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Leading provider of payment technologies
Leading provider of payment technologies


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These Three Facts About Today's Payments Landscape May Surprise You (

It's no understatement to say that #payments - both in person at brick-and-mortar retail outlets as well as online via e-commerce sites - has changed dramatically over the past 10 years.

With the advent of the smartphone, many people opt for non-traditional payment methods that may be more convenient for them. Venmo. Apple Pay. PayPal. Google Wallet. Samsung Pay. We could go on and on, and that's to say nothing about the advent of EMV chip cards.

But sometimes, the more things change, the more they stay the same. In a recent blog article, #Cayan takes a look at three surprising facts about the modern payments landscape, including how cash is still the king:

"Yes, credit cards and other payment methods have taken a huge share of transactions from cash over the past decade, but people are still using good old-fashioned cash in huge numbers. 451 Research recently conducted a survey of consumer spending habits, and found that cash is still in widespread use."

"Myriad reports have declared paper currency is on its deathbed. However, 451 Research finds it remains the most widely used payment method, with 98% of US consumers using it for purchases over the past 90 days. The US Federal Reserve echoes this finding, noting consumers' average cash holding is actually increasing."

Click here to check out the other two:

#money #retail #cash

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Finding the Silver Lining in the Recent Toys 'R' Us Bankruptcy (

Stop us if you've heard this before - another #retail giant files for Chapter 11 bankruptcy protection.

There's no denying that the current retail landscape is dire for many stalwarts, and the most recent victim was Toys 'R' Us. We've talked about it before, but Chapter 11 is hardly the death sentence for a retail business that many people perceive it to be. Shoe store Payless is actually turning things around after filing for bankruptcy, as reducing its size and streamlining its offering has proven to be beneficial.

Can Toys 'R' Us do the same? This article over at Retail TouchPoints says it's possible, thanks to their sister brand, Babies 'R' Us:

"Toys 'R' Us has filed for Chapter 11 bankruptcy protection, the latest retailer to restructure its organization after years of declining sales and traffic. As the company seeks a turnaround, it may look to its secondary brand for salvation."

_"Approximately 1,600 global Toys 'R' Us and Babies 'R' Us stores, as well as both brands' e-commerce sites, will operate as usual for now going into the critical holiday season, according to a company statement. The statement noted that the 'vast majority' of its stores are still profitable.

"But the retailer plans to invest 277 million dollars from 2018 through 2021 to convert existing locations into side-by-side storefronts dedicated to toys and the Babies 'R' Us brand, according to a court filing. A USA Today report noted that profits were suffering in locations where Toys 'R' Us and Babies 'R' Us have been operating separately."

Click here to read more:

#toysrus #babiesrus #business

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How Cayan Helps the Underdogs of the Retail Industry Compete (

If you were to ask people what the most famous underdog story of all time is, #Cayan is wagering that the most common answer you'd get would be that of David versus Goliath.

Everyone loves these kinds of stories because they inspire hope that even up against seemingly insurmountable odds, there is always the chance of success.

This applies to the payments industry as well. Often, small retailers face incredible competition from the major, big box brands. Thanks to tools and solutions like the kind Cayan provides to small business owners, the playing field is much more level:

"In the past, many companies had to cower in the face of massive retailers, but no longer. These days, even the smallest companies have a chance to employ big data, e-commerce, and so much more. They're ready to thrive no matter what. Now, David stands a chance against Goliath."

"These days, even the smallest businesses have access to cutting-edge technology and features. From data to speed to mobile and beyond, a lot of these tools simply weren't available to SMBs just a few short years ago. Back then, these were the tools of the Big Industry Players, and smaller businesses simply couldn't hope to access them. No longer."

Click here to read the rest:

#retail #business #payments

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Want to Keep the Doors to Your Retail Business Open? Make Sure to Follow These Three Tips (

Ask any #smallbusiness owner and they'll likely tell you the same thing - it is incredibly tough to start and stay successful over time.

Particularly, retail businesses are among the most likely of small business to fail in the first five years of operation. There is so much competition from e-commerce sites and the major "big box" retailers that it can be a real challenge to stay afloat.

This article from the folks over at Retail TouchPoints has three tips that small business owners of brick-and-mortar stores can take to heart, such as placing a focus on your employees:

"Employee training efforts, particularly for existing store associates, aren't where they should be. More than half (52%) of retailers say they would spend less than ten hours per year engaging existing store associates in any kind of training. These employees are the people on the front lines, expected to engage with customers and give them a reason to stay in the store. Other store personnel fare better when it comes to training: those receiving at least 11 hours of training per year include new store associates (63%), assistant managers (67%) and managers (72%)."

Click here to read more:

#retail #business #businessowner

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Why Accepting Mobile Payments Can Increase Your Revenue and Improve Your Business (

We don't normally get to quote Ricky Bobby, but we're going to today - "If you're not first, you're last." And while the quote is obviously and provably false, it goes to show that if you're not constantly trying to win, you may be left behind.

The same is true in the #business world if you're not constantly trying to innovate. This applies to payment methods as well. EMV or chip based credit cards. Mobile payment options like ApplePay and others. Cryptocurrency such as Bitcoin. These and countless others (as well as *behind the scenes compliance and security issues) have altered the payments landscape forever.

One thing that has stayed relatively constant in brick-and-mortar retail operations, however, has been the checkout counter. Is that too subject to change? #Cayan is here to tell you yes.

We look at how major technological advances are making the counter not absolutely critical, and how ditching it may actually improve your business:

"Surveys find that shoppers who talk to a sales associate are 43% more likely to purchase something, and their tickets are 81% larger. These are massive numbers. For every employee you leave wasting away behind a counter, waiting to ring someone up, you're losing sales associates. And more importantly, you're losing revenue."

"If you're stuck behind a counter, you can't help the customers make their decisions, and that hurts your bottom line. Even in the era of growing online shopping, there is a reason customers visit brick-and-mortar: They want help, and they want advice."

With in-aisle checkout and mobile payment processing equipment, Cayan can help you ditch the counter and truly future-proof your retail operation:

#merchant #payments #mobilepayments

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A Look at the Staggering Data Behind the Equifax Breach (

In the #payments industry - especially when you start talking about retail point-of-sale machines - the unfortunate reality about data breaches is they are more of a question of when they will happen, not if. Thankfully for #Cayan customers, we do everything in our power to prevent them.

In terms of sheer scale, as you likely are aware by now if you've paid attention to the news lately, the recent Equifax data breach is one of the most notable in recent memory. This PYMNTS article breaks it down:

"Last week, Equifax disclosed a data breach that could impact 143 million consumers. Based on the company's investigation, the unauthorized fraudulent access occurred from mid-May through July 2017, Equifax said in a news release. The information includes names, Social Security numbers, birth dates, addresses and, in some instances, driver's license numbers, though the company also reported U.S. consumer accounts and certain dispute documents with personal identifying information may have been accessed."

"Here are the numbers: 143,000,000 consumers potentially impacted by the Equifax data breach. 1,780,000 combined dollar amount Equifax execs unloaded before revealing fraudulent activity on company consumer and commercial credit reporting databases. 209,000 credit card numbers possibly gathered by Equifax hackers. 182,000 U.S. consumers whose personal identifying information and dispute documents may have been accessed by Equifax fraudsters."

Click here for more information:

#equifax #databreach #cybersecurity

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What Does the Future Hold for Payments Technology? (

If somebody can tell you they can predict the future, you should obviously highly skeptical - after all, if they knew what was coming down the road, they'd probably a billionaire many times over from all the prescient stock investing.

But the #payments industry in particular has been a difficult one to predict. Thankfully here at #Cayan, we have lots of experience and have a pretty good indicator of what might be coming down the road. And thanks to our Genius point-of-sale (POS) solution, we can help businesses prepare for whatever the future holds. Its malleable and adaptive nature means it doesn't need to read a crystal ball to see the future - it can fit whatever that future may be:

"Through options like mobile and EMV, merchants are beginning to learn that it isn't enough to merely adapt to changing types; it's better to be prepared for forthcoming innovations and massive shifts than simply reacting. That's why future-proofing has become so important, but that's often been difficult."

"Previously, point of sale technology was cumbersome and finicky. As a result, businesses would often upgrade only when it was absolutely necessary. Instead of changing for every new payment type and having to incorporate additional hardware, merchants would often wait until their current systems were on their last legs."

Read the full article at the following link and learn how #Genius from Cayan can help future-proof your retail operation:

#pointofsale #retail #smallbusiness

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New Numbers from Asia Underscore How Popular Cash Remains (

Just a few days ago, we shared a blog article we recently wrote about three surprising facts about the #payments industry. Of those, perhaps the most surprising was how popular cash still remains here in America.

It can be easy to hear all the news about Venmo, Apple Pay, Venmo, and other new payment options and think the U.S. is all about alternative payments. However, we're not so dissimilar from other areas of the world when it comes to our adherence to cash.

And speaking of PayPal, they recently released a report that shows how popular cash is in Asia. This PYMNTS article has more details:

"According to a new study from PayPal reported by CNBC, consumers in the Asia-Pacific market are aware of the range of digital payment options available to them, but they still prefer to pay with cash. PayPal's study, which polled some 4,000 consumers across India, China, Hong Kong, Singapore, Thailand, the Philippines and Indonesia, found approximately 57 percent of respondents cited cash as their preferred payment method for daily purchases."

"Cash use was highest in India, Indonesia, and the Philippines, where more than 70 percent of those polled reported using cash more than any other payment method. In Hong Kong, that number dropped to 44 percent and in Singapore was 43 percent, the study indicated. However, just 25 percent of consumers in China said they considered cash their preferred spending method."

Click here to read more:

#cash #money #asia #paypal

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Future Proof Your Retail Business with Genius from Cayan (

Nobody has a crystal ball that can accurately predict the future. However, when it comes to #retail there are a few things that can help improve your vision of what's to come by quite a bit.

One of those is giving your customers plenty of choices. How they purchase your good or services is no different and is why we created our Genius platform - to allow retailers to give their customers plenty of options when it comes to payments.

It allows your customers to pay with traditional credit or debit cards, gift and loyalty cards, chip cards (EMV), or with mobile applications like Apple Pay and Android Pay.

The choice is theirs.

They also want to rest easy knowing their personal information is safe and secure, and as a customer facing, EMV enabled solution, Genius utilizes tokenization and encryption to ensure customers' card data is safe, reducing the risk of data breaches and fraud:

"Genius is the first payment technology to integrate processing, payment acceptance and customer experience in one fully-scalable platform. With our Genius platform, customers can pay how they want, where they want, and be on their way quickly - and you can customize a system that works best for your business. Whether your business needs just a countertop, a portable solution, or both - we've got you covered."

Click here to learn more and to get started today:

#retail #business #pointofsale

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Can Other Retailers Follow in the Post-Bankruptcy Footsteps of Payless? (

As we've talked about here previously - and you've no doubt likely heard of a lot in the media lately - the #retail industry is facing some major challenges with many companies and brands either facing bankruptcy or have already had to file.

As you might also know, filing Chapter 11 bankruptcy isn't always a death sentence. Some businesses are actually able to rebound and improve, getting leaner and more streamlined in the process.

One such retail business that was recently about to do just that is Payless, the discount shoe store. This Retail Dive article talks about how they were able to turn things around, and if other troubled retail stores can follow suit:

"Now Payless has a plan to win sales and market share in a highly competitive, always-changing retail world. It's a world far less structured and certain these days than bankruptcy and the shoe seller's ultimate success could tell us much about the effectiveness of recent bankruptcy reorganizations and even the fate of the industry more broadly."

"Payless executives told Retail Dive that the discount shoe retailer, post-bankruptcy, is refining its marketing approach to reach customers more directly through digital channels, and in ways more relevant to them. The recapitalized company, which has new owners and is searching for a new CEO, is also working to bring its omnichannel capabilities in line with others in the sector. Payless' managers and owners are hoping bankruptcy was just one chapter in the company's story. Now we'll see what comes next."

Click here to read the full story and see what lessons other retailers can learn from the Payless example:

#business #payless #bankruptcy
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