Payment technology provider Cayan has entered a new industry vertical in acquiring Card Payment Services LLC, a processor serving the waste removal industry.
CPS serves waste haulers, waste equipment providers, municipalities and others in the waste industry, processing more than $700 million in Visa and Mastercard transactions annually.
Boston-based Cayan made the move to obtain CPS because waste haulers of all sizes are increasingly shifting to accepting credit card payments and are in need of technology support to do so.
“We’re thrilled to welcome CPS into the Cayan family,” Cayan chief financial officer Chris Menard, said in a May 10 press release. “The waste removal market is an industry with plenty of untapped opportunity and one we’ve had our eye on for a while as part of our merger and acquisition strategy."
Through the acquisition, Cayan benefits from CPS's 18 years of market expertise, waste management software integrations, exclusive partnerships with independent software vendors and a customer base of major waste removal companies,
“Cayan has clear strengths in technology and support as well as a proven track record in niche vertical markets, such as home heating,” Andrew Caine, head of CPS. “This, combined with CPS’ deep market expertise and our experience securing utility rate savings for waste hauling customers, will surely pave the way for growth.”
Cayan became the new brand for independent sales organization Merchant Warehouse more than two years ago.