guarantee & Warranty Complaints 0
Delivery Complaints 0

Under 10 Complaints

SpotOn Transact has an “A+” rating with the Better Business Bureau and has been BBB accredited since 2018. The company has received 12 complaints in the past 36 months. 4 complaints were related to product or service problems, while 3 had to do with billing or collection disputes. SpotOn successfully resolved 7 of these complaints. While the company answered all 12 of the complaints made against it, merchants did not reply to their responses in 5 of those instances.

What Merchants Say

SpotOn has also received 13 negative informal reviews on its BBB profile. 10 of those reviews were positive, meaning just 3 were negative in tone. The most recent negative review describes billing difficulties:

Rip off. Never signed a agreement with them and we have been charged several times and are STILL trying to get our money back. DO NOT DO BUSINESS WITH THEM!!!

Merchants who find themselves in this position may benefit from taking the steps to cancel their merchant account without paying a fee.

An “A” Performance

Given the company’s low complaint total, we agree with the BBB’s rating at this time. However, it is on the verge of being reduced to a “B”.

SpotOn Transact Fees, Rates & Costs

A Closer Look at The Contract

Cost & Fees Summary
Swiped Rate 1.99% + $0.20
Keyed-In Rate 2.99% + $0.20
Monthly Fee $25
Loyalty Program Fee $25 Per Month
Appointment Fee $25 Per Month
Website Fee $25 Per Month
Poynt Terminal Cost $15 Per Month
SpotOn Register Cost $65 Per Month
SpotOn Restaurant Cost $65 Per Month

SpotOn Contract Terms

SpotOn claims to offer “no long-term contract”, which may indicate that its standard contract is a month-to-month agreement. The company’s Pricing page lists a “Preferred Payment Processing Rate Program” that charges 1.99% plus $0.20 per swiped transaction and 2.99% plus $0.20 per keyed-in transaction, although these rates are not inclusive.

SpotOn Pricing Plans

SpotOn offers two basic pricing plans: SpotOn with Payments and SpotOn Software Only. The SpotOn with Payments plan costs $25 per month plus associated payment processing fees and an optional loyalty program ($25 per month), appointment scheduling tool ($25 per each user after the first), and website ($25 per month). The company’s payment processing hardware includes a Poynt terminal ($15 per month), a SpotOn Register ($65 per month), and SpotOn Restaurant ($65 per month). The SpotOn Software Only plan costs $195 per month and includes all of the above services except for payment processing and its related equipment.

Custom Pricing Options

SpotOn agents appear to be able to set rates and pricing within certain guidelines as set by the company, so rates and fees may vary upon merchant request. With that said, it appears that SpotOn encourages agents to set high pricing and rates in exchange for large commissions. It is therefore highly unlikely that SpotOn’s terms will compete with pricing offered by the cheapest merchant accounts.

SpotOn Transact Employee Reviews & Sales Tacitcs

Should You Work For Them?

Jobs & Marketing Summary
Employs Independent Resellers Yes
Advertises Deceptive Rates No
Discloses All Important Terms No

No More Use of Outside Sales Agents

SpotOn does not appear to use any deceptive advertising or rate quoting in its official materials. Numerous SpotOn complaints about 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 as 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

An Average Option for Most Merchants

SpotOn rates as an average merchant services provider according to our rating criteria. However, given the recent investment capital, changes to sales practices, and the positive growth of its business, SpotOn is positioned to become a major merchant account provider. We will continue to monitor merchant feedback about SpotOn and adjust our rating accordingly. For now, merchants can obtain the best deal by comparing SpotOn’s pricing and contract terms to those offered by top-rated merchant account providers.

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Which is Most Important for You?

If you had to pick one, which quality would you say will be the most important with your next credit card processor? Tap or click your selection to register your vote:

  1. Low Transaction Fees
  2. No Monthly Fees
  3. No Contract
  4. Reliable Customer Support
  5. Quick Signup

Testimonials & Complaints

How Did SpotOn Transact Treat You?

15 User Reviews

  • Reggie

    Quality Mattress

    We have a furniture store and a flooring store and do not recommend anyone do business with Spot On. Our rep specifically lied and stated we would have no other fees if we decided to cancel. Their equipment has been nothing but trouble and does not function properly even after hours on the phone with Spot On customer help, as well as the rep trying to download different programs to get it to work. We where approached by Alvin (Spot On rep) as it would save us a lot on referral program costs and would be easily canceled if it did not work out. He even recommended we keep our current provider for a couple months just in case. Thank god we did as now this nightmare is even worse. They are stating they want additional money for equipment if we cancel. None of this was disclosed by the rep. Complete bait and switch company.

  • Mohamed agag

    Solvfix solutions

    I’m a former employee of Spot On and I was an outside sales person I’ve been on sales for 10 years with major accounts and I tell you right now Spot On is a terrible terrible company in both asked to consumers clients and John please have signed of accounts they make a promise but they actually do not follow in the beginning Delvey OK then do the worst things by not giving you a promise rate over charged double charged and much more as a person I tell you not because I quit the company because I have lost many of my valuable clients I will tell you right now do not do any business with Spot On if you care and you don’t want to lose your hard work

  • Lisa Titus

    Southern-NY BBQ

    This company will not release my credit card fund which was over $2000, because I have moved and had not opened a business checking account yet. But, my new credit card processor has no problem depositing these funds into my personal account..It has been 3 weeks and I still do not have my funds. It might be great not having any monthly fees and processing fees. But, when they hold your funds and your a small food vendor and you need to purchase for the next festival. RUN because they will give you the run around when it comes to your money. Very disappointed with Spoton.

  • Chia higa


    This system has been nothing but issues for over a year for us we have no rep none was reassigned every time we call with a problem we get the run around spend over a hour on the phone getting bounced between reps for no answers tell us a problem is fixed then when we look into t the back office it is not fixed. Have been falsifying our reports for months now saying our company is making twice what we made been charging and taking our money for that amount not the true amount. Was told repeatedly it was fixed still not fixed still can’t get straight answers. Thinking of taking them to court because of this which is reporting false information which if audited the IRS will no doubt kill my business with fees all because no department can be held accountable and they just repeatedly pass the buck to another dept. still have not been contacted about getting another rep to help us couldn’t even get new tablets for my second location

  • Louis Ramirez HAE


    I am proud to represent SpotOn for the past 1.5 years. Although the Industry has dealt with adversity during Covid and Post Covid. SpotOn’s cloud-based POS system specialized for Restaurants has been side by side with the industry providing support during the onset, and continued support with new innovations in software development. We are a Beast, taking over market share. SpotOn is specifically designed merchant accounts in the restaurant industry and is built to be an all-in-one solution with integrated hardware and software for foodservice merchants. in my opinion is biased as it downplays the negative reviews of another competitor which has 50 complaints since 2013, vs. 25 complaints against SpotOn since 2011.

    The only one concern I have is “at one time in the past” POS Dealers placed SpotOn POS systems directly thru Dealer programs. In that program, the Dealer provides support vs. SpotOn teams. Which may be part of the reason for the majority of the 25 complaints. As of today, Account Executives employed by SpotOn represent the consultant arm for SpotOn.
    As Account Executives we are attentive to our Restaurant partners. The advantage of working directly with Account Executives, is No Contract, Transparent pricing, and Corporate Support of the POS technology. Dealers did not go through the thorough Restaurant POS certification program as Hospitality Account Executives. Learn more about SpotOn

  • Michelle

    I have been working as a rep with Spoton for over a year. I love my job because I feel like they give me the power to really help my merchants. I am sorry you guys have had such bad experiences. I would love to help you get these issues resolved.

  • Courtney Fender

    I returned this POS because it ended up not doing anything that I was told it would do for my retail business. I returned the equipment in December and 5 months later, I still have not received my $415. I have emailed and left multiple voicemail and still nothing. Absolutely horrible and I DO NOT RECOMMEND THIS COMANY.

    • Jerry

      The fees have constantly stayed the same. Our platform is $25/month for the first year then it goes up by 10 basis points. We are very transparent about this as the application even has a place to initial that outlines this information.

      But I will say that the authors of this article does not have his facts straight. I wish I could comment directly to the author. His pricing that he has listed is not accurate. So please anyone reviewing this check multiple sources. It is a shame that articles like this are allowed to be publish without being ensured of 100% accuracy when it comes to simple things like pricing. Which can be found in a multitude of places.

  • Angela M Bovo

    Spoton promised a working website in 24 hours. They made me pay them to change my website hosting and then never completed a website that worked. They still have my hosting domain name, even though I paid for it. They tried to charge me 1750.00 for a website that never could process payments. I initially signed up for a 25 $ a months website. They increased that to 45$ a month, then to 65$ a month, then to 249$ and changes costing more. They increased the prices and never completed the work. They did not call back, the customer service SUCKS. So did the design work. This company sucks to work with.

  • Nery Rodríguez

    They were charging Our business hundreds of dollars in fees So we decided we had enough and returned their equipment but it turn out they kept withdrawing money from our bank account for several months now, I’ve been trying to contact somebody to solve a problem but they always hang up on us or sent us to someone to hangs up on us, Nobody seems to be able to find out how to resolve a problem they keep withdrawing money from my bank account every month and nobody seems to know the whereabouts Of the equipment that we returned, It has been months and quite a few dozens Of calls Without answers. I would not recommend this company to anyone running a business.

  • bob wickizer

    We are a small winery in the middle of a dispute with SpotOn
    Their software is not a good fit for our business
    Their remote terminals will not work for off-site events as they said
    Their managers take days to return my calls
    They do not provide invoices and we have no idea what the $281 per month is for that they withdraw every month.
    Pray for us
    Bob Wickizer, Pecan Creek Winery, Muskogee OK

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