4.5
7.4
Overall Score
Author: Kaitlyn Short
Note: Cayan was acquired by TSYS in 2017.
Cayan is a payment processor and credit card processor company that identified a way to streamline equipment purchases while providing reasonable rates to benefit small businesses. Founded in 1998, Cayan is credited with being the first to build its own mobile application to accept credit card transactions and certify what is known today as point-to-point encrypted card readers. Cayan is currently one of the most trusted payment processing and merchant account providers in the nation. Headquartered in Massachusetts, the company's forward-looking statements reveal plans to accelerate growth through its acquisition by TSYS.
When it comes to pricing and fees, Cayan credit card processing is fair and competitive. The best way to double check whether a company's pricing and fees structure is fair is to check its merchant services reviews. The merchant accounts company does charge anywhere from $0.00 to $7.95 monthly fees for its services, and other costs and fees are as follows:
In addition to clearly stating its various fees, Cayan boasts a helpful and friendly customer service department whose phone lines are open 24/7. Those who would like to chat online with a customer service representative also have that option every day from 9 A.M. to 5 P.M.
Cayan credit card processing is well-known for its ability to adapt and innovate, meaning merchants who want to provide their customers with the ability to make credit card payments will be able to do exactly that; the company has led the industry in a number of transaction processing and payment gateway advancements and has created credit-card processing platforms to help cater its products to best suit a company's needs. Cayan provides three different transaction platforms for business owners to choose from. While each one varies in terms of exactly what is offered and the associated costs, the unparalleled level of support and security from Cayan remains the same. The platforms are broken down as follows:
Genius: Fully integrated POS platform designed for a wide range of business types
Flex: Straightforward and easy-to-set-up platform that allows for online management
Enterprise: Open-source platform that provides customizable and scalable commerce solutions
The Genius platform offered by Cayan is not just built for business owners. Developers also appreciate the strides Cayan has made to create a product that seamlessly integrates and processes transactions. With a number of integration options, Cayan offers POS developers access to both NFC and EMV payments. Additionally, developers can take advantage of intense security and support.
One of the concerns with most merchants/clients is the tendency for companies to "tie you in" with large cancellation fees and long contracts. Potential Cayan customers don't have to worry about this; the company does not currently charge a cancellation fee or early termination fee for its payment technology and services.
Cayan's website rivals the largest merchant service companies in the industry simply because of its sheer depth of helpful content. The site has a blog, guides for new merchants, and even a glossary that includes information and definitions of more complex payment processing terms like interchange fees, integrated point-of-sale systems (IPOSs), and MerchantWare gateway.
Although Cayan does provide a number of helpful resources and articles about payment processing on its website, there is no information to be found about contracts. This is important information that potential customers typically like to know before they decide to do business with a company, so this lack of transparency can be frustrating.
Cayan does receive a good amount of positive reviews, but many of the negative customer reviews floating around the web (on social media, on Best Company, and on other review sites) concern issues with billing. This concentration on billing problems likely means that customers either are being charged incorrectly or weren't informed about certain payment processor charges. Though a quick look at Cayan reveals a well-organized merchant accounts company, you may want to research into such complaints yourself. Other complaints concern various issues with equipment and day-to-day merchant service.
Cayan offers affordable pricing and is upfront about its transaction fees. The company also boasts payment solutions and innovative payment technology, including the Genius platform for both businesses and developers. However, the company is not transparent about contract information on its website. To find this contract payment information, consumers are encouraged to contact the company and thoroughly research the company's merchant services reviews. Cayan has the potential to have a competitive advantage within the merchant services industry. We highly recommend potential clients and merchants consider Cayan's quality of credit card payment processing services against other merchant account providers.
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