Zach and Matt Hyman are brothers and founders of SpotOn Transact LLC, whose headquarters are in San Francisco, alongside Doron Friedman. They co-founded the company in 2017 to provide software and payment solutions for businesses. Their goal is to help merchants access tools that enhance excellent customer experience through software tools. Here are ten things you didn't know about Zach and Matt Hyman.
1. They have 20 years of experience in payment processing and software solutions
According to PR Newswire, the Hyman brothers have twenty years of experience in cutting edge payment and software solutions. They joined hands with Doron Friedman to empower businesses, teaching them how to market themselves to customers. The company provides comprehensive tools for reviews, analytics, loyalty, and payments for SMBs.
2. Their company's popularity grew during the Covid-19 pandemic
According to TechCrunch, the Covid-19 pandemic led to the closure of many businesses without effective payment systems and software solutions. Some laid off their staff, citing economic recession during that period. The only businesses that survived embraced merchandising software solutions in their systems. That is where Matt and Zach Hyman's company came in handy.
3. They raised $20 million in seed funding to finance their company
In 2017, Matt and Zach Hyman, alongside other investors, injected $20 million into their company. They viewed the move as the next evolution of payments they accomplished during their time at CentralPayment. They saw the opportunity after noticing that the SMB community was desperate for cutting-edge technology and integrated payments solutions to boost their growth and business process.
4. They staked in Central Payment for $840 million
The Hyman brothers are so good at integrated payment solutions that they discovered that selling their final stake in Central Payment for $840 million would endear their company to businesses in 2018. The business's popularity kept growing, and they reached back into their pockets to spearhead a $20 million seed round. After 2018, the company took a $40 million Series A in 2019 and a $50 million Series B in March 2020.
5. They credit their loyalty software for the company's success
In a world where technology keeps evolving, it doesn't surprise that disruptive technology carries the day. When asked how they grew fast, the Hyman brothers confessed that they had a small but tight-knit team of software geniuses. The Hymans trained the teammates on software, promising to help the company succeed, depending on their symbiotic relationship. Currently, they have more than 500 W-2 employees who sell their products. Each sales representative has a different pitch to promote its loyalty software. Their unique approach to training employees to give their all is why they exist and are successful.
6. They don't impose processing contracts for their merchants
The no processing contract is one unique model that the Hyman brothers have incorporated into their company. If you choose SpotOn as your payment and software provider, they won't force you to remain their merchant forever. The duo doesn't impose a processing contract. The only product you should pay for is the software platform, and it has a starting cost of $25 per month. The fee can rise to $195 per month, depending on the products you want and the size of your business. According to Reforming Retail, the total amount per month is equivalent to a dearth of fees. So, you won't have to spend on termination fees, regulatory fees, monthly minimum fees, batch fees, or annual fees. Therefore, unlike other companies, you don't have to worry about random fees when buying for SpotOn.
7. You can rely on them for better processor and POS solutions
Unlike their competitors, the Hyman brothers allow merchants to decide which processor they see fit. They also permit you to keep your existing POS, regardless of the SpotOn product you choose. Their years in business have taught them about the benefit of earning payments through value. For example, if you choose their processor, they allow you to control your destiny. With SpotOn, you can leave anytime you want as there isn't a long-term contract to make you stay. Relying on value addition is the yardstick they've used to convince merchants that they made a wise decision to choose their POS solutions. That's what makes them stand out from the crowd.
8. They have more than 30,000 clients using their platform
One of the strategies the brothers adopted was to buy a company called SeatNinja to expand its offering. Their offer to build free websites for businesses attracted more than 30,000 clients. They also offered commission-free online ordering from restaurants and assisted retail merchants in updating their websites to fit into e-commerce. Currently, over 30,000 businesses rely on SpotOn's platform, and they expect the number to triple come 2023. Also, its customers are mostly retail and restaurant-based, but the latter has helped it grow rapidly.
9. They wanted their SpotOn company to be more than a reseller of other companies services
The Hyman brothers have done successfully at Central Payment because they wanted to be more than a reseller of other companies services. The twins saw a wonderful opportunity to create integrated payment software services in the market. Their platform allows them to take customer feedback to expand their offering instead of passing customer reviews to their merchants. They also don't rule out acquisitions to expand in specific industries like retailing.
10. They target small and medium businesses
Going by Hyman's observations, small and medium businesses are often overlooked as far as technology is concerned. But the truth is SMEs have more demanding needs than their consumers. Their challenges translate to the small returns they get from larger businesses because they operate on fixed budgets. Consequently, they might lack funds to upgrade their services. Starting SpotOn was their way to help businesses get better central payment solutions to boost their growth.
As SpotOn keeps growing, more businesses will become self-sufficient and offer the best customer experience. Through more advanced cloud technology, the brothers hope that their services will build the SMB segment if businesses believe they can efficiently conduct their services.
Written by Allen Lee
Read more posts by Allen Lee