Collecting payments and communicating with customers are both important functions for a small business. But they’re rarely spoken of together, much less included in the same tools.
Now there’s a payment processing tool to help businesses both process payments and improve customer engagement. SpotOn Transact is the latest venture from Matt and Zach Hyman, brothers who have 20 years of experience in the payments industry, including launching and selling Central Payment. They launched SpotOn with co-founder Doron Friedman back in 2010 and more recently added credit card processing to its platform, providing an end-to-end solution for merchants.
So essentially, SpotOn takes what the industry veterans have learned from managing payments through the years, but then adds an extra layer of functionality to it.
Zach Hyman said in an email interview with Small Business Trends, “We focus on the ability for the SMB market to connect with their customers in a number of ways. You would be surprised how many businesses lack this key functionality.”
SpotOn offers both hardware and software options for merchants. So you can choose the POS system that works best for your business. There are options designed specifically for restaurants, retail stores, ecommerce shops and several other business types. Then you also get access to SpotOn’s software, which includes options for launching marketing campaigns, offering loyalty programs, managing customer reviews and receiving analytical data about sales and customer engagement.
The company focuses specifically on the small business market. Since they often have access to limited resources, tools that serve more than one purpose can be especially valuable.
Matt Hyman explains, “Business owners are busy. Sometimes they’re the one sweeping the floor. Other times they’re doing an interview or out on the golf course. Our platform lets them monitor their payment analytics, send marketing emails, set up loyalty rewards, and get alerts about new reviews no matter where they are — either from a computer or right on their mobile phone with our free business app.”
The idea is that your payment portal has the ability to gather and store your customer data. So why not integrate that with the system you use to keep in touch with them? Customers can sign up to receive updates from you via email, social media or mobile alerts. So you can start by importing your existing list of customers, and then seamlessly add new ones during the checkout process, rather than constantly having to update your customer data on a totally separate platform. And SpotOn offers tools for sending marketing emails and mobile alerts, monitoring online reviews and analyzing customer trends. You can also create loyalty programs that reward customers based on how much they spend or how often they make purchases.
On the customer end, SpotOn offers a free mobile app useful for finding deals and discovering new merchants. So you can also take advantage of the platform to try and reach new potential customers.
The exact pricing for small businesses depends on the type of payment processing system you choose. Then there’s a $35 per month service cost and payment processing fees. You can also request a free demo in order to actually see the service in action and decide which option might be right for your business.
Matt Hyman says, “Our platform is going to save merchants money while also giving them the tools they need to compete with big businesses by boosting efficiency and expanding their marketing reach exponentially. There’s also our consumer mobile app, which more than 500,000 people have already downloaded — that’s a ready-made audience of new customers our merchants get instant access to.”
The Hymans’ experience in the payments industry has certainly made an impact on this latest offering. But they also believe that starting a business with family members can be considered a benefit.
Zach Hyman stated, “Trust is key in business, so that’s one less thing we need to worry about in our partnership. It’s good to know that your partner sees eye to eye with you and can execute as well as you can.”