A rising tide lifts all boats — or, at least, it’s supposed to. However, as the rules of retail payments continue to change, it’s increasingly the smallest retailers that are seeing sales lost to nothing but their inability to keep up with the technological trends.
Fortunately for them, Cayan announced a new product on Monday (April 18) to help even the smallest SMBs process payments of all types as fast as possible. Genius STX, an iteration of Cayan’s Genius Platform specifically tailored for non-integrated retailers that might not even have a fully fledged POS system, will allow those merchants to join their larger competitors in accepting payments of diverse varieties, including Apple Pay, Android Pay and updated EMV credit and debit cards.
Cayan Cofounder and CEO Henry Helgeson called Genius STX a vital tool for small retailers that have struggled to keep up with payments trends in the past and see little reason to think that momentum will slow in the future.
“Small retailers are struggling to modernize in the fast-changing world of payments. 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 said in a statement. “2016 will be the most challenging year yet, as more mobile payment forms present themselves. At the same time, there’s never been more opportunity for retailers to transform their customer experience for the better.”
Ken Paull, chief revenue officer at Cayan, added that the high-tech functions of Genius STX, alongside more mundane functions like cash back, transaction history display and gift card management, make it a tool of ultimate flexibility in an age where SMBs can’t afford anything less.
“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,” Paull said.