The Green Sheet Online Edition
May 09, 2016 • Issue 16:05:01
Newly enhanced payment platform for small to midsize merchants
Payment technology provider Cayan LLC, headquartered in Boston with offices in the United States and United Kingdom, recently released Genius STX, a nonintegrated version of the company's Genius Platform designed to leverage standalone POS systems.
Genius STX was created to bring a big-store experience to small and midsize retailers by enabling them to provide a sophisticated checkout experience to their customers, Cayan stated. Consumers using the platform can choose from an array of payment methods, including Apple Pay and Android Pay, that employ near field communication (NFC), quick response (QR) code and EMV (Europay, MasterCard and Visa) technologies. "Small retailers are struggling to modernize in the fast-changing world of payments," said Cayan co-founder and Chief Executive Officer Henry Helgeson. "Having a future-proof payment system in place like Genius STX is quickly becoming a necessity as the mobile payments and EMV revolution marches on."
Helgeson predicted that 2016 will be both challenging and rewarding to merchants and payment processors, as more mobile payment forms enter the market, raising the bar for retailers while presenting new opportunities to transform the customer experience. The ability to support a variety of payment methods and keep up with emerging technologies will be critically important for small retailers focused on meeting shopper expectations in the omnichannel world, he added.
Functionality, hardware options
Cayan's Genius STX is available on the Verifone VX 520 terminal paired with a customer-facing MX 925 peripheral to facilitate EMV transactions and mobile payment schemes. The interactive platform supports an array of functionality, including digital signature capture, cash back, payment transaction history and a full suite of gift card management functions. "Genius STX gives agents and smaller ISOs the opportunity to sell a truly differentiated product without the need for an integrated point of sale system, allowing all sizes of retailers to compete with that big brand retail payment experience that shoppers expect," said Cayan Chief Revenue Officer Ken Paull.
Cayan noted that the following features are offered on the platform:
- NFC capability: This contactless technology supports mobile payments such as Apple Pay, Android Pay, Samsung Pay and numerous mobile wallet schemes.
- QR code functionality: QR codes, composed of machine-readable optical labels, are widely used in mobile marketing and payment schemes.
- On-screen marketing: Advertising and promotional messages can be displayed during idle screen times in the checkout process.
- Portal reporting: Access to business management reports can help merchants improve efficiencies and streamline reconciliation.
- Electronic transactions: A full range of electronic transaction options is available, including cash back, counter tips, sales, refunds, voids, key entry sales, receipt printing and auto batch settlement.
- Transaction history: Having the ability to look up transactions can be helpful when researching customer inquiries and retrieval requests. Many merchants request this feature.
- EMV support: Genius STX is EMV compliant, which includes help desk support throughout all phases of installation and service.
- Gift card management: Gift card support includes activation, sale, refund, balance inquiry, added value and voids.
- Customizable features: By adding features like signature capture, prompt for PIN debit, swipe anytime and tip adjustment, Genius can be tailored to meet specific business environments.
- Countertop enhancement: Genius is an all-in-one solution designed to reduce clutter by eliminating the need for multiple hardware components like auxiliary PIN pads and pole displays.
- Improved security: POS developers can create a secure checkout experience on the Genius platform, keeping the POS out of Payment Application Data Security Standard scope.
The company pointed out that resellers can leverage Genius' cloud architecture to help merchants adapt to evolving needs and emerging payments without replacing their existing hardware. Genius STX, currently deployed in select markets, extends Genius functionality and scale to standalone countertop environments. Resellers interested in participating in the Genius STX nationwide rollout can contact Cayan for details and pricing.
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