SpotOn Transact Review

SpotOn Transact was founded in 2011 by Matthew Hyman and Zachary Hyman. The company specializes in merchant accounts for restaurants and other hospitality businesses.

SpotOn Transact closed a $50 million Series B financing deal with 01 Advisors and other investors, which will enhance its revenue in the POS and merchant account markets.

SpotOn Transact has more than 20 public complaints, 12 complaints and 13 reviews on the BBB website, and does not employ independent sales agents.

SpotOn charges 1.99% plus $0.20 per swiped transaction and 2.99% plus $0.20 per keyed-in transaction.

SpotOn offers two basic pricing plans: the SpotOn with Payments plan costs $25 per month plus associated payment processing fees and the SpotOn Software Only plan costs $195 per month.

SpotOn agents are able to set rates and pricing within certain guidelines, but the company encourages agents to set high rates in exchange for large commissions.

We have found over 20 negative SpotOn reviews, with the most common complaints being poor customer service, dysfunctional products, and billing issues.

SpotOn has an “A+” rating with the Better Business Bureau. It has received 12 complaints in the past 36 months, but merchants have not replied to the company’s responses.

SpotOn does not appear to use any deceptive advertising or rate quoting. The company is relying on an in-house sales team instead of using outside sales agents.

SpotOn Transact received an overall “B” overall. Its new sales team receives a salary along with full benefits and a 401k.

SpotOn is an average merchant account provider that is positioned to become a major provider given recent investment and growth.

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