Best for
Cayan provides processing solutions to different sectors, including retail, e-commerce, multinational businesses, MOTO, and mobile businesses.
Specializes in
Cayan specializes in providing cloud-based payment portals for businesses, as well as Point-of-sale (POS) and virtual terminals for online and mobile payments.Transactions processing is available for debit and credit cards and EMV chip cards. Cayan also offers a gift card program and a cash advance loan to manage working capital needs.
Pricing Summary
Setup Fee: $0
Monthly Fee: $25
Swipe Rate: Variable
Keyed-in Rate: Variable
Early Termination Fee : None
Contract Terms:
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.
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.
Head Quarters
Boston, MA
Year Founded
1998
CEO
Henry Helgeson
Employees
200
Merchant Provider Risk Tolerance
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
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.
Discloses All Important Terms
No
Public Pricing Available
No
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 Model
Interchange Plus
Swiped Rate
Variable
Keyed-in Rate
Variable
Mobile Payment Rate
Virtual Terminal Rate
Variable
Monthly Fee
$25
Payment Gateway Fee
Variable
Batch Fee
Early Termination Fee
None
PCI Compliance Fee
$99 Per Year
Equipment Lease Terms
Variable
Address Verification Service (AVS)
Application Fee
$0
Account Setup Fee
$0
Gateway Setup Fee
$49.00 ( Authorize.Net payment gateway)
Annual Fee
$0
Monthly Minimum
$25.00 (Industry standard) ; $5 (Low-volume merchants)
Statement Fee
$7.95 per month
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.
Contract Length
Month-to-month
Early Termination Fee
None
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)
N/A
N/A
Yelp
1.5 Star / 48 reviews (TSYS)
Total Online Reviews
150+
Total Online Complaints
120+
Lawsuits
None
If you're in the market for a merchant account provider, be sure to check out our user reviews, our merchant accounts guide and our top popular merchant provider picks