SpotPay is a mobile payments solution that enables small business owners, from lawn care specialists to hair dressers to taxi drivers, to accept card and check payments anytime, anywhere. Using SpotPay, small business owners can accept credit, debit or prepaid payments with their mobile or tablet devices, as well as checks using the unique mobile remote deposit capture feature that allows users to securely take a picture of the front and back of the check and deposit it electronically. SpotPay is comprised of an app that can be downloaded onto a smartphone or tablet, and a dongle that attaches to the smartphone or tablet. However, unlike all of its competitors, SpotPay is offered through a merchantís financial institution, providing the direct benefit to the bank.
This product will help community bankers compete with the non-traditional payments providers and big banks, at zero entry cost. Other providers short-circuit the financial institutionís participation by marketing directly to the small business, whereas SpotPay is marketed to the small business through their financial institution, preventing disintermediation by non-traditional financial services providers. Current innovative offerings through SpotPay include secure acceptance of all credit and debit card payments. Upcoming innovative features include real-time check acceptance via the Accel network, small business-linked card balance inquiry, small business-linked card balance transfer, guaranteed funds availability for check deposits, financial institution direct advertising to small business customers, cash forecasting tools and loyalty rewards.