What is SpotOn Capital?

SpotOn Capital provides small businesses with quick working capital advances that are repaid with a percentage of daily card sales. SpotOn Capital offers fixed fee advances with no periodic interest charges, monthly bills, late fees or pre-payment penalties. Once you have agreed to the terms, 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.

SpotOn reviews your sales history to see if your business qualifies. Qualified businesses receive a customized SpotOn Capital offer.

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?

We provide loans to 44 states and are planning to expand into the remaining states soon. Loans are currently not available in Illinois, Nevada, North Dakota, Tennessee, South Dakota, and Vermont.

Why can’t I obtain a loan for less than $50,000 if my business is in Oregon?

Oregon requires additional obligations for companies offering loans of less than $50,000. We are working with state regulators to offer smaller loans but until then we can only offer loans greater than $50,000.

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 less than $25,000. We are working with state regulators to offer smaller loans but until then we can only offer loans greater than $25,000.

How do SpotOn advances 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. Receive a custom SpotOn Capital offer.

2. Select your desired amount.

3. Accept the terms  to execute.

4. Receive the funds in your account 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. You can also make manual payments or even pay the advance in full with no early prepayment fee.

Will my offer expire?

Your SpotOn Capital offer is good for a limited time. Your offer will have 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 support.

When will I receive the funds?

Upon approval, the funds will be deposited as soon as the next business day.

What can I use my advance for?

SpotOn Capital advances are for working capital purposes only. Our customers use their advances to buy inventory or equipment, hire staff, open new locations, or help with temporary cash flow needs.

How do I sign my agreement?

After you select your offer in the SpotOn Dashboard , you will be directed to a click through process to digitally accept  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.

Fees

What fees do I have to pay with SpotOn Capital?

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

What is my interest rate?

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.

What is my fee?

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

For Example:

• Advance 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 amount, and the repayment percentage.

Repayment

How do I repay my advance?

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

This means repayment matches your business’s cash flow—you pay more when business is strong and less if things slow down. The total amount owed (the advance amount plus fixed fee) never changes.

What is the repayment percentage?

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

Is there a minimum monthly payment?

There is no minimum monthly payment. 

Can I make additional payments toward my advance balance, independent of my sales?

Yes. You are welcome to make additional payments or even pay the advance in full with no early repayment fee. You can make manual payments at any time from 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 advance early?

Yes, you can submit prepayments or pay off your advance 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.

When does repayment begin?

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