Owner Profile: Zachary Hyman

Background and Roles

Zachary Hyman is associated with SpotOn Transact. According to our review of SpotOn Transact, the company provides payment processing and merchant services to businesses. Hyman has been involved in the company’s operations within the payment processing industry.

Legal, Regulatory, and Reputation Notes

Zachary Hyman has a documented legal and regulatory history in the payment processing industry. In 2001, Hyman and other family members settled Federal Trade Commission charges related to deceptive marketing and sale of auction information guides, resulting in a payment of $100,000 in consumer redress. He was permanently banned from engaging in any business that sells or telemarkets home or vehicle information guides.

More significantly, a class action lawsuit was filed against Central Payment Co., LLC (CPAY), the company Hyman co-founded with his brother Matthew Hyman. According to court documents in Custom Hair Designs by Sandy, LLC, et al. v. Central Payment Co., LLC (Case No. 8:17-cv-00310, D. Neb.), CPAY allegedly misrepresented fees charged for card processing services and improperly added or inflated fees. Plaintiffs alleged that Zachary Hyman personally invented one of the fraudulent fees in 2014. The case resulted in a settlement of over $54.4 million, with plaintiffs’ damages expert calculating that class members paid over $128 million in improper rate increases and fees from 2012 to 2018.