The Boston Massachusetts-based Cayan uses parent company TSYS for back-end processing. The company is a registered ISO/MSP company of US Bank in Minnesota and Wells Fargo Bank in California. Cayan processes over $7 billion of transactions for 30,000 merchants. Cayan offers omnichannel support, has a low complaint ratio relative to size, and does not charge merchants an early termination fee.
|Early Termination Fee||None|
Cayan was founded in 1998 in Boston, Massachusetts, and formally changed its name from “Merchant Warehouse” in 2015. The company processes over $7 billion annually for 30,000 merchants. Cayan was acquired by TSYS in 2017 and was fully integrated into the company.
Cayan supports different payment modules, such as Apple Pay, Android Pay, VISA, MasterCard, American Express, and Discover, enabling merchants integration with online devices from various suppliers, including Ingenico and Verifone. Cayan offers mobile card readers and facilitates e-commerce processing via virtual terminals and payment gateways through Authorize.net.
The company offers Interchange-plus pricing. However, Cayan has an opaque fee structure, and there is almost no information available about its pricing plans, nor PCI compliance fee, among others.
Cayan Pros & Cons
Wide range of terminal equipment
No early termination fee
Interchange-plus pricing offered
No account setup or application fees
Very good customer support
Large number of complaints
Account fees not disclosed on website
$99 annual PCI compliance fee
Cayan Products & Services
Hardware & Software: Cayan offers mobile processing solutions through its card reader and mobile apps. The card reader, which can be attached to mobile via headphone jack or Bluetooth, can accept magnetic stripe and chip-based cards and NFC payments App for iOS and Android. Furthermore, the card reader can also be attached to Windows-based laptops equipped with Cayan’s virtual terminal (Merchantware).
Cayan provides PEDs in both countertop and mobile versions. The company also offers a handheld terminal that supports NFC payments through both Android Pay and Apple Pay. Along with a gift card program, Cayan also offers custom integration with existing systems and an API solution.
Value-Added Services: Cayan offers a cloud-based platform that combines security features such as tokenization and encryption, PCI compliance, and business management and reporting tools.
Payment Processing: Cayan processes numerous payment types, such as debit cards, major credit cards, EMV chip cards, NFC payments, and check verification.
Cayan Advertising & Sales
The sales and marketing channels of Cayan include social media marketing, in-house salespersons, and lead generation. Some independent sales agents are hired by Cayan to resell their products; however, the business mainly depends on direct sales through referrals and channel partnerships.
Our research uncovered some complaints about the lack of disclosure or misrepresentation of fees in Cayan’s marketing. The website offers many product details, but little detail on processing rates or applicable fees.
Cayan encourages merchants to purchase equipment rather than leasing it, and the company’s rates on a multitude of equipment are very reasonable in comparison to peers in the industry.
Truth in Marketing
|Advertises Deceptive Rates||No|
|Discloses All Important Terms||No|
|Public Pricing Available||No|
Cayan Pricing, Rates & Fees
There isn’t much pricing information on the company’s website, resulting in varying rates from one client to another based on merchant size and product needs. There are no early termination fees, but some prices include;
A standard fee of $25/ month
Statement fee of $7.95/ month.
PCI compliance fee $99/ year.
Varying swiped rate and keyed-in rate are not available on the website. Finally, Cayan does not lease POS equipment but instead sells it at a one-time cost.
Pricing At A Glance
|Pricing Model||Interchange Plus|
|Mobile Payment Rate|
|Virtual Terminal Rate||Variable|
|Payment Gateway Fee||Variable|
|Early Termination Fee||None|
|PCI Compliance Fee||$99 Per Year|
|Equipment Lease Terms||Variable|
|Address Verification Service (AVS)|
|Account Setup Fee||$0|
|Gateway Setup Fee||$49.00 ( Authorize.Net payment gateway)|
|Monthly Minimum||$25.00 (Industry standard) ; $5 (Low-volume merchants)|
|Statement Fee||$7.95 per month|
Cayan Contract & Terms
Cayan offers a 3-years contract with an optional auto-renewal clause for an extension of one or two years. The company deals with merchants on a monthly agreement with no early termination fee. However, Cayan’s contracts do have hidden costs for which there isn’t sufficient disclosure.
Cayan Setup & Support
The company offers omnichannel customer support, live chat Monday to Friday during standard working hours, and 24/7 support via phone and email.
Cayan’s in-house Sales team offers technical support for set-up and installation. The company also has a Help Section on their website, offering wide-ranging insight on product set-up and technical troubleshooting.
Cayan Complaints, Ratings & Reviews
Cayan has been accredited with the Better Business Bureau (BBB) since 2012 and is rated A+. BBB shows 119 complaints about Cayan, such as product dissatisfaction with services and billing issues. Some complaints about deceptive practices, overbilling, and low customer services were found throughout our research. Considering Cayan’s size, its complaints are relatively low. No FTC complaints or legal cases are currently outstanding against Cayan.
|BBB||A+ (95 complaints)|
|Yelp||1.5 Star / 48 reviews (TSYS)|
|Total Online Reviews||150+|
|Total Online Complaints||120+|