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Updated: Cayan appeared to have been fully absorbed into TSYS as of 2019 and Cayan's website (cayan.com) redirected to the TSYS homepage; however, the Cayan brand appears to have been resurrected as of at least June of 2023. The content below has not yet been updated to reflect the recent changes. If you have any further information regarding Cayan's operations, please leave it in the comment section below.
Cayan (cayanmerchantservices.com) is a merchant account provider headquartered in Boston, Massachusetts. Formerly known as "Merchant Warehouse," the company rebranded at the beginning of 2015 to a name that "better communicated [its] bold vision." The company was founded in 1998 and was an early leader in internet payments. It has since grown into a very large processor with over 30,000 merchants and $7 billion per year in payments processed. TSYS acquired Cayan in January 2018, but Cayan appears to operate as an independent brand for the time being.
Cayan's flagship product is its cloud-based customer service platform called "Cayan Genius." The company can provide payment processing for most business types and sizes. Cayan is a registered ISO/MSP of US Bank, Minneapolis, Minnesota, and Wells Fargo Bank, N.A., Walnut Creek, California. The company is headquartered at 1 Federal St, Boston, Massachusetts 02110. Henry Helgeson is Cayan's CEO.
Customer Reviews & Sentiment
Cayan (under the names Cayan and Merchant Warehouse) is showing over 120 total complaints across all consumer protection websites, some of which describe the company as a scam or a ripoff. Most complainants either cite undisclosed fees and higher-than-expected transaction rates or poor customer service experiences. One complaint from November 2014 mentions that after “calling several times and being put on hold for long wait periods over and over,” the merchant eventually received a PDF document that could be used to cancel service. Another complainant in the comment section of this review states the following: “I specifically asked the representative if the fees he described were the only fees and he swore up and down they were. NOT SO! All sorts of mystery fees started showing up.”
Despite these concerning trends, the overall number of complaints filed against the company is low relative to its size. In addition, company representatives appear to do a better-than-average job of responding to public complaints in an effort to resolve merchants’ issues. Cayan offers live chat support, email support, and phone support to its users, although merchants have reported problems with the live chat feature and the phone line on occasion.
Industry Scores & User Ratings
Online Ratings Summary
Product & Service Complaints
42
Billing & Collection Complaints
49
Advertising & Sales Complaints
2
Guarantee & Warranty Complaints
0
Delivery Complaints
2
Note: We have adjusted this company’s BBB rating according to our own standards. To better understand why we adjust BBB ratings, please see our Rating Criteria.
Cayan currently has an “A+” rating with the Better Business Bureau and has been accredited since 2002. The company has received 95 complaints in the past three years, with 49 related to billing and collection, 45 due to product or service issues, two related to advertising disputes, and two having to do with delivery issues. Cayan has successfully resolved 23 of these complaints, while the remaining 72 either were resolved to the merchant’s dissatisfaction or did not receive a final response from the merchant. The BBB has also received 45 informal reviews about the company, with all of these being negative in tone. In light of these figures, we have adjusted the BBB’s rating to a “B.”
Processing Rates & Fees
Cayan’s rates will vary depending on a merchant’s size, business type, and processing history, but the company’s standard contract does not include an early termination fee of any kind. This means that merchants will effectively enjoy a month-to-month agreement through Cayan. However, the company also charges an annual PCI compliance fee of $99 that is the subject of multiple complaints, and it appears to charge a few other monthly fees that may or may not be fully described to merchants before signup. Cayan offers equipment for upfront purchase or via a lease arrangement, and merchants are advised to almost always buy rather than lease. Cayan’s rating would normally take a hit in this section due to the complaints about undisclosed fees, but its cancellation policy mitigates most of the risk for merchants. Merchants are always encouraged to negotiate for the lowest fees and rates possible before signing up for service (see: “Fee Sweep”).
Employee Reviews & Sales Practices
Cayan relies primarily on lead generation, referrals, partnerships, and an inside sales force to market its merchant services. The company does enable outside sales agents to resell its products under the “Capital Bankcard” brand name (which receives an “A” rating on CardPaymentOptions.com) but the majority of its business is acquired through direct sales.
Cayan has received a few dozen sales-related complaints both as Cayan and as Merchant Warehouse. These complaints most often cite nondisclosure or misrepresentation of certain rates and fees such as the company’s Mid-Qualified and Non-Qualified rates. We have seen Cayan advertisements in search results that promote a rate of “0.28%,” which supports these complaints. Merchants should be sure to inquire about all possible rates and fees to avoid a negative experience. To its credit, Cayan does not list any misleading rates quotes on its website. Considering Cayan’s size relative to its complaint total and its lenient cancellation policy, we have given it a “B” in this section for the time being.
Cayan Competitors
Compare Cayan to competitors that earned top marks.
Cayan rates as a reliable merchant services provider according to all available information. The company’s acquisition by TSYS did not appear to involve any changes to its contract terms, so merchants can continue to expect a month-to-month agreement with industry-average pricing. Cayan is a solid option for most business types, but merchants are encouraged to inquire about all possible rates and fees. For more information, visit Cayan’s Website or call (888) 506-8019.
