Cayan ChipIQ Technology Speeds EMV Transactions
It has been six months since the payment card industry transitioned to EMV chips, and merchants and consumers have both complained of longer checkout times, since transactions can take 15 seconds or longer.
Cayan announced its new ChipIQ technology may solve this problem, as merchants are reporting processing times as fast as 3.66 seconds with Cayan’s new Genius platform.
“There is nothing inherently slow about processing a transaction with an EMV chip card. Looking at the last million transactions we processed on our Genius platform, we consistently see EMV transactions at speeds that rival traditional swipe transactions,” stated Henry Helgeson, CEO and cofounder of Cayan. “We applaud the recent announcements by major card brands to help speed up EMV transactions, but they don’t address the root cause of the issue. Unfortunately, many retailers are experiencing slow processing times because they are the recipients of poor EMV implementation, and it may be difficult for them to solve that prior to the Q4 holiday season.”
Other card issuers, including MasterCard and Visa, have also recently announced plans to speed up EMV transactions. Cayan said the problem with these efforts, though, is that they focus only on the chip interaction time, and do not address the payment authorization process. Cayan looks at both.
Merchants have already started confirming Cayan’s success. “We had heard that chip card processing at other retailers was painfully slow,” said Marc Lillie of Goody Hardware and Paint, member of one of the world’s largest retailer-owned co-ops. “For us, [chip card processing with Cayan’s Genius platform] is a fraction of the time of our old swipe system. Faster checkouts mean more dollars faster. We like that and so do our customers. It adds to our perceived value as a top retailer.”