What is SpotOn Capital?

SpotOn Capital gives businesses access to the capital they need, but their small business clients commercial capital access faster and easier than traditional commercial loans or merchant cash advances. 

The fixed fee loans offered through SpotOn Capital loans are fixed-fee and repaid with via a percentage of your daily card sales. There are no periodic interest charges, monthly bills, late fees, or pre-early payment penalties. Once you have agreed to the terms, funds Funds are deposited as soon as the next business day, so you can invest in your business immediately to increase inventory, purchase equipment, hire employees, and more. It is available to select businesses that already process payments through and is primarily based on your sales history.

All loans through SpotOn Capital are issued by Blue Ridge Bank, National Association and serviced by Jaris Funding, LLC.

How can I become eligible?

SpotOn Capital is an invitation-only program for eligible SpotOn merchants. Eligible merchants receive an offer in their SpotOn Dashboard. Please keep in mind that each offer is subject to credit review and receiving an offer does not guarantee that your Advance will be approved.

Will my credit score be affected if I use SpotOn Capital?

No. SpotOn determines your eligibility based on your business’ sales history, not your business or personal credit score. Using this advance won’t impact either credit score.

Does applying for a SpotOn Capital advance require collateral?

We don’t require collateral for business advances and we never require a personal guarantee. However, as part of the agreement, the borrower may not sell or pledge future receivables.

Do I need to change anything about how I receive my sales?

No. You don’t need to change anything. With SpotOn Capital, repayments occur automatically as a percentage of daily card sales processed through our partners. 

Do you offer loans in all 50 States?

Loans are currently not available in Nevada, North Dakota, and Vermont.

Why can’t I obtain a loan for less than $25,000 if my business is in Rhode Island?

Rhode Island requires additional obligations for companies offering loans of $25,000 or less. We are working with state regulators to offer smaller loans but until then we can only offer loans greater than $25,000 to sole proprietors.

Why can’t I obtain a loan for less than $5,000 if my business is in New Mexico?

New Mexico requires additional obligations for companies offering loans of $5,000 or less. We are working with state regulators to offer smaller loans but until then we can only offer loans greater than $5,000.

How do SpotOn loans work?

SpotOn Capital is a small business advance with one fixed fee. You repay the advance and fee with a percentage of daily card sales. There are no periodic interest charges, monthly bills, late fees, prepayment fees, penalty fees, or any other fees.

The process is simple:

1. Complete your application.

2. Select your desired loan amount.

3. Accept the terms of the loan agreement.

4. Upon approval, receive your funds as soon as the next business day.

5. Repay automatically beginning the day you receive your funds with a percentage of card sales until your balance is paid in full 

How do SpotOn Capital clients access loan offers?

We designed the entire flow to be simple:

1. Check your SpotOn Dashboard or email for notification of a SpotOn Capital pre-approved offer. If one is available, you’ll see an Apply Now button on the welcome page.

2. Submit a quick application in your SpotOn Dashboard. Applications are typically approved within one business day. If approved, we’ll get back to you with the final loan range from which you’ll select your final amount to accept.

3. Once you accept, we’ll fund your bank account – typically within one business day. Begin using your funds!

4. Repay automatically starting the day you receive funding via a percentage of daily card sales. You can also make manual payments –  or

1. pay the loan in full – with no early

1. payment fee!

The exact terms of your loan are always displayed on your Dashboard and can be found in the Pricing and Repayment Table in your loan agreement.

How does applying for a SpotOn Capital loan affect my personal credit score?

It doesn’t! We run a soft pull, which does not create an inquiry on your credit report. Though your personal credit score plays a role in qualifying, your offer is based primarily on your business’ sales history. 

Will my offer expire?

Yes. Your SpotOn Capital offer is good for a limited time . Your offer will have with a specific expiration date and time and will remain available through the SpotOn site until such time. Once your offer expires, you will have to contact customer supportcan email support through the Capital section of the Dashboard.

What can I use my loan for?

SpotOn Capital loans are for business and commercial purposes only. Our customers clients use their loans to buy inventory or equipment, hire staff, open new locations, or help with temporary business cash flow needs.

How do I sign my agreement?

After you select your offer desired loan amount in the SpotOn Dashboard, you will be directed to a click-through process to digitally accept (and download) your agreement.

How long does it take to receive advance funds?

Once your advance is confirmed, funds are automatically transferred to your account as soon as the next business day.

Why was I declined after receiving an offer?

After you receive an offer for an Advance through SpotOn Capital, your information goes through a verification process. The reason your Advance was declined can be found in the email notice you received from SpotOn Capital.

We understand being declined can be disappointing, and we’d like to do our best to increase transparency behind this process.

What are the reasons for being declined?

There are various requirements that must be met in order to qualify for Advance. Some of the reasons for an Advance to be declined include material changes in the company's health such as delinquencies, bankruptcy and significant drop in credit scores. 

Why was I declined for an additional Advance?

We review every offer on a case-by-case basis, independently from any Advance. Even though your most recent request for an Advance through SpotOn Capital has been declined, it does not prevent you from becoming eligible for another one through SpotOn Capital in the future. We routinely review eligibility of our sellers and if your business becomes eligible to request an Advance again, you will see Advance offers in your SpotOn Dashboard. Offers are based on a variety of factors including payment processing volume, account history, and payment frequency.

Why don’t I see an offer in my Dashboard?

If you don’t see an offer in your SpotOn Dashboard, your business isn’t currently eligible to apply for SpotOn Capital. But keep in mind that SpotOn accounts are reviewed for eligibility on a daily basis. Offer eligibility is based on a variety of factors related to your SpotOn account, including payment processing volume, account history, and payment frequency.

Can I cancel my advance?

If you would like to cancel your advance before it has been funded, you can do so in the SpotOn Dashboard . Please note, if you cancel your advance, a subsequent offer is not guaranteed.

Can I cancel my loan?

If you would like to cancel your loan before it has been funded, you can do so in the SpotOn Dashboard.

Does applying for a SpotOn Capital loan require collateral?

SpotOn Capital requires a Performance Guaranty where Owners are personally responsible for ensuring that the business meets the obligations of the loan agreement. If your loan is over $500,000, additional performance guarantees are required by any affiliated companies to your business or by your beneficial owners’ affiliated companies (as defined in the loan agreement). If your company does not have any affiliated companies, then beneficial owners will be required to submit a Personal Guarantee. These conditions are subject to the specific terms of the loan agreement. Additionally, as part of the agreement, you grant the lender a first-lien security interest in the assets of the business. 

My credit report is locked. What should I do? 

If your credit is locked or frozen, please contact Experian to allow our servicer, jaris, to run the soft credit pull at the time you are completing the application. If they cannot perform the pull, the jaris servicing team will contact you for assistance. 

Additionally, if you have a Fraud Alert on your credit report, the jaris servicing team will reach out to verify your identity. 

Do I need to change anything about how I receive my sales?

No. With SpotOn Capital, repayments occur automatically as a percentage of daily card sales, so as long as you are processing as usual, your loan should be paid in full on time.

What interest charges or fees do I

pay with SpotOn Capital?

Unlike traditional loans, SpotOn Capital only charges a single, fixed fee that you’ll know before you sign upan agreement. No ongoing interest charges, no hidden fees, and no late fees.

What is

There are no ongoing interest charges. Instead, the total borrowing cost of your advance is just one fixed fee. Additionally, there are no applications, prepayment penalties, or late fees.

that fee?

The fee is the total borrowing cost, which is the a one-time fixed fee. This fixed fee is the difference between your advance loan balance and the advance loan amount.

For Example:

Loan Amount - $2,000.00

Fixed Fee - $300.00 

Total Amount Owed - $2,300.00

How is my fee calculated?

The fee is based on your sales history, your advance loan amount, and the repayment percentage.

How do I repay my

loan?

Much like your card processing fees, repayments get are automatically deducted from your settlement account as a percentage of card sales, until the advance loan amount and fee are paid in full.

This means repayment matches your business’s cash flow—you flow – you pay more when business is strong and ; less if things slow down. The total amount owed (the advance loan amount plus fixed fee) never changes. You may also make manual payments to repay the loan from the SpotOn Dashboard (with no penalties).

What is the repayment percentage?

The repayment percentage is the share of card sales that automatically goes toward repaying your advanceloan. 

Is there a minimum payment?

Yes, you’re required to pay at least 1/18th over a rolling 60-day period, for an 18 month term loan, or 1/6th over a rolling 30 day period, for a 4 month term loan.

For example, if you have a 60-day rolling period, this means from days 0-60, the payment sum must be 1/18th of the total loan amount. On day 61, the rolling payment period remains at 60 days, and looks at the payment sum on days 1-61, days 2-62, and so on. During each of these periods, the payment sum must be 1/18th of the total loan amount. If at the loan’s maturity you have a balance, you will have to pay the remaining balance prior to maturity. For most merchants, regular processing volume will cover the minimum paymentYour loan agreement includes the minimum amount you must repay each payment period (30 or 60 days). If your cumulative daily payments for that payment period happen to not meet or exceed the required minimum payment, you will need to make a manual payment in the dashboard to make up the difference. 

What happens if I make no payment and don’t meet the minimum?

If no payment is made your loan will enter Default. If a payment isn't made within 5 days of Default, we will auto-debit your account the difference owed.

Can I make additional payments toward my

loan balance, independent of my sales?

Yes. You are welcome to make additional payments or even pay the advance loan in full with no early repayment fee. You can make manual payments at any time from in the SpotOn Dashboard. Automatic payments as a percentage of your sales will continue, even if you make additional payments through the SpotOn Dashboard , until your balance is paid in full.

Can I pay off my

loan early?

Yes, you can submit prepayments or pay off your advance loan at any time at no additional cost in the SpotOn Dashboard.

Will I see savings or have to pay an early repayment fee if I make additional payments?

No. Your fixed fee is determined at the time of application and won’t change as a result of additional payments. There is also no early repayment fee if you make additional payments or pay the advance in full 

What is the difference between the loan maturity and the estimated payback period?

The loan maturity is the date on which the loan is due and can be found in your loan agreement. The estimated payback period is the period of time within which most loans are repaid, given the automatic deductions from card sales. Any outstanding balance due at the end of the term will be collected automatically via ACH.

Once I pay off this loan am I eligible for a new one?

SpotOn Capital will automatically evaluate your business for new offers once your loan is paid in full  – no need to even ask! Rest assured, we are routinely reviewing your account for eligibility. Eligibility is based on a variety of factors related to your SpotOn account, including payment processing volume, account history, and payment frequency.

How long does it take to receive loan funds?

Once your application is approved, funds are transferred to your merchant bank account as soon as the next business day.

When does repayment begin?

Repayment begins the same day funds are deposited into the merchant bank your account. A fixed percentage of your daily card sales is automatically deducted and applied toward your advance loan balance as soon as sales occur, making repayment simple.

Why don’t I see an offer in my SpotOn Dashboard?

If you don’t see an offer, your business isn’t currently eligible for SpotOn Capital. Accounts are reviewed for eligibility on a daily basis; we will automatically update your Dashboard and notify you by email if you have an offer. Eligibility is based on a variety of factors related to your SpotOn account, including payment processing volume, account history, and payment frequency.

Why was my application declined after receiving an offer?

After you receive an offer to apply for a loan through SpotOn Capital, your information goes through a verification process. The reason your loan was declined can be found in the email notification you received from servicing@jaris.io.

We understand being declined can be disappointing, and we’d like to do our best to increase transparency behind this process.

What are the reasons for being declined?

There are various requirements that must be met in order to qualify for a loan. Some of the reasons for a loan to be declined include material changes in the company's health – such as delinquencies, drops in transaction frequency, bankruptcy, or significant drop in credit scores. 

Why was I declined for an additional loan?

We review every offer on a case-by-case basis, independently from any current loan. Even though your most recent request for a loan through SpotOn Capital has been declined, it does not prevent you from becoming eligible for another one through SpotOn Capital in the future. We routinely review the eligibility of our clients and if your business becomes eligible to apply for a loan again, you will see a pre-approved offer in your SpotOn Dashboard. Offers are based on a variety of factors including payment processing volume, account history, and payment frequency.

Do you offer loans in all 50 states?

We provide loans to 49 states and Washington D.C., Loans will be available in Vermont shortly. If you are a Vermont business interested in a loan please contact us.

Why can’t I obtain a loan for less than $25,000 if my business is in Rhode Island?

Rhode Island requires additional obligations for companies offering loans of $25,000 or less. We are working with state regulators to offer smaller loans but until then we can only offer loans greater than $25,000 to sole proprietors.

Why can’t I obtain a loan for less than $5,000 if my business is in New Mexico?

New Mexico requires additional obligations for companies offering loans of $5,000 or less. We are working with state regulators to offer smaller loans but until then we can only offer loans greater than $5,000.

What if my business is having difficulty?

Please contact our servicing partner, jaris Lending, LLC, immediately at support@jaris.io or by phone at (888) 802-2858 between 8 a.m. - 5 p.m. PST, Monday - Friday.